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.