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Management and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014.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 Act 1997  (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.