(1) In this Act, unless the contrary intention appears –
accounting records includes –
(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and
(b) such working papers and other documents as are necessary to explain the methods and calculations by which a Government Business Enterprise's financial statements are made up;
audit committee means the audit committee established under section 16(1)(a) ;
Australian Accounting Standards means Statements of Accounting Standards issued jointly by the National Councils of the Australian Society of Certified Practising Accountants and The Institute of Chartered Accountants in Australia or their successors;
beneficial interest includes a potential interest in property subject to a discretionary trust;
Board means –
(a) the Board of Directors of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11(2) ; or
(b) the Board of Directors, within the meaning of section 11(5) , of a Government Business Enterprise specified in Part 2 of Schedule 1 ;
borrowing means any borrowing, loan, temporary accommodation, advance or other form of raising funds in relation to which the principal is repayable;
chairperson means –
(a) the chairperson of a Board of a Government Business Enterprise specified in Part 1 of Schedule 1 appointed under section 11(2) ; or
(b) the person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, chairperson of a Board of a Government Business Enterprise specified in Part 2 of Schedule 1 ;
charge includes tariff, fee and premium;
chief executive officer means the chief executive officer of a Government Business Enterprise appointed under section 18(2) or as specified in section 18(7) ;
committee means the audit committee or another committee established under section 16 ;
(b) in the case of a Government Business Enterprise specified in Part 1 of Schedule 1 , a person appointed as a director (other than as chairperson) under section 11(2) ; and
(c) in the case of a Government Business Enterprise specified in Part 2 of Schedule 1 , a person appointed or otherwise established by or under the Portfolio Act as, or to act in the office of, a member of the Government Business Enterprise or its governing authority (other than as chairperson);
dividend means –
(a) a dividend specified in a recommendation approved under section 84(1)(a) ; or
(b) a dividend which a Government Business Enterprise is directed to pay under section 84(1)(c) ; or
(c) a dividend specified in a notice referred to in section 84(4) ;
employee means a person –
(a) employed by a Government Business Enterprise under section 21(1) ; or
(b) appointed or employed for the purposes of a Government Business Enterprise, as specified in section 21(3) ;
enactment means an Act, order or other instrument of a legislative character;
(h) any other transaction or arrangement that the Treasurer's Instructions specify to be a financial arrangement for the purposes of this Act;
financial statements means –
(a) the financial statements prepared in respect of a Government Business Enterprise under section 52 ; and
(b) the consolidated financial statements prepared in respect of a Government Business Enterprise and all of its subsidiaries under that section;
financial year, in relation to a Government Business Enterprise or its subsidiary, means –
(a) if the Portfolio Act or another Act specifies a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or
(b) [Section 3 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] if such a period is not specified by the Portfolio Act or another Act and the Treasurer approves a period of 12 months in respect of which the Government Business Enterprise or subsidiary is required to maintain financial records, that period; or
(c) in every other case, a period of 12 months ending on 30 June in any year;
function includes duty;
Government Business Enterprise means a statutory authority specified in Schedule 1 ;
(b) information provided to a Minister under section 58 ;
investigator means a person authorised under section 102(1) or (2) to undertake an investigation of a Government Business Enterprise or subsidiary;
lease means –
(a) any lease, licence, charter or hiring arrangement of any real or personal property; or
(b) any arrangement under which a right to use, operate, manage or provide services in respect of any real or personal property is granted by the owner to another person;
loss means the loss or deficit shown in the financial statements in respect of a financial year after –
pay includes pay indirectly through one or more interposed persons;
Portfolio Act, in relation to a Government Business Enterprise, means the enactment by or under which that Government Business Enterprise is established together with any other enactment, other than this Act, which is expressed as being required to be incorporated and read as one with that enactment;
(a) in relation to a Government Business Enterprise constituted by or under an enactment or part of an enactment, the Minister to whom the administration of that enactment or part is assigned; and
(b) in relation to a Government Business Enterprise not constituted by or under an enactment, the Minister to whom the administration of the Government Business Enterprise is assigned;
prescribed interest has the same meaning as in the Corporations Law ;
prescribed rate means the rate determined from time to time by the Treasurer;
regulations means regulations made and in force under this Act;
security includes inscribed stock, bonds, debenture stock, notes or any other document creating, evidencing or acknowledging indebtedness in respect of financial accommodation whether constituting a charge on property or not;
sinking fund advances means loans and advances –
(a) that were made before 1 May 1995 by the Treasurer to a State service authority or independent employing authority; and
(b) in respect of which sinking fund contributions were payable to the National Debt Commission as in existence before that day;
special dividend means a special dividend a Government Business Enterprise is directed to pay under section 86 ;
statement of corporate intent has the meaning given by section 41 ;
statutory authority means an incorporated or unincorporated body which is established, constituted or continued by or under an Act or under the royal prerogative, being a body which, or of which the governing authority, wholly or partly comprises a person or persons appointed by the Governor, a Minister of the Crown or another statutory authority, including a Government Business Enterprise;
[Section 3 Subsection (1) amended by No. 18 of 2025, s. 12, Applied:01 Jan 2026]wholly-owned subsidiary, in relation to a Government Business Enterprise, means a subsidiary of the Government Business Enterprise that falls within the definition of wholly-owned subsidiary, within the meaning of the Corporations Act, in respect of the Government Business Enterprise.
(2) The Treasurer may, by notice published in the Gazette, determine the prescribed rate for the purposes of this Act.
(3) Subject to this Act, any request, direction, declaration, determination, approval, requirement, information, recommendation, deferral, waiver, notice, notification, advice, application, agreement, amendment, revocation or substitution made, given or done under this Act is to be made, given or done in writing.