This regulation replaces the 2018 rules and sets which public entities are GSF agencies, which financial arrangements count as borrowings, investments or joint ventures, and the reporting exemptions, delegation and budget procedures that apply. It affects GSF agencies, accountable authorities, Ministers and Treasury because it allocates decision‑making (for example, Treasury authorises working accounts), establishes reporting thresholds and contingent‑liability classifications, and creates disclosure and compliance tasks that agencies must fund and administer (see s35).
This Regulation updates and supplements the Government Sector Finance Act 2018 (the Act) by specifying who and what fall within the Act’s financial management and reporting framework, prescribing categories of financial arrangements that count as borrowings, investments and joint ventures, setting reporting presentation requirements and thresholds for exemptions, and fixing delegation and working account rules. Commencement is 30 June 2024 (s 2). The instrument also repeals the 2018 Regulation and saves existing acts, matters and things so they continue under the new Regulation (s 38).
Mechanically, the Regulation does the following things that change behaviour or administrative practice:
Prescribes entities as GSF agencies. Schedule 1 lists specific bodies treated as GSF agencies for the purposes of the Act (s 4(1)). It also prescribes specific separate agencies and special cases such as the Independent Planning Commission (s 5) and the Voluntary Assisted Dying Board as a NSW Health entity (s 3A).
Identifies persons who count as prescribed government officers for delegation and expenditure purposes, by operation of Schedule 2 and s 7(1)-(2).
Constrains the operation of working accounts by requiring Treasurer approval to establish and operate them and allowing the Treasurer to specify permitted money types, purposes and terms (s 35(1)-(3), (4)).
Prescribes what counts, for the Act, as borrowings, investments and joint ventures, by including non-traditional instruments: social benefit bonds, supplier finance arrangements, bank guarantees, letters of comfort and letters of financial support, and operating or finance leases (ss 9, 10, 11, 12).
Sets thresholds and exemption criteria for which GSF agencies must prepare and present annual GSF financial statements, including numerical thresholds for assets, liabilities, income, expenses, commitments, contingent liabilities and cash holdings (Div 2, ss 14-19A, notably ss 15 and 15A).
Current sections
Direct links to the current provisions in Government Sector Finance Regulation 2024.
The Act and the Interpretation Act 1987 also contain definitions and other provisions that affect the interpretation and application of this regulation.
s 3: Am 2024 (611), Sch 1[1].
Part 2
Key concepts
Part 2 Key concepts
Part 2 Key concepts
3A
Prescribed NSW Health entities—the Act, s 2.3(1)(f)
3A Prescribed NSW Health entities—the Act, s 2.3(1)(f)
3A Prescribed NSW Health entities—the Act, s 2.3(1)(f)
The Voluntary Assisted Dying Board is prescribed as a NSW Health entity.
Note—
The Act, section 2.4(1)(b) provides that a NSW Health entity is a GSF agency.
s 3A: Ins 2025 (503), Sch 1[1].
4
Prescribed GSF agencies—the Act, s 2.4(1)(l)
4 Prescribed GSF agencies—the Act, s 2.4(1)(l)
4 Prescribed GSF agencies—the Act, s 2.4(1)(l)
(1) Each entity specified in Schedule 1 is a GSF agency.
(2) The following entities are GSF agencies for the purposes of the Act, Divisions 6.4–6.6—
(b) the Minister administering the Tweed River Entrance Sand Bypassing Act 1995, but only for the purposes of functions exercised in connection with the carrying into effect of that Act.
(3) The Commissioner of Police is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to derivative arrangements.
(4) Anabranch Water is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to investments.
(5) The following are GSF agencies for the purposes of the Act, Part 7—
Anabranch Water means the board of management for the Great Anabranch of the Darling River Private Water Supply and Irrigation District, constituted by proclamation published in Gazette No 142 of 25 November 2005 at pages 9809–9810.
s 4: Am 2024 (611), Sch 1[2].
5
Separate GSF agencies—the Act, s 2.5(1)(f)
5 Separate GSF agencies—the Act, s 2.5(1)(f)
5 Separate GSF agencies—the Act, s 2.5(1)(f)
The Independent Planning Commission of New South Wales is prescribed as a separate GSF agency.
6
Accountable authorities—the Act, s 2.7(3)
6 Accountable authorities—the Act, s 2.7(3)
6 Accountable authorities—the Act, s 2.7(3)
For the Act, section 2.7(3)—
(a) the Secretary of the Department of Climate Change, Energy, the Environment and Water is the accountable authority for the corporation sole constituted under the Heritage Act 1977, section 102, and
(b) the Secretary of the Treasury is the accountable authority for the following GSF agencies, or kinds of GSF agencies—
s 6: Am 2024 (611), Sch 1[3]; 2025 No 66, Sch 3.2.
7
Prescribed government officers
7 Prescribed government officers
7 Prescribed government officers
(1) For the Act, section 2.9(1)(e), a person who is a member of a GSF agency, or is appointed to the GSF agency, is prescribed as a government officer unless the person is referred to in the Act, section 2.9(2).
(2) For the Act, section 2.9(1)(e) and (3)(b), each person specified in Schedule 2, table is prescribed as a government officer for the GSF agencies specified opposite in the table.
s 7: Am 2024 (611), Sch 1[4].
Part 3
Roles and responsibilities
Part 3 Roles and responsibilities
Part 3 Roles and responsibilities
8
Treasurer’s directions—the Act, s 3.1(1)(c)
8 Treasurer’s directions—the Act, s 3.1(1)(c)
8 Treasurer’s directions—the Act, s 3.1(1)(c)
(1) The Treasurer’s directions may make provision about the following—
(a) the establishment and operation of securities and securities registries by GSF agencies in respect of GSF agency issued securities, including the inspection of the registries,
(b) the surrender, transfer, exchange and transmission of securities by GSF agencies in respect of GSF agency issued securities,
(c) the purchase of GSF agency issued securities,
(d) the making of payments, including interest payments, by GSF agencies in respect of GSF agency issued securities,
(e) the form of GSF agency issued securities,
(f) the making of payments by a GSF agency to the suppliers of goods and services to the GSF agency, including—
(i) the period within which payments must be made to suppliers, and
(ii) if payment is not made within the required period, the payment of penalty interest to suppliers.
(2) In this section—
GSF agency issued security means a security issued by a GSF agency.
security includes an inscribed stock, debenture, promissory note or bank bill of exchange.
Part 4
Financial services and arrangements
Part 4 Financial services and arrangements
Part 4 Financial services and arrangements
9
Definitions
9 Definitions
9 Definitions
In this part—
assurer—
(a) under a letter of comfort—see definition of letter of comfort, or
(b) under a letter of financial support—see definition of letter of financial support.
bank guarantee means an arrangement under which an entity that provides finance undertakes to do either of the following in relation to another entity (the guarantee recipient)—
(a) guarantee to a third party the performance of an obligation by the guarantee recipient,
(b) pay a third party on demand by the guarantee recipient.
finance recipient—see definition of supplier finance arrangement.
general guarantee means an arrangement under which an entity (a guarantor) promises to another entity to be responsible for performing the obligations of a third entity if the third entity fails to perform the obligations.
guarantee recipient—see definition of bank guarantee.
guarantor—see definition of general guarantee.
lessee—see definition of operating or finance lease arrangement.
letter of comfort means an arrangement—
(a) under which an entity (the assurer) gives a document to a second entity that is intended to generally reassure the second entity about a state of affairs and the assurer’s intention to perform obligations to facilitate a proposed arrangement, and
(b) that gives rise to a contingent liability for the assurer.
letter of financial support means an arrangement—
(a) under which an entity (the assurer) gives a document to a second entity that verifies funding will be available for a third entity for the purposes of a proposed arrangement, and
(b) that gives rise to a contingent liability for the assurer.
operating or finance lease arrangement means an arrangement under which an entity (the lessor) grants another entity (the lessee) for value—
(a) a right for the lessee to use an asset, other than land, of the lessor for a specified period, and
(b) any entitlements to the risks and rewards resulting from the use of the asset.
social benefit bond means an arrangement created by an instrument under which any financial return is made contingent on the achievement of specified social outcomes.
supplier finance arrangement means an agreement under which—
(a) a party (the finance provider) assumes the liability of another party (the finance recipient) for the payment of invoices from suppliers for the finance recipient, and
(b) the finance recipient has an obligation to repay the finance provider for any amounts paid, including interest or amounts in the form of interest.
10
Prescribed borrowings—the Act, s 6.8(1)(c)
10 Prescribed borrowings—the Act, s 6.8(1)(c)
10 Prescribed borrowings—the Act, s 6.8(1)(c)
Each of the following arrangements is prescribed as a borrowing—
(a) issuing a social benefit bond,
(b) becoming a guarantee recipient under a bank guarantee,
(c) becoming a finance recipient under a supplier finance arrangement,
(d) becoming a lessee under an operating or finance lease arrangement.
