FMA Regulations

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and Accountability Act 1997 (FMA Act) and the Commonwealth Authorities and Companies Act 1997 (CAC Act) were repealed on 30 June 2014 and replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) from 1 July 2014.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

Section 65 of the FMA Act [External Site] provides for the Governor-General to make regulations prescribing matters necessary or convenient for carrying out or giving effect to the Act. The regulations are made on the recommendation of the Government.

The principal matters covered by the Financial Management and Accountability Regulations 1997 [External Site] (FMA Regulations) are:

  • a list of prescribed Agencies and Chief Executives
  • Chief Executive's Instructions
  • Commonwealth Procurement Rules (issued by the Finance Minister)
  • Commonwealth Grant Guidelines (issued by the Finance Minister)
  • approval of spending proposals and entering into contracts, agreements or arrangements
  • entering into loan guarantees
  • Fraud Control Guidelines [External Site] (issued by the Minister for Justice)
  • other types of authorised investment (under section 39 of the FMA Act)
  • preparation of annual financial statements of the Commonwealth and the audit of those statements by the Auditor-General
  • delegation of powers or functions of the Finance Minister, the Treasurer and Chief Executives.

The Regulations are tabled in Parliament and are subject to disallowance by Parliament.

The Finance Chief Executive made a Determination on 7 February 2012, under FMA Regulation 5A:

The Determination ceases the classification of the Australian Quarantine and Inspection Service and the National Residue Survey as business operations within the Department of Agriculture, Fisheries and Forestry, on 29 February 2012; and specifies the Therapeutic Goods Administration as a business operation.

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