The Financial Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014. Some provisions of the FMA and CAC Acts, however, will remain in force during the transition period; for example performance reporting requirements for the 2013-14 financial year.
If you are looking for information on the PGPA Act, supported by rules and guidance, go to the Resource Management section of the Department of Finance website.
The Commonwealth Authorities and Companies (CAC) legislation comprises:
- Commonwealth Authorities and Companies Act 1997 (CAC Act)
- Commonwealth Authorities and Companies Regulations 1997 (CAC Regulations)
- Commonwealth Authorities (Annual Reporting) Orders 2011
- Commonwealth Companies (Annual Reporting) Orders 2011.
The Finance Minister's (CAC Act Procurement) Directions 2012 are also issued under section 47A of the CAC Act.
Finance Circulars address technical or emerging issues relating to aspects of CAC legislation
The CAC Act sets out the financial management, accountability and audit obligations on Commonwealth statutory authorities and companies in which the Commonwealth has at least a direct controlling interest. In particular, the Act provides:
- the reporting and audit obligations for directors of authorities;
- standards of conduct for officers of authorities; and
- requirements for ensuring that wholly-owned Commonwealth companies keep Ministers and Parliament informed of their activities.
The Act provides for the making of Regulations and Orders. These subsidiary pieces of legislation provide more detail about matters addressed in the Act.
The CAC Legislation subsite contains information, on separate pages, about the topics listed in the left hand column.