11
Prescribed investments—the Act, s 6.9(1)(b)
11 Prescribed investments—the Act, s 6.9(1)(b)
11 Prescribed investments—the Act, s 6.9(1)(b)
Each of the following arrangements is prescribed as an investment—
(a) purchasing a social benefit bond,
(b) depositing money in a banking account even if it is not primarily for the purpose or with the expectation of producing income, interest, profit, capital growth or any other financial benefit.
12
Prescribed joint ventures—the Act, s 6.12(2)(c)
12 Prescribed joint ventures—the Act, s 6.12(2)(c)
12 Prescribed joint ventures—the Act, s 6.12(2)(c)
Each of the following common understandings is prescribed as a joint venture—
(a) becoming a guarantor under a general guarantee,
(b) becoming an assurer under a letter of comfort,
(c) becoming an assurer under a letter of financial support,
(d) an arrangement involving a combination of 2 or more of the common understandings specified in paragraphs (a)–(c), whether those understandings form the whole subject of the understanding or form only part of an understanding.
Part 5
Reporting GSF agencies
Part 5 Reporting GSF agencies
Part 5 Reporting GSF agencies
Division 1
Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
Division 1 Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
Division 1 Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
13
Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
13 Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
13 Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
For the Act, section 7.3(4)(a)–(c), the following criteria are prescribed—
(a) whether there are users of information contained in the annual GSF financial statements for the relevant agencies,
(b) whether the relevant agencies are subject to the direction and control of—
(i) a responsible Minister, or
(ii) another GSF agency,
(c) whether the financial position and financial performance of the relevant agencies are consolidated within the financial statements of other GSF agencies,
(d) whether the relevant agencies generally hold cash or cash equivalents.
Division 2
Excluded GSF agencies—the Act, s 7.3
Division 2 Excluded GSF agencies—the Act, s 7.3
Division 2 Excluded GSF agencies—the Act, s 7.3
14
Definitions
14 Definitions
14 Definitions
In this division—
asset, contingent liability, expenses, income and liability have the same meanings as in the Australian Accounting Standards.
commitment means a contractual commitment required to be disclosed in financial statements prepared in accordance with the Australian Accounting Standards.
Crown Reserves Improvement Fund means the Crown Reserves Improvement Fund established under the Crown Land Management Act 2016, Division 12.5.
relevant transaction means a transaction, approved or directed by the Premier or Treasurer or other Minister, for the sale, lease, assignment, transfer or other disposal of assets or liabilities of the State to an entity that is not a government sector entity.
retained State interest, in relation to a transaction, means an interest or right in, or related to, an asset or liability disposed of under the transaction that is held by or on behalf of the State as a result of the transaction.
s 14: Am 2024 (611), Sch 1[5].
15
Small agencies—the Act, s 7.3(2)
15 Small agencies—the Act, s 7.3(2)
15 Small agencies—the Act, s 7.3(2)
A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(a) the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $5,000,000,
(b) the total cash or cash equivalents held by the agency is less than $2,500,000,
(c) if the agency has income—less than $500,000 of the agency’s income is from sources other than the following—
(i) money paid out of the Consolidated Fund,
(ii) money provided by other GSF agencies,
(iii) money paid out of an SDA account.
(d) (Repealed)
s 15: Am 2025 (503), Sch 1[2].
15A
Small controlled agencies—the Act, s 7.3(2)
15A Small controlled agencies—the Act, s 7.3(2)
15A Small controlled agencies—the Act, s 7.3(2)
A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(a) the agency is a controlled entity of a reporting GSF agency (the parent agency),
(b) the agency’s financial position and financial performance are consolidated within the financial statements of the parent agency,
(c) the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $20,000,000,
(d) the total cash or cash equivalents held by the agency is less than $10,000,000,
(e) if the agency has income—less than $2,000,000 of the agency’s income is from sources other than the following—
(i) money paid out of the Consolidated Fund,
(ii) money provided by other GSF agencies,
(iii) money paid out of an SDA account.
s 15A: Ins 2025 (503), Sch 1[3].
16
Crown land managers—the Act, s 7.3(2)
16 Crown land managers—the Act, s 7.3(2)
16 Crown land managers—the Act, s 7.3(2)
(1) A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(a) the agency is a Crown land manager,
(b) the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $20,000,000,
(c) the total cash or cash equivalents held by the agency is less than $2,500,000,
(d) the income of the agency, excluding income derived from the following sources, is less than $2,000,000—
(i) money paid out of the Consolidated Fund,
(ii) money paid out of the Crown Reserves Improvement Fund,
assets, of a GSF agency, does not include land held by the agency.
s 17: Am 2025 (503), Sch 1[4] [5] [9]–[11].
18
Special purpose staff agencies—the Act, s 7.3(2)
18 Special purpose staff agencies—the Act, s 7.3(2)
18 Special purpose staff agencies—the Act, s 7.3(2)
A GSF agency comprised solely of persons who are employed to enable another GSF agency to exercise its functions is prescribed not to be a reporting GSF agency.
19
Retained State interests—the Act, s 7.3(2)
19 Retained State interests—the Act, s 7.3(2)
19 Retained State interests—the Act, s 7.3(2)
A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(a) the sole purpose of the agency is to hold and manage retained State interests arising from a relevant transaction and all of the agency’s activities relate to the purpose,
(b) the agency’s financial position and financial performance are consolidated within the financial statements of another GSF agency (the second agency),
(c) the agency has the same accountable authority as the second agency,
(d) if there is another GSF agency (a controlled agency) that is a controlled entity of the second agency—the agency has the same sole purpose as the controlled agency.
19A
ERIC subsidiaries—the Act, s 7.3(2)
19A ERIC subsidiaries—the Act, s 7.3(2)
19A ERIC subsidiaries—the Act, s 7.3(2)
A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(b) the agency’s financial position and financial performance are consolidated within the financial statements of another GSF agency (the second agency),
(c) the agency has the same accountable authority as the second agency.
s 19A: Ins 2025 (503), Sch 1[12].
Division 3
Prescribed reporting exemption criteria—criteria for exempting SDA accounts from financial reporting requirements
Division 3 Prescribed reporting exemption criteria—criteria for exempting SDA accounts from financial reporting requirements
Division 3 Prescribed reporting exemption criteria—criteria for exempting SDA accounts from financial reporting requirements
20
Prescribed reporting exemption criteria—the Act, s 7.3(4)(d)
20 Prescribed reporting exemption criteria—the Act, s 7.3(4)(d)
20 Prescribed reporting exemption criteria—the Act, s 7.3(4)(d)
For the Act, section 7.3(4)(d), the following criteria are prescribed—
(a) whether there are users of information contained in the financial reports for the relevant SDA accounts,
(b) whether the relevant SDA accounts are subject to the direction and control of a responsible Minister or GSF agency,
(c) whether the financial position and financial performance of the relevant SDA accounts are—
(i) consolidated within the financial statements of a GSF agency, or
(ii) disclosed as administered activities by a GSF agency in the notes to the financial statements of the GSF agency.
Division 4
Division 4
Division 4
21, 22 (Repealed)
pt 5, div 4: Rep 2024 (251), sec 22.
s 21: Rep 2024 (251), sec 22.
s 22: Rep 2024 (251), sec 22.
Division 5
Annual reporting information
Division 5 Annual reporting information
Division 5 Annual reporting information
23
Presentation of annual reporting information—the Act, s 7.11(2)
23 Presentation of annual reporting information—the Act, s 7.11(2)
23 Presentation of annual reporting information—the Act, s 7.11(2)
A reporting GSF agency must present the annual reporting information for the reporting GSF agency under the following high-level headings—
(a) Overview,
(b) Strategy,
(c) Operations and performance,
(d) Management and accountability,
(e) Sustainability,
(f) Financial performance.
Part 6
Delegations
Part 6 Delegations
Part 6 Delegations
24
Definition
24 Definition
24 Definition
In this part—
expenditure function, of a Minister, means a function conferred or imposed on the Minister by or under an Act or other legislation, including an annual Appropriation Act, regarding the expenditure of money, including out of the Consolidated Fund.
25
Prescribed delegates and subdelegates for Judicial Commission
25 Prescribed delegates and subdelegates for Judicial Commission
25 Prescribed delegates and subdelegates for Judicial Commission
(1) For the Act, section 9.9(5), table, item 3, paragraph (b), a member of staff of the Judicial Commission is prescribed as an entity to which the accountable authority for the Commission may subdelegate.
(2) For the Act, section 9.11(1)(b), a member of staff of the Judicial Commission is prescribed as an entity to which the accountable authority for the Commission may delegate.
(3) For the Act, section 9.11(4), table, item 2, a member of staff of the Judicial Commission is prescribed as an entity to which a delegate prescribed by subsection (2) may subdelegate.
s 25: Am 2025 No 48, Sch 4.7.
