Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY AMENDMENT REGULATIONS 2010 (NO. 5) (SLI NO 259 OF 2010)

 

 

EXPLANATORY STATEMENT

 

Select Legislative Instrument 2010 No. 259

 

Issued by the authority of the Minister for Finance and Deregulation

 

Financial Management and Accountability Act 1997

 

Financial Management and Accountability Amendment

Regulations 2010 (No. 5)


The Financial Management and Accountability Act 1997 (FMA Act) provides a framework of rules for the proper management of public money and public property by Chief Executives and officials of FMA Act agencies.

Subsection 65(1) of the FMA Act provides that the Governor-General may make regulations prescribing matters required or permitted by the FMA Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the FMA Act.

Section 5 of the FMA Act provides that for the purposes of the FMA Act, a prescribed Agency means a body, organisation or group of persons prescribed by the regulations for the purposes of that definition. Agencies are currently prescribed in Schedule 1 to the Financial Management and Accountability Regulations 1997 (the Principal Regulations).

The Governor-General in Council made an Executive Order establishing the Australian Agency for International Development (AusAID) as an Executive Agency under the Public Service Act 1999, with the Order commencing on 8 July 2010.

 

The Regulations amended Schedule 1 of the Principal Regulations to reflect AusAID’s new status as an Executive Agency. The Regulations also added AusAID to the list of Executive Agencies in Note A to Part 1 of Schedule 1 to the Principal Regulations.

 

The FMA Act specifies no conditions that need to be met before the power to make the Regulations may be exercised.

In accordance with section 17 of the Legislative Instruments Act 2003, consultation was undertaken with the Department of Prime Minister and Cabinet, and AusAID within the Department of Foreign Affairs and Trade portfolio.

The Office of Best Practice Regulation also advised that a Regulatory Impact Statement is not necessary as the amendments are likely to have no or low regulatory impacts on business and individuals or the economy.

The amending Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

The Regulations commenced on the day after registration on the Federal Register of Legislative Instruments.


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