FMA Act

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and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014.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

The Financial Management and Accountability Act 1997 [External Site] (FMA Act) provides the framework for the proper management of public money and public property by the Executive arm of the Commonwealth. Public money and public property is defined in the Act as money and property in the custody or control of the Commonwealth.

The principal matters covered by the FMA Act are

  • the responsibilities and powers of the Minister for Finance and Deregulation
  • the collection and custody of public money and the control and management of public property
  • the accounting framework, Parliamentary appropriations and certain payments matters
  • borrowing and investment powers of the Finance Minister and the Treasurer
  • special responsibilities of Chief Executives of Agencies for the control and management of public money and public property
  • audit of the financial statements of the Commonwealth as a whole and of individual Commonwealth Agencies by the Auditor-General
  • delegation of powers or functions of the Finance Minister, the Treasurer and Chief Executives.

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