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The Commonwealth Authorities and Companies Act 1997 [External Site] (CAC Act) regulates certain aspects of:

  • the corporate governance, financial management and reporting of Commonwealth authorities (authorities), which are in addition to the requirements of their enabling legislation; and
  • the corporate governance and reporting of Commonwealth companies (companies) which are in addition to the requirements of the Corporations Act 2001.

The principal matters covered by the CAC Act are:

  • reporting by an authority or a company to a Minister and, through a Minister, to Parliament;
  • contents of the annual report of operations of an authority;
  • audit of financial statements of an authority or a company by the Auditor-General;
  • banking and investments powers of authorities;
  • submission to the responsible Minister of budget estimates each financial year by authorities and companies other than Government Business Enterprises and partly-owned companies;
  • compliance of authorities and wholly-owned companies with general policies of the Government; and
  • conduct of directors and officers of authorities, including the civil consequences of the directors and officers contravening civil penalty provisions.