26
Prescribed delegates and subdelegates for transport GSF agencies
26 Prescribed delegates and subdelegates for transport GSF agencies
26 Prescribed delegates and subdelegates for transport GSF agencies
(1) For the Act, section 9.9(2)(f), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency for which the Minister is the responsible Minister is prescribed.
(2) For the Act, section 9.9(5), table, item 4, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.
(3) For the Act, section 9.9(5), table, item 6, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.
(4) For the Act, section 9.11(1)(b), a member of the Transport Service of New South Wales who is not a government officer of a transport GSF agency is prescribed.
(5) For the Act, section 9.11(4), table, item 1, paragraph (b), a member of the Transport Service of New South Wales who is not a government officer of the agency concerned is prescribed.
Delegated expenditure functions—Independent Commission Against Corruption
29 Delegated expenditure functions—Independent Commission Against Corruption
29 Delegated expenditure functions—Independent Commission Against Corruption
For the Act, section 9.9(5), table, item 3, paragraph (b), a Commissioner of the Independent Commission Against Corruption is prescribed as an entity to which the accountable authority for the Commission may subdelegate an expenditure function of a Minister in relation to the Commission.
30
Delegated expenditure functions—Inspector of the Independent Commission Against Corruption
30 Delegated expenditure functions—Inspector of the Independent Commission Against Corruption
30 Delegated expenditure functions—Inspector of the Independent Commission Against Corruption
For the Act, section 9.9(2)(f), the Inspector of the Independent Commission Against Corruption is prescribed as an entity to which a Minister may delegate an expenditure function of the Minister in relation to the Inspector.
(1) For the Act, section 9.9(2)(f), a Commissioner of the Law Enforcement Conduct Commission is prescribed as an entity to which a Minister may delegate an expenditure function of the Minister in relation to the Commission.
(2) For the Act, section 9.9(5), table, item 4, paragraph (b), a Commissioner of the of the Law Enforcement Conduct Commission is prescribed as an entity to which the accountable authority for the Commission may subdelegate an expenditure function of a Minister in relation to the Commission.
32
32
32
s 32: Rep 2024 (611), Sch 1[7].
32A
Prescribed delegates and subdelegates for corporations constituted under Electricity Retained Interest Corporations Act 2015
32A Prescribed delegates and subdelegates for corporations constituted under Electricity Retained Interest Corporations Act 2015
(1) For the Act, section 9.11(1)(b), a government officer of the Treasury is prescribed as an entity to which the accountable authority of a corporation or subsidiary constituted by the Electricity Retained Interest Corporations Act 2015 may delegate delegable functions.
(2) For the Act, section 9.11(4), table, item 2, a government officer of the Treasury is prescribed as an entity to which a delegate prescribed by subsection (1) may subdelegate.
s 32A: Ins 2024 (611), Sch 1[8].
Part 7
Budget, appropriations and Special Deposits Account
Part 7 Budget, appropriations and Special Deposits Account
Part 7 Budget, appropriations and Special Deposits Account
33
Consumer price adjustments for payments authorised on lapse of appropriation—the Act, section 4.10(4)(a)
33 Consumer price adjustments for payments authorised on lapse of appropriation—the Act, section 4.10(4)(a)
33 Consumer price adjustments for payments authorised on lapse of appropriation—the Act, section 4.10(4)(a)
(1) This section provides for the adjustment for changes in consumer prices in an annual reporting period for the NSW Government (the current period) of amounts appropriated under the annual Appropriation Act for the previous annual reporting period (the previous appropriated amount).
(2) The previous appropriated amount is to be adjusted by the percentage change in the Consumer Price Index (All Groups Index) for Sydney published by the Australian Bureau of Statistics between the March quarter immediately before the beginning of the current period compared with the March quarter immediately before the beginning of the previous annual reporting period.
34
Deemed appropriations—the Act, s 4.7
34 Deemed appropriations—the Act, s 4.7
34 Deemed appropriations—the Act, s 4.7
(1) For the Act, section 4.7(3), definition of deemed appropriation money, paragraphs (a) and (b), each of the following kinds of government money received or recovered by a GSF agency is prescribed—
(a) money from a fee, rent or charge for a service or customer good provided by the GSF agency to a customer, including—
(i) money from a surcharge charged for the use of a credit card to pay for a supplied service or good, and
(ii) money from interest or a charge paid for any overdue fee, rent or charge for a supplied service or good,
(c) money from the proceeds of a sale or other disposal by the GSF agency of a minor asset,
(d) money paid to the GSF agency from the Treasury Managed Fund or by an insurer, including—
(i) any repayment to the agency of some or all of a contribution or premium paid to the Fund or an insurer, and
(ii) any payments made by MetLife Insurance Limited in full or partial settlement of any entitlement of a police officer in respect of injuries or other loss sustained by the officer,
(e) money paid to the GSF agency as compensation under a judgment of a court or tribunal or in a settlement of proceedings for compensation, including any interest payable on the amount of compensation,
(f) money from a Commonwealth grant or other payment, except a general purpose Commonwealth grant, paid to the GSF agency for its benefit,
(g) money from returns on investments and derivative arrangements made by or on behalf of the GSF agency, including—
(i) interest received by the agency from a banking account of the agency, and
(ii) interest payments made to the agency by the Treasury instead of interest received by the agency from a banking account of the agency as a result of the operation of banking account structuring under a State financial service agreement, and
(iii) interest from a loan made by or on behalf of the agency,
(h) money from a grant, contribution or subsidy provided to the GSF agency to cover some or all of the cost of a service or good the agency is responsible for providing,
(i) money from a refund or rebate received or recovered by the GSF agency in respect of a purchase made by the agency
(j) money received or recovered by a GSF agency (the delivering agency) from another GSF agency for the purposes of meeting some or all of the costs and expenses of a program, project, service or good that the delivering agency delivers or provides.
(2) Subsection (1)(d), (e), (f) and (h) apply regardless of whether the money concerned was paid to the GSF agency for its own benefit or for the benefit of another entity.
(3) An appropriation under the Act, section 4.7 of money of the kind referred to in subsection (1)(h) is subject to the condition that it may only be spent in accordance with any terms or conditions applicable to the grant, contribution or subsidy concerned.
(4) The kinds of government money prescribed by this section extend to government money received or recovered before the commencement of the Act, section 4.7.
(5) An appropriation under the Act, section 4.7 of government money is taken to have been given—
(a) for money received or recovered before the commencement of the Act, section 4.7 for which expenditure occurred before that commencement—on the day the money was received or recovered, and
(b) for money received or recovered after the commencement of the Act, section 4.7—on the day the money was received or recovered, and
(c) otherwise—on the day which the Act, section 4.7 commenced.
(6) In this section—
minor asset means an asset with an acquisition cost of less than $200,000, but does not include—
(a) a customer good, or
(b) a building, or an interest in land or a building.
s 34: Am 2025 (503), Sch 1[13].
35
Working accounts—the Act, s 4.17
35 Working accounts—the Act, s 4.17
35 Working accounts—the Act, s 4.17
(1) For the Act, section 4.17(1) and (4), a GSF agency may establish and operate a working account only if—
(a) the accountable authority for the agency applies to the Treasurer, in a form approved by the Treasurer, for authorisation to establish and operate the account, and
(b) the Treasurer gives written authorisation for the account to be established and operated.
(2) Without limiting subsection (1)(b), the written authorisation may specify—
(a) the kinds of working account money that may be paid into the working account, and
(b) the purposes for which money may be paid out of the working account, and
(c) the use of investment returns on the money in the working account, and
(d) any other terms or conditions relating to the establishment or operation of the working account.
(3) For the Act, section 4.17(4)(d), the Treasurer may, by written order given to the accountable authority for a GSF agency, direct that—
(a) the working account specified in the order is to be dissolved, and
(b) money in the account is to be paid into—
(i) the Consolidated Fund, or
(ii) another specified working account of a GSF agency.
