Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1997 Week 7 Hansard (26 June) . . Page.. 2328 ..

Mr Speaker, the Financial Management Act 1996 was enacted on 3 June last year. The Act contains the principles underlying our financial management reforms.

Its prime objectives are to:

. reinforce the primacy of the Legislative Assembly's role in the parliamentary budget and financial accountability process;

. promote the highest standards of financial accountability to the Legislative Assembly and to the community;

. enhance transparency in budget decision making at all levels - the Legislative Assembly, the Executive and the public service; and

. promote improved, and better informed, management decision making.

It is almost one year since the Financial Management Act became law and like most new legislation, a number of issues have arisen which require minor amendments.

These amendments do not fundamentally change the legislation. They are simply technical changes to allow the business of government to operate smoothly.

I will address each proposed amendment.

Mr Speaker, the Bill in clause 4, proposes to amend the interpretation of bank account. This will allow the Territory to do business with other banking institutions. This will bring the Financial Management Act in line with competition policy initiatives.

While some capital injections are used for approved purposes, other capital injections are in the form of working capital advances or `loans'.

Where capital injections are in the second form, budget papers will clearly differentiate between these purposes and indicate the intent of the appropriation. Where the amount is repayable, the budget papers will indicate the period and terms of repayment.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .