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Legislative Assembly for the ACT: 1997 Week 13 Hansard (2 December) . . Page.. 4354 ..

Clauses 1 to 5, by leave, taken together, and agreed to.

Clause 6

MRS CARNELL (Chief Minister and Treasurer) (8.55): Mr Speaker, I move amendment No. 1 circulated in my name and I present the supplementary explanatory memorandum. The amendment reads:

Page 2, line 28, omit the clause, substitute the following clause:

"Transfer of funds between appropriations

6. Section 14 of the Principal Act is amended -

(a) by omitting subsection (2); and

(b) by omitting from subsection (3) `any of the appropriations affected to be varied' and substituting `an appropriation from which funds are transferred to be reduced'.".

Mr Speaker, the Financial Management Act 1996 was enacted on 3 June last year. The Act was introduced as the cornerstone of our financial management reforms. These reforms have elevated the ACT to the leading jurisdiction in Australia by way of innovative and accountable governance. Mr Speaker, it was disappointing to hear Mr Berry suggest that that was not the case. Those of us who have been in this Assembly for a while would remember the very scanty information that we got under the previous Government. I think everyone would agree that this is a significant step forward. It is interesting, Mr Speaker, that we now have people from other States, and even people from New Zealand at times, coming to have a look at the way we are operating our financial management.

To date the FMA has dramatically increased the Government's accountability and transparency in decision-making. The Act has also provided chief executives with significantly more authority and at the same time has correspondingly increased their accountability. The Government has been operating in accordance with the FMA for over a year now. The Assembly and the community have seen the benefits of this through the delivery of monthly consolidated financial reports, annual accrual financial statements, and annual accrual and outputs-based budgets. The FMA has proven to be a piece of legislation offering a flexible environment in which to manage the Territory's finances.

However, like most pieces of new legislation, a number of issues have arisen during the year which require minor amendments. These issues were principally addressed in Financial Management (Amendment) Bill (No. 2). However, a few adjustments are now required to that Bill. I must say that I am pleased that the amendments to this Bill, and others as they relate to the FMA, have been dealt with in a very consultative and cooperative manner. This should lead, I hope, to a better understanding of the operation

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