(4) For the Act, section 4.17(2), definition of working account money, each of the following sources of money is prescribed regardless of whether or not the money is also deemed appropriation money—
(a) money from a fee, rent or charge for a service or customer good provided by the GSF agency to a customer, including—
(i) money from a surcharge charged for the use of a credit card to pay for a supplied service or good, and
(ii) money from interest or a charge paid for any overdue fee, rent or charge for a supplied service or good,
(b) money from rent for land or a building paid to the GSF agency by another entity for a lease the other entity has over the land or building,
(d) money from the proceeds of a sale or other disposal by the GSF agency of an asset unless legislation, other than the Act or the Constitution Act 1902, specifically requires the money to be paid into the Consolidated Fund,
(e) money paid to the GSF agency from the Treasury Managed Fund or by an insurer, including—
(i) any repayment to the agency of some or all of a contribution or premium paid to the Fund or an insurer, and
(ii) any payments made by MetLife Insurance Limited in full or partial settlement of any entitlement of a police officer in respect of injuries or other loss sustained by the officer,
(f) money paid to the GSF agency as compensation under a judgment of a court or tribunal or in a settlement of proceedings for compensation, including any interest payable on the amount of compensation,
(g) money from a Commonwealth grant or other payment, except a general purpose Commonwealth grant, paid to the GSF agency for its benefit,
(h) money from returns on investments and derivative arrangements made by or on behalf of the GSF agency, including—
(i) interest received by the agency from a banking account of the agency, and
(ii) interest payments made to the agency by the Treasury instead of interest received by the agency from a banking account of the agency as a result of the operation of banking account structuring under a State financial service agreement, and
(iii) interest from a loan made by or on behalf of the agency,
(i) money from a grant, contribution or subsidy provided to the GSF agency to cover some or all of the cost of a service or good the agency is responsible for providing,
(j) money from a refund or rebate received or recovered by the GSF agency in respect of a purchase made by the agency,
(k) money from a loan provided to the GSF agency under a financial arrangement that is authorised for the purposes of the Act, section 6.22,
(l) money directed to be paid into the working account concerned in an order made by the Treasurer under subsection (3),
(m) money received or recovered by the GSF agency (the delivering agency) from another GSF agency for the purposes of meeting some or all of the costs and expenses of a program, project, service or good the delivering agency delivers or provides.
Note—
The fact that money is prescribed to be working account money does not mean it must be paid into a working account. The Act, section 4.17(1) provides that a GSF agency may establish and operate a working account in the circumstances permitted by the regulations.
(5) Subsection (4)(b), (e), (f), (g) and (i) apply regardless of whether the money concerned was paid to the GSF agency for its own benefit or for the benefit of another entity.
(6) To avoid doubt, subsection (4) includes money received by the GSF agency from any other entity, including from another GSF agency.
Part 8
Expenditure and gifts
Part 8 Expenditure and gifts
Part 8 Expenditure and gifts
36
Relevant tax-equivalent regimes
36 Relevant tax-equivalent regimes
36 Relevant tax-equivalent regimes
(1) For the Act, section 5.3(5), definition of relevant tax-equivalent regime, the following arrangements are prescribed—
(a) the national tax-equivalent regime,
(b) the State tax-equivalent regime.
(2) In this section—
Intergovernmental Agreement means the Intergovernmental Agreement on Federal Financial Relations entered into by the parties to the Council of Australian Governments, as in force from time to time.
national tax-equivalent regime means the arrangements between the Commonwealth and the States and Territories relating to income tax-equivalent payments to be made by government businesses under a National Tax-Equivalent Regime, as referred to in Schedule B of the Intergovernmental Agreement and given effect to from time to time by a memorandum of understanding between the Commonwealth, the Commissioner of Taxation of the Commonwealth and the States and Territories.
State tax-equivalent regime means the arrangements approved from time to time by the Treasurer relating to income tax-equivalent payments to be made by government businesses that are not subject to the national tax-equivalent regime.
37
Act of grace payments—the Act, s 5.7(4)(c)
37 Act of grace payments—the Act, s 5.7(4)(c)
37 Act of grace payments—the Act, s 5.7(4)(c)
The following are prescribed—
(a) a person employed in or by the NSW Health Service,
(2) An act, matter or thing that, immediately before the repeal of the Government Sector Finance Regulation 2018, had effect under that regulation continues to have effect under this regulation.
| | Column 1 | Column 2 |
| | GSF agency | Prescribed government officer |
| 1 | Premier’s Department | Public Service Commissioner appointed under the Government Sector Employment Act 2013. |
| 2 | Department of Education | Each of the following is prescribed for the Department—(a) a member of the Teaching Service,(b) a person employed under the Education (School Administrative and Support Staff) Act 1987. |
| 3 | Department of Communities and Justice | Each of the following is prescribed for the Department—(a) the Advocate for Children and Young People appointed under the Advocate for Children and Young People Act 2014,(b) the Registrar appointed under the Community Housing Providers (Adoption of National Law) Act 2012, section 10(c) the Ageing and Disability Commissioner appointed under the Ageing and Disability Commissioner Act 2019,(d) during an emergency within the meaning of the State Emergency and Rescue Management Act 1989—government officers from another GSF agency who temporarily work in an evacuation centre. |
| 4 | Department of Planning, Housing and Infrastructure | The Valuer-General. |
| 5 | Department of Primary Industries and Regional Development | Each of the following is prescribed for the Department—(a) the Independent Biosecurity Commissioner appointed under the Biosecurity Act 2015,(b) the Agriculture Commissioner appointed under the Agriculture Commissioner Act 2024. |
| 6 | Transport for NSW | Each of the following is prescribed for Transport for NSW—(a) the Point to Point Transport Commissioner appointed under the Point to Point Transport (Taxis and Hire Vehicles) Act 2016,(b) an employee of Serco Australia Pty Limited (ABN 44 003 677 352), but only in connection with the exercise of expenditure functions for or on behalf of Transport for NSW,(c) an employee of Cubic Transportation Systems (Australia) Pty Limited (ABN 82 003 617 561), but only in connection with the exercise of expenditure functions for or on behalf of Transport for NSW. |
| 7 | NSW Self Insurance Corporation | A person authorised under an insurance services contract to exercise expenditure functions (regardless of whether the person is a party to that contract) is prescribed for the Corporation, but only in connection with the exercise of those functions that the person is authorised to exercise under the contract. |
| 8 | Office of the NSW State Emergency Service | Each of the following is prescribed for the Service—(a) a NSW State Emergency Service Local and Unit Commander (volunteer role),(b) a NSW State Emergency Service Local and Unit Deputy Commander (volunteer role),(c) during and for an operational event—(i) a State Duty Operations Controller,(ii) a Deputy State Duty Operations Controller,(iii) a State Logistics Officer,(iv) an Incident Controller (Zone or Area of Operations),(v) a Deputy Incident Controller (Zone or Area of Operations),(vi) a Logistics Officer (Zone or Area of Operations),(vii) a Unit Incident Officer,(viii) a Unit Logistics Officer. |
| 9 | Statutory health organisation | A person appointed under the Health Services Act 1997, Chapter 8 as a visiting practitioner. |
This regulation is the Government Sector Finance Regulation 2024.
2 Commencement
2 Commencement
2 Commencement
This regulation commences on 30 June 2024.
3 Definitions
3 Definitions
3 Definitions
In this regulation—
asset, contingent liability, expenses, income and liability, for Part 5, Division 2—see section 14.
assurer, for Part 4—see section 9.
bank guarantee, for Part 4—see section 9.
commitment, for Part 5, Division 2—see section 14.
common trust, for Part 5, Division 2—see section 14.
Crown land manager, for Part 5, Division 2—see section 14.
Crown Reserves Improvement Fund, for Part 5, Division 2—see section 14.
customer good means a good acquired or created by a GSF agency for the purpose of sale or resale to customers.
expenditure function, for Part 6—see section 24.
finance recipient, for Part 4—see section 9.
general guarantee, for Part 4—see section 9.
guarantee recipient, for Part 4—see section 9.
guarantor, for Part 4—see section 9.
lessee, for Part 4—see section 9.
letter of comfort, for Part 4—see section 9.
letter of financial support, for Part 4—see section 9.
operating or finance lease arrangement, for Part 4—see section 9.
relevant transaction, for Part 5, Division 2—see section 14.
retained State interest, for Part 5, Division 2—see section 14.
social benefit bond, for Part 4—see section 9.
supplier finance arrangement, for Part 4—see section 9.
Teaching Service has the same meaning as in the Teaching Service Act 1980.
the Act means the Government Sector Finance Act 2018.
Note—
The Act and the Interpretation Act 1987 also contain definitions and other provisions that affect the interpretation and application of this regulation.
Am 2024 (611), Sch 1[1].
Directs the format of annual reporting information to six highlevel headings that reporting GSF agencies must follow (s 23).
Prescribes what government money counts as deemed appropriation money and what counts as working account money, including fees, rents, donations, proceeds of disposals, insurance recoveries, Commonwealth grants and returns on investments (s 34(1); s 35(4)).
Prescribes who may be delegated or subdelegated expenditure functions for certain agencies, including specified staff of the Judicial Commission, members of the Transport Service of NSW for transport GSF agencies, and specific roles for integrity agencies (ss 25-32A).
The Regulation thus shifts administrative decisions onto the Treasurer and onto accountable authorities to operate within defined categories and approvals. It also broadens the range of financial instruments that trigger borrowing/investment/joint venture treatment under the Act, and creates reporting exemptions by objective thresholds and criteria. The Regulation contains no express offence or monetary penalty provisions; it instead creates authorisations, conditions and obligations that will be operationalised by agencies and the Treasurer (see, for example, ss 35 and 8).
