50. Guide to this Part

This Part is about the use and management of public resources by the Commonwealth and Commonwealth entities.

Many of the provisions in this Part apply to either the Commonwealth or corporate Commonwealth entities, and do not expressly refer to non-corporate Commonwealth entities. This is because non-corporate Commonwealth entities are legally part of the Commonwealth. Generally, the Finance Minister has the power to act on behalf of the Commonwealth for the purposes of the provisions of this Part.

Division 2 allows the Finance Minister to make available to Commonwealth entities amounts that have been appropriated by the Parliament for the entity. It also allows the rules to prescribe matters relating to the commitment or expenditure of relevant money by the Commonwealth or Commonwealth entities.

Division 3 is about banking for the Commonwealth and corporate Commonwealth entities. It also has requirements about how Ministers and officials are to deal with relevant money that they receive.

Division 4 is about borrowing by the Commonwealth and corporate Commonwealth entities.

Division 5 is about investment by the Commonwealth and corporate Commonwealth entities.

Division 6 is about indemnities, guarantees and warranties by the Commonwealth and corporate Commonwealth entities, and insurance obtained by corporate Commonwealth entities.

Division 7 is about the Commonwealth. It deals with the Commonwealth:

  • waiving amounts owed to it; and
  • setting off amounts owed to, or by, it against another amount that is owed to, or by, another person; and
  • granting act of grace payments to a person.

Division 8 has special provisions that apply to Ministers and officials of non-corporate Commonwealth entities.

  • Subdivision A prohibits Ministers and those officials from making gifts of relevant property unless authorised as provided in section 66.
  • Subdivision B makes Ministers and those officials liable to pay an amount to the Commonwealth if they make an unauthorised gift or are responsible for the loss of relevant money or relevant property.

Division 9 has requirements that apply to Ministers only. Section 71 has requirements that apply to a Minister when the Minister is approving proposed expenditure. Section 72 requires a Minister who has responsibility for certain events (for example, the forming of a new company) to inform Parliament of the event.

Last updated: 13 January 2016