Commonwealth Numbered Regulations - Explanatory Statements

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FINANCE REGULATIONS 1993 NO. 381

Statutory Rules 1993 No. 381

Issued by the authority of the Minister for Finance

Audit Act 1901

Finance Regulations

The Finance Regulations, in regulation 6A, declares certain bodies to be prescribed authorities for the purposes of the Act. As prescribed authorities, they are covered by the definitions of "Department" in section 2 of the Act, subregulation 4(1) of the Finance Regulations and regulation 2 of the Finance (Overseas) Regulations.

As a prescribed authority the Tribunal will be subject to the Act and its subsidiary legislation in its own right. That is, it will conduct its own financial administration independently of the Department of the Minister to which it is responsible. It is appropriate that the Tribunal have such independence.

Regulation 1 provides that the regulations commence on 1 January 1994.

Regulation 2 provides that the proposed regulations amend the Finance Regulations (the Regulations).

Regulation 3 amends subregulation 6A(1) to add the National Native Title Tribunal as a prescribed authority.