All citations below refer to this Regulation. The Regulation itself repeatedly cross-references the Act and other statutes, so its practical effect depends on how the Act’s approval, accounting and oversight rules apply to the prescribed categories (see s 3 note; ss 4, 14, 34 and numerous cross-references).
Main concepts
The Regulation operationalises a small set of core financial management concepts by defining what counts as an agency, a prescribed financial arrangement, a reporting exemption, a working account, and who may receive delegation.
Key definitional anchors are in Part 1 and Part 4:
GSF agency and NSW Health entity. The Regulation prescribes specific entities as GSF agencies in Schedule 1 (s 4(1)). It also prescribes the Voluntary Assisted Dying Board as a NSW Health entity (s 3A) which, by operation of the Act, makes it a GSF agency (s 3A note).
Prescribed government officers. For the Act’s delegation and expenditure provisions the Regulation prescribes who counts as a government officer (s 7). Schedule 2 lists particular persons (for example the Public Service Commissioner in relation to the Premier’s Department, members of the Teaching Service for Education, specified emergency roles for the State Emergency Service) so that those positions may be treated as government officers under the Act’s delegation rules (s 7(1)-(2); Schedule 2).
Prescribed borrowings and investments. Part 4 defines a set of financial services and arrangements and prescribes which of those count as borrowings (s 10) and as investments (s 11). Definitions in s 9 establish precise meanings for instruments that are not always captured by ordinary “borrowings” in public finance, for example:
social benefit bond (ss 9, 10(a)),
bank guarantee (ss 9, 10(b)),
supplier finance arrangement (ss 9, 10(c)),
operating or finance lease arrangement (ss 9, 10(d)),
deposit in a banking account prescribed as an investment even when not primarily for producing income (s 11(b)).
Prescribed joint ventures. The Regulation treats certain contingent support arrangements,general guarantees, letters of comfort, letters of financial support,as common understandings that are nonetheless prescribed as joint ventures for the Act (s 12). The definitions in s 9 explain that letters of comfort or financial support give rise to contingent liabilities for the assurer.
Reporting exemptions and thresholds. Part 5 divides reporting exemption rules into criteria (s 13 and s 20) and concrete numeric thresholds (ss 15, 15A, 16, 17, 19, 19A). For example, an agency is not a reporting GSF agency if its assets, liabilities, income, expenses, commitments and contingent liabilities are each below $5,000,000 and cash is below $2,500,000 and income from non-Consolidated Fund sources is below $500,000 (s 15). Controlled agencies and specific public-purpose entities have higher thresholds (s 15A, s 16, s 17).
Working accounts. The Regulation restricts the establishment and operation of working accounts to cases where the accountable authority applies to the Treasurer, and the Treasurer gives written authorisation; it lists the money types that may be treated as permitted working account money, and allows the Treasurer to dissolve accounts and direct funds to the Consolidated Fund or another working account (s 35(1)-(4)).
Other recurring concepts: deemed appropriation money (ways government money becomes appropriated under the Act; s 34), presentation requirements for annual reports (s 23), and the setting of delegation/subdelegation prescriptions for individual agencies and categories of officers (Part 6, ss 24-32A).
Each definition and prescription embeds accounting and contingent liability consequences. For example, letters of comfort and financial support are defined so as to create contingent liabilities (s 9), which then feed into reporting exemption calculations and into whether a transaction is treated as a joint venture (s 12).
Mechanics matter: the Regulation often delegates discretionary authority to the Treasurer (s 35) and allocates delegation rights to accountable authorities and specified staff (Part 6). The combined effect is to provide both prescriptive lists and a framework for ongoing administrative decision making.
Who it affects
The Regulation affects five broad groups: GSF agencies and their accountable authorities, prescribed government officers and staff, agencies interacting with the Treasurer on working accounts and delegations, agencies entering into specified financial arrangements, and users of annual GSF financial statements.
GSF agencies. Every entity listed in Schedule 1 is a GSF agency for the purposes of the Act (s 4(1)). The Schedule contains a mix of statutory boards, trustees and commissions, including specific public bodies such as the Mental Health Commission of New South Wales, the Natural Resources Commission, the Legal Profession Admission Board, trustees of various museums and funds, and other bodies. The Regulation also prescribes additional specific GSF agencies or classes of agencies for certain divisions of the Act (s 4(2)-(5)), for example corporations sole under the Heritage Act and specified Ministerial Holding Corporations. The practical result is that these public entities are treated as subject to the financial management and reporting settings that flow from the Act and this Regulation.
Prescribed government officers and staff. A person who is a member of a GSF agency or is appointed to the GSF agency is generally prescribed as a government officer unless excluded under the Act (s 7(1)). Schedule 2 specifies particular officers for particular agencies, including the Public Service Commissioner for the Premier’s Department, members of the Teaching Service for the Department of Education, named emergency and operational roles for NSW State Emergency Service personnel, and several others (s 7(2); Schedule 2). Those persons thereby fall within the Act’s delegation and expenditure function framework.
Accountable authorities and delegates. Accountable authorities for GSF agencies are required to follow the Regulation’s rules on working accounts, delegation and reporting presentations. Several sections prescribe who may receive delegations or subdelegations of expenditure functions for specific agencies and classes of agencies: Judicial Commission staff (s 25), members of the Transport Service of NSW for transport GSF agencies (s 26), particular officers for integrity agencies such as ICAC, LECC and the Inspector of ICAC (ss 29-31), and Treasury officers for ERIC corporations (s 32A).
Entities entering into specified financial arrangements. The Regulation prescribes that certain non-traditional instruments are to be treated as borrowings (s 10), investments (s 11), or joint ventures (s 12). Entities that issue social benefit bonds, become guarantee recipients under bank guarantees, enter supplier finance arrangements, become lessees under operating or finance leases, purchase social benefit bonds, deposit money in bank accounts, or assume general guarantees or letters of comfort/financial support are affected because these transactions change how the Act treats their financial position and reporting obligations. The definitions in s 9 describe the legal character of these instruments and the contingent liability implications.
Reporting stakeholders and users of statements. The Regulation prescribes criteria for excluding agencies and SDA accounts from reporting (s 13; s 20) and sets numeric thresholds for small agencies and controlled agencies (ss 15, 15A, 16, 17). These rules determine who must produce annual GSF financial statements and therefore who must supply information to users. The criteria include whether agencies are subject to direction and control of a Minister or another GSF agency and whether agencies’ positions are consolidated elsewhere (s 13(a)-(c); s 20(a)-(c)).
Who pays and who decides. Accountable authorities must apply to the Treasurer to establish working accounts and must comply with Treasurer directions if given (s 35). The Treasurer has decision rights to authorise, specify terms and dissolve working accounts (s 35(1)-(3)). Accountable authorities and delegates decide whether to subdelegate expenditure functions in the cases prescribed by Part 6. Agencies entering into the prescribed financial instruments will see those instruments treated as borrowings, investments or joint ventures under the Act (ss 9-12), which can alter authorisation requirements, disclosure and consolidated reporting.
Behavioural change expected. Agencies will need to (a) map their current instruments against the Regulation’s prescriptions to determine whether they trigger borrowing, investment or joint venture treatment; (b) review whether they meet the thresholds making them exempt from reporting; (c) seek Treasurer authorisations before operating working accounts; (d) adjust delegation arrangements where staff or officers are newly prescribed as delegates; and (e) incorporate contingent liabilities arising from letters of comfort and financial support into their financial management processes due to the definitions in s 9.
Key duties and rights
This Regulation imposes duties on accountable authorities and agencies, assigns rights to the Treasurer and to prescribed delegates, and creates reporting and procedural obligations. The most concrete duties and rights are set out below with the controlling sections cited.
Duties on accountable authorities and agencies
Apply for Treasurer authorisation before establishing or operating a working account. A GSF agency may do so only if the accountable authority applies to the Treasurer in a form approved by the Treasurer and the Treasurer gives written authorisation (s 35(1)). The accountable authority must therefore prepare an application consistent with any Treasurer’s approval form and operating requirements.
Comply with any written authorisation terms. The Treasurer’s authorisation may specify permitted money types, authorised purposes for payments out of the account, the use of investment returns and any other terms or conditions relating to establishment or operation (s 35(2)). Agencies must respect those limits in their cash management and internal policies.
Present annual reporting information under six high‑level headings. A reporting GSF agency is required to present the annual reporting information under the headings: Overview; Strategy; Operations and performance; Management and accountability; Sustainability; Financial performance (s 23). That is a presentation duty over and above accounting disclosure obligations in the Act and accounting standards.
Ensure appropriate accounting of deemed appropriation money. The Regulation prescribes many categories of government money that count as deemed appropriation money for the Act’s purposes, including fees, donations, proceeds of disposals of minor assets, insurance recoveries, compensation, Commonwealth grants and returns on investments (s 34(1)(a)-(j)). An agency that receives these monies must treat them consistent with the Act’s appropriation framework as described in s 34(5) regarding timing of appropriation.
