FMA Legislation

Please Note

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and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014.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

Overview

The Australian Government's financial framework is established and supported by key financial management and accountability legislation, which is comprised of:

The FMA Act sets out the financial management, accountability and audit obligations of agencies (including Departments) that are financially part of the Commonwealth (and form part of the General Government Sector), in particular:

  • for managing public resources efficiently, effectively and ethically; and
  • for maintaining proper accounts and records of the receipt and expenditure of public money.

The Act provides for the making of Regulations and Orders, which provide more detail about matters addressed in the Act. The Regulations provide for, amongst other things, the issuing of Commonwealth Procurement Rules, Commonwealth Grant Guidelines and Fraud Control Guidelines [External Site].

Government policy relating to various aspects of the FMA legislation and sound financial management more broadly, can be found in range of Finance Circulars.

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Contact for information on this page: finframework@finance.gov.au