Maintain reporting discipline in light of prescribed borrowings, investments and joint ventures. Agencies that enter into social benefit bonds, bank guarantees, supplier finance arrangements, leases, general guarantees, letters of comfort or letters of financial support must treat these instruments as borrowings, investments or joint ventures under the Act (ss 10-12). That creates disclosure and possibly authorisation duties under the Act and requires recognition of contingent liabilities where the definitions create them (s 9).
Rights and discretions
Treasurer’s discretion over working accounts. The Treasurer has the right to give written authorisation and to specify terms and conditions (s 35(1)-(2)). The Treasurer can also dissolve a working account and direct money to the Consolidated Fund or another working account by written order (s 35(3)).
Delegation and subdelegation mechanisms. The Regulation prescribes who may be a delegate or subdelegate under the Act for particular agencies and functions (ss 25-32A). That gives accountable authorities the right to delegate functions to prescribed staff, including non-government-officer members of the Transport Service in specific contexts (s 26(1)-(5)). The accountable authority can exercise delegable powers by delegating to those prescribed entities in accordance with the Act’s delegation framework.
Exemption from reporting. Agencies meeting the quantitative thresholds in ss 15, 15A, 16 and 17 are prescribed not to be reporting GSF agencies. The right to be exempt from preparing full GSF financial statements is therefore conditional on meeting the thresholds and any applicable consolidation rules.
Specific technical duties and consequences
Treatment of contingent liabilities. The definitions of letter of comfort and letter of financial support explicitly state they give rise to contingent liabilities for the assurer (s 9). Agencies or persons acting as assurers thereby have the duty to acknowledge and record such contingent liabilities in line with Australian Accounting Standards and the Act’s reporting rules. The Division 2 definitions themselves adopt Australian Accounting Standards meanings for asset, contingent liability, expenses, income and liability (s 14).
Working account money categories are prescribed and include many commonly retained receipts. The Regulation lists sources that qualify as working account money (s 35(4)) and emphasises that the prescription does not oblige agencies to open an account but constrains those accounts when authorised.
Presentation obligations. Reporting agencies must use the six highlevel headings (s 23), implying internal structuring of narrative, strategy and performance materials in annual reports to align with that presentation.
Non-criminal enforcement levers
The Regulation does not itself create criminal offences or express monetary penalties. Its operational enforcement tools are administrative: the Treasurer’s ability to impose authorisation conditions and to order dissolution of working accounts (s 35(2)-(3)), and the Act’s broader accountability and reporting regime which the Regulation implements by prescription and thresholds (see s 3 note referencing the Act).
In sum, the Regulation creates procedural and accounting duties (applications to the Treasurer, presentation format, accounting treatment of specified instruments and monies), allocates discretionary rights to the Treasurer (working account approval and dissolution, specification of terms), and prescribes delegation pathways for accountable authorities to delegate expenditure functions to particular officers and classes of staff (Part 6). Agencies must map these duties into internal approvals, cash management processes and financial reporting systems.
Penalties and enforcement
The Regulation itself does not set out express criminal offences, pecuniary penalties or specific enforcement mechanisms. Its operational controls are administrative and are exercised through authorisations, directions and prescriptive classification that change how transactions are treated under the Act.
Administrative enforcement levers in the Regulation
Treasurer authorisation and directions. The Treasurer controls working accounts by requiring written authorisation to establish and operate them (s 35(1)). The Treasurer may specify terms and conditions in that authorisation (s 35(2)) and may direct the dissolution of a working account and the transfer of its money to the Consolidated Fund or another working account (s 35(3)). Those powers enable the Treasurer to control cash flows and require compliance with specified conditions.
Classification and reporting consequences. By prescribing which arrangements are borrowings, investments or joint ventures (ss 10-12) and by defining letters of comfort and financial support as creating contingent liabilities (s 9), the Regulation forces certain accounting and disclosure consequences. Noncompliance with the Act’s reporting and accounting requirements (which the Regulation operationalises) is likely to attract administrative oversight under the Act and public scrutiny through annual reporting obligations.
Delegation prescriptions. The Regulation prescribes who may be delegated or subdelegated expenditure functions for certain entities (Part 6). Improper delegation would be noncompliant with the Act’s delegation framework and could trigger administrative consequences under the Act or internal audits.
What the Regulation does not do, as written
No penalty clauses. The text contains no express prohibition carrying a specified fine or criminal sanction. It imposes procedural requirements and prescriptive treatments without specifying statutory penalties in the Regulation itself.
No inspectorate powers defined here. The Regulation does not create investigative or inspection powers; it prescribes administrative boundaries and provides for Treasurer control. Any enforcement powers, audits or sanctions would arise under the Act or from other public sector accountability regimes, not from this Regulation’s clauses explicitly.
Practical enforcement risk and compliance consequences
Failure to obtain Treasurer authorisation before operating a working account will leave an agency operating outside the conditions the Regulation sets. The immediate legal consequence is that the operation will not meet the prerequisites in s 35(1). Any downstream financial reporting or appropriation characterisation could be affected because the Regulation prescribes which monies may be treated as working account money only in authorised accounts (s 35(1)-(4)). The likely practical result is administrative remediation: directions from the Treasurer, retroactive approvals or requirements to pay moneys into the Consolidated Fund as directed (s 35(3)).
Mischaracterising prescribed financial arrangements. If an agency fails to treat, for instance, a supplier finance arrangement or a social benefit bond as a borrowing (ss 9-11), the agency risks incorrect financial statements and deficient disclosure of contingent liabilities. That can produce audit findings and corrective reporting.
Delegations outside prescribed classes. The Regulation prescribes particular classes of persons who may receive delegation for particular agencies (Part 6). Delegating expenditure functions to an unprescribed person could be a procedural breach under the Act’s delegation framework, exposing the accountable authority to review.
Recommendation for practitioners. Because the Regulation’s enforcement levers are administrative, agencies should prioritise procedural compliance: ensure Treasurer approvals are sought where needed; adjust accounting and disclosure practices to reflect the prescribed treatment of instruments; and ensure delegation instruments conform to the persons and roles listed in Part 6. Where noncompliance is identified, remedial steps should be taken promptly in consultation with the Treasurer’s office and auditors.
How it interacts with other laws
The Regulation is explicitly framed as subordinate legislation that operates in tandem with the Government Sector Finance Act 2018 (the Act) and with several other statutes and accounting standards. The text repeatedly cross-references the Act and other statutes, so its effect depends on the Act’s substantive rules and external accounting rules.
Principal statutory cross-references
The Act. The Regulation’s provisions are expressed as prescriptions for particular sections of the Act. Examples include prescribing GSF agencies referenced in the Act (s 4 for the Act s 2.4(1)(l)); prescribing delegates for the Act’s delegation provisions (Part 6 for the Act s 9.9 and s 9.11); setting prescribed borrowings and investments under the Act’s financial arrangements regime (ss 10-12 for the Act ss 6.8-6.12); and specifying reporting exemption criteria for the Act’s reporting regime (Part 5 for the Act s 7.3) (see multiple headers which explicitly tie Regulation sections back to specific Act sections).
The Interpretation Act 1987 and Australian Accounting Standards. The Regulation’s preliminary note points to the Interpretation Act for interpretation assistance (s 3 note). Division 2 of Part 5 adopts Australian Accounting Standards meanings for asset, contingent liability, expenses, income and liability (s 14). That links the Regulation’s tests and disclosures to mainstream accounting definitions.
Other statutory instruments referenced. The Regulation cross-references numerous Acts to identify prescribed entities and roles or to define terms: Crown Land Management Act 2016 (for Crown land managers and Crown Reserves Improvement Fund, s 14), Legal Profession Uniform Law Application Regulation 2015 (in relation to donations, s 34), Electricity Retained Interest Corporations Act 2015 (for ERIC subsidiaries and delegations, s 32A), State Owned Corporations Act 1989 and a number of Acts in Schedule 1 entries. These cross-references integrate the Regulation with sectoral governance structures and corporate constitutions.
Interaction with appropriation and fund rules
Deemed appropriations and working accounts. The Regulation prescribes categories of government money that become deemed appropriation money for the Act (s 34) and prescribes what may be working account money (s 35(4)). These prescriptions interact with the appropriation rules in the Act, determining whether funds received by agencies are part of the Consolidated Fund appropriation framework or may lawfully remain in working accounts when authorised by the Treasurer. Because s 34(5) specifies timing of appropriation in different cases, the Regulation shapes when money is treated as appropriated.
Accounting and reporting interplay
Reporting exemption thresholds and consolidation rules. The Regulation uses accounting metrics that require application of Australian Accounting Standards for measurement and disclosure, especially for contingent liabilities and commitments (s 14). Exemptions for small agencies and controlled agencies require assessing assets, liabilities, income, expenses, commitments and contingent liabilities against numerical thresholds (ss 15, 15A). Consolidation rules are implicated because some exemptions depend on whether an agency’s financial position is consolidated within another GSF agency’s statements (s 13(c); s 15A(b)).
Financial arrangement and contingent liability interaction
Non-traditional instruments as borrowings or investments. The Regulation’s prescription that a supplier finance arrangement, letters of comfort, letters of financial support, bank guarantees, social benefit bonds and leases are to be treated as borrowings, investments or joint ventures (ss 9-12) interacts with the Act’s governance of financial arrangements. The definitions create contingent liability recognition obligations that will flow into audit, budget and appropriation processes under the Act.
Delegation and public sector employment law
Delegations tied to staff roles and employment statutes. The Regulation prescribes that particular public-sector employment roles may be delegated to, and it references substantive employment Acts such as the Government Sector Employment Act 2013 (Schedule 2 entries) and Members of Parliament Staff Act 2013 (s 27). This creates an intersection between delegation rights under the Act and public-sector employment classifications.
Repeal, savings and transitional interaction
Repeal of the 2018 Regulation and savings. Section 38 repeals the 2018 Regulation but saves acts, matters and things that had effect immediately before repeal so they continue under the new Regulation (s 38(1)-(2)). That creates continuity between the old regulatory regime and the new one and means existing arrangements continue unless or until changed under the new provisions.
Practical note for lawyers and compliance officers
The Regulation is not self-contained: its full legal effect requires reading it alongside the Act, the Interpretation Act, the Australian Accounting Standards, and the sectoral statutes referenced in Schedule 1 and Schedule 2. For example, determining whether an agency’s financial statements should consolidate a controlled entity requires application of the accounting standards and the Act; the Regulation supplies numeric thresholds and the consolidation predicate but not the consolidation mechanics themselves (see s 15A(b) and s 14).
When advising on particular transactions that the Regulation prescribes as borrowings or joint ventures, practitioners must map the Regulation’s definitions (Part 4 ss 9-12) into the Act’s authorisation, accounting and reporting rules to assess approvals, disclosure and appropriation consequences.
In short, the Regulation operates as an implementing instrument that directs how statutory financial management rules in the Act will be applied to specified entities, instruments and accounts, and it does so by creating links to accounting standards and other statutes.
Amendment history
The Regulation text contains embedded amendment and insertion notes that identify when particular sections were amended, inserted or repealed. The Regulation commenced on 30 June 2024 (s 2). Below is a consolidated reading of the amendment markers provided in the text; this is a source-grounded listing of the in‑instrument amendment notes.
Commencement. The Regulation commenced on 30 June 2024 (s 2).
Repeal of prior regulation. Section 38(1) repeals the Government Sector Finance Regulation 2018 and section 38(2) saves existing acts, matters and things under the previous regulation so they continue under the new Regulation (s 38).
2024 amendments and repeals. Numerous sections carry amendment or repeal annotations referencing 2024 instruments:
Section 3 was amended in 2024: "s 3: Am 2024 (611), Sch 1[1]" (s 3).
Section 4 has "s 4: Am 2024 (611), Sch 1[2]" (s 4).
Section 6 contains "s 6: Am 2024 (611), Sch 1[3]; 2025 No 66, Sch 3.2" indicating later amendment in 2025 (s 6).
Part 5, Division 4 and sections 21 and 22 were repealed in 2024 (noted at Div 4).
Schedule 3 was repealed (sch 3: Am 2024 (611), Sch 1[9]; Rep 2024 (251), sec 22).
Insertions and 2025 amendments. Several provisions were inserted or amended in 2025:
Section 3A (Prescribed NSW Health entities) was inserted with: "s 3A: Ins 2025 (503), Sch 1[1]" (s 3A).
Section 15A (Small controlled agencies) was inserted: "s 15A: Ins 2025 (503), Sch 1[3]" (s 15A).
Sections 16 and 17 carry amendment notes indicating changes in 2025: "s 16: Am 2025 (503), Sch 1[4]-[8]" and "s 17: Am 2025 (503), Sch 1[4] [5] [9]-[11]" respectively (ss 16-17).
Section 19A (ERIC subsidiaries) was inserted in 2025: "s 19A: Ins 2025 (503), Sch 1[12]" (s 19A).
Section 25 includes "s 25: Am 2025 No 48, Sch 4.7" indicating a 2025 amendment (s 25).
Section 32A was inserted in 2024 with "s 32A: Ins 2024 (611), Sch 1[8]" but also shows other amendment markers in 2024 (s 32A).
2026 amendment. Schedule 2 lists "sch 2: Am 2024 No 77, Sch 3.3; 2026 (62), Sch 1" indicating Schedule 2 was amended in 2026, adding or adjusting prescribed government officers (Schedule 2 and its sch note).
These embedded amendment markers identify the statutory instruments and schedule items used to amend, insert or repeal provisions of the Regulation. The markers provide a precise paper trail for each change as recorded in the Regulation’s text. The Regulation itself saves existing arrangements arising under the 2018 Regulation (s 38(2)), so the practical amendment history includes carry-over of prior items unless altered.
What the instrument does not contain in its amendment history
The Regulation’s text does not include consolidated chronological notes or explanatory memoranda. The embedded "Am", "Ins", "Rep" and instrument references are the only amendment history entries provided inside the Regulation’s text itself.
Practical consequence for research and compliance
When advising clients, practitioners should use the instrument references shown in the amendment notes to retrieve the amending instruments (for example, "Am 2024 (611), Sch 1[1]") from the official legislative database to confirm the full amendment context, precise commencement dates of amendment provisions and to obtain any second reading speeches or explanatory notes that accompanied the amending regulations. The embedded notes here identify the source references that will be required for a complete statutory history check.
Litigation history
The Regulation’s text contains no references to case law, judgments, or litigation outcomes. There are no named cases in the Regulation itself, and no judicial commentary or litigation history is recorded in the provisions or marginal notes. The instrument’s content is strictly prescriptive and administrative.
What this means in practice
The Regulation, as enacted, supplies administrative rules and definitions rather than creating new offences or private rights that would immediately generate judicial precedent. Litigation that might arise from the Regulation would most likely involve:
disputes about the interpretation of the definitions (for example whether a particular arrangement is a supplier finance arrangement or a letter of financial support as defined in s 9),
challenges to Treasurer directions or the exercise of discretion to authorise or dissolve working accounts (s 35),
challenges relating to whether an agency qualifies for a reporting exemption under the thresholds in Part 5 (ss 15, 15A, 16, 17, 19),
administrative law review of delegation decisions if delegation rules in Part 6 were alleged to have been misapplied.
Absence of litigation records in the text
Because the Regulation contains no litigation history entries, practitioners seeking precedent must search external case law databases for any decisions that later interpret the Act or this Regulation. The Regulation itself provides no statutory compilation of litigation history.
Advice to litigators and counsel
If a dispute arises concerning the Regulation’s prescriptions, the primary legal materials for argument will be the Regulation, the Act and relevant accounting standards, and any Treasurer directions and administrative decisions made under this Regulation. The Regulation’s definitions (Part 4, s 9 and Part 5, s 14) will be important textual sources in statutory interpretation arguments. Additionally, any contemporaneous explanatory materials for the amending instruments referenced in the amendment notes may be relied on as extrinsic material where permitted by statutory interpretation rules.
Gotchas
Several features of the Regulation create practical traps for agencies, compliance officers and advisers. These are not legal judgments but source‑grounded implementation risks and areas where agencies commonly misstep.
Non‑traditional instruments treated as borrowings, investments or joint ventures (ss 9-12)
The Regulation prescribes that social benefit bonds, supplier finance arrangements, bank guarantees and certain leases are to be treated as borrowings (s 10). It also prescribes that purchasing a social benefit bond or depositing money in a banking account is an investment (s 11), and that general guarantees, letters of comfort and letters of financial support are treated as joint ventures (s 12).
Gotcha: Agencies may enter into vendor finance, supplier finance or comfort letters without appreciating that these instruments will be treated as borrowings or joint ventures for the Act’s purposes, triggering borrowing authorisation and contingent liability disclosure obligations. The definitions explicitly state letters of comfort and letters of financial support give rise to contingent liabilities for the assurer (s 9). Failure to account for these as contingent liabilities will distort financial statements and may lead to audit qualifications.
Working accounts require Treasurer approval and permit Treasurer dissolution (s 35)
A GSF agency may establish and operate a working account only if the accountable authority applies to the Treasurer and the Treasurer gives written authorisation (s 35(1)). The Treasurer may specify permitted money types and purposes, and can dissolve accounts and direct the funds elsewhere (s 35(2)-(3)).
Gotcha: Operating a working account without prior written authorisation places the agency outside the Regulation’s authorised framework. Even with authorisation, the Treasurer can place conditions or dissolve the account; agencies that rely on working account balances for recurrent operations should factor in the Treasurer’s power to redirect funds under s 35(3).
Deemed appropriation categories are broad (s 34)
The Regulation prescribes many sources of money as deemed appropriation money, including small‑value asset sales, donations, insurance recoveries, compensation and returns on investments (s 34(1)(a)-(j)). Subsection (5) also prescribes timing rules for when such money is taken to have been appropriated (s 34(5)).
Gotcha: Agencies that assume certain receipts can be spent without appropriation or that proceeds of disposals escape appropriation may be mistaken. The Regulation explicitly prescribes that certain receipts are deemed appropriated; the accounting and appropriation consequence must be carefully handled.
Reporting exemptions depend on multiple metrics and consolidation (ss 13, 15, 15A, 16, 17, 19)
The small agency thresholds in s 15 require that assets, liabilities, income, expenses, commitments and contingent liabilities each be less than $5 million and other cash and income thresholds be met. Controlled entities have different thresholds (s 15A).
Gotcha: The exemption tests are conjunctive and require assessment of contingent liabilities and commitments measured by Australian Accounting Standards (s 14). Agencies that narrowly look only at cash or revenue may mistakenly assume they qualify for exemption. Consolidation into parent statements also affects exemption (s 13(c) and s 15A(b)), so accountants must run consolidation tests, not just stand‑alone metrics.
Letters of comfort and financial support create contingent liabilities for the assurer (s 9)
The definitions in s 9(a)(b) state these documents are intended to reassure third parties and that they give rise to contingent liabilities.
Gotcha: A letter of comfort can be casually given as a reputational reassurance, but the Regulation treats it as a contingent liability for accounting and reporting. Assurers must recognise (and possibly seek Treasurer or internal authority) before giving such documents.
Delegation prescriptions are specific and sometimes limited to non‑government staff (Part 6)
Several delegation rules prescribe particular classes of persons who may be delegates or subdelegates, such as members of the Transport Service who are not government officers for transport GSF agencies (s 26).
Gotcha: Delegation instruments that do not fit the prescribed classes may be invalid. Agencies must ensure their delegation registers reflect the specific prescriptions in Part 6.
Presentation obligation may require narrative restructuring (s 23)
Reporting GSF agencies must present annual reporting information under six specified headings (s 23).
Gotcha: Agencies that default to the previous report structure or to accounting statements only will need to reorganise narrative and management discussion materials to comply.
Savings and continuity after repeal of 2018 Regulation (s 38)
The Regulation repeals the 2018 Regulation but saves acts, matters and things to continue under the new text (s 38(2)).
Gotcha: Practitioners must check whether legacy authorisations or working account approvals remain valid under the new Regulation and whether any transitional conditions were imposed when the earlier instrument was in force.
Operational recommendation to avoid these gotchas
Map all off‑balance‑sheet, contingent and non‑traditional financing arrangements against the Regulation’s definitions (Part 4). Require legal sign‑off before issuing comfort letters or entering supplier finance.
Before opening any working account, prepare the Treasurer application and a contingency plan for dissolution. Ensure internal approvals and cash forecasts account for potential redirection of funds.
Run an exemptions checklist annually, including contingent liabilities and commitment schedules, and confirm consolidation positions against Australian Accounting Standards.
Maintain an up‑to‑date delegation register keyed to Part 6 prescriptions and ensure delegation instruments cite the Regulation when appropriate.
How to comply
This section sets out a practical compliance checklist and procedural steps for accountable authorities, finance teams, auditors and legal advisers, grounded in the Regulation’s text. Follow the checklist to operationalise the Regulation’s duties and avoid the “gotchas” noted above.
Confirm agency status and reporting obligations
Check whether the entity appears in Schedule 1 or is otherwise prescribed under s 4 or s 3A. If listed, treat the entity as a GSF agency and apply the Act and this Regulation.
Run the reporting exemption tests in Part 5:
For standalone agencies, apply s 15 thresholds: confirm assets, liabilities, income, expenses, commitments and contingent liabilities are each less than $5,000,000, cash less than $2,500,000 and non‑Consolidated Fund income less than $500,000. Use Australian Accounting Standards for measurement (s 14).
For controlled entities, apply s 15A thresholds and confirm consolidation into parent statements (s 15A(b)).
For Crown land managers and common trusts, apply the thresholds in ss 16-17 and related exclusions about land not being included in assets for these sections (s 16(2); s 17(2)).
If the agency meets any prescribed exclusion (ss 15, 15A, 16, 17, 18, 19, 19A), record the exemption decision with supporting calculations and note the consolidation rationale.
Document the user and control criteria in s 13 and s 20 to justify inclusion or exclusion from reporting requirements.
Working accounts: obtain and maintain Treasurer authorisation (s 35)
Before establishing or operating a working account, prepare an application to the Treasurer in the form approved by the Treasurer (s 35(1)(a)). Include:
The categories of working account money you expect to receive (map to s 35(4) categories),
Purposes for payments out of the account,
Proposed treatment of investment returns,
Operational controls and reconciliation procedures,
Contingency arrangements if the Treasurer dissolves the account.
Await written authorisation before entering the account into operation (s 35(1)(b)). Keep a copy of the authorisation and the terms imposed by the Treasurer (s 35(2)).
Design accounting and treasury procedures that enforce any Treasurer conditions, and prepare for possible dissolution orders under s 35(3).
Treat prescribed financial arrangements consistently with the Regulation (ss 9-12)
Identify all existing and proposed arrangements that may fall within the definitions in s 9: social benefit bonds, bank guarantees, supplier finance arrangements, operating or finance lease arrangements, letters of comfort and letters of financial support, general guarantees.
For each arrangement:
Determine whether it is prescribed as a borrowing (s 10), investment (s 11) or joint venture (s 12).
If it creates contingent liabilities (e.g. letters of comfort or financial support), ensure the assurer records the contingent liability in accordance with Australian Accounting Standards and prepares disclosure for consolidated and financial statements (s 9).
For supplier finance arrangements and bank guarantees, treat these as borrowings for purposes of any borrowing authorisation regime under the Act.
Obtain relevant internal approvals and legal sign‑off before giving letters of comfort/financial support because the Regulation treats these as contingent commitments.
Presentation of annual reporting information (s 23)
Structure the annual report and GSF financial statements so they present, at minimum, the six headings required by s 23: Overview; Strategy; Operations and performance; Management and accountability; Sustainability; Financial performance.
Ensure narrative sections cross‑reference financial statement disclosures of borrowings, investments, contingent liabilities and working account operations where those matters are material.
Delegations and subdelegations (Part 6, ss 24-32A)
Review existing delegation instruments against the prescriptions in Part 6. Confirm whether the persons who currently exercise expenditure functions are among those prescribed, for example:
Judicial Commission staff for the Judicial Commission (s 25),
Members of the Transport Service for transport GSF agencies as specified (s 26),
Specified staff for certain integrity agencies (ss 29-31),
Treasury officers for ERIC corporations (s 32A).
Where necessary, amend delegation instruments so they authorise the prescribed classes of persons. Keep delegation registers updated and include references to the relevant Regulation provisions.
Deemed appropriation and working account monies (ss 34-35)
For receipts falling within s 34, ensure appropriation accounting recognises those monies in the appropriate reporting period as set out in s 34(5).
If funds are to be paid into a working account, ensure they are of the kinds permitted under s 35(4) and that you have Treasurer authorisation to hold those receipts in a working account.
Ensure any money received by the agency on behalf of another entity is correctly categorised and, where necessary, directed to consolidated funds or other accounts per Treasurer orders (s 35(3)).
Accounting for contingent liabilities, commitments and leases (ss 14, 9)
Use Australian Accounting Standards definitions and measurement bases for assets, contingent liabilities, commitments and other balances as required by s 14.
Treat operating or finance lease arrangements in accordance with the definitions in s 9 and with accounting standards; where the Regulation prescribes such leases as borrowings (s 10(d)), coordinate with treasury and legal functions to confirm authorisations and disclosure.
Audit and internal controls
Ensure internal audit programs include review of:
Compliance with Treasurer authorisations for working accounts (s 35),
Correct classification of prescribed borrowings, investments and joint ventures (ss 9-12),
Accuracy of reporting exemption calculations and consolidation (Part 5),
Validity of delegation instruments (Part 6).
Prepare documentation showing how each material judgement was reached, including legal opinions for comfort letters and supplier finance arrangements.
Engage Treasury and legal counsel early
Because the Treasurer has explicit powers to specify terms and dissolve working accounts (s 35), engage Treasury early in the design of working account arrangements and in seeking authorisation.
For novel financing structures, obtain legal advice reading the s 9 definitions and the prescribed classifications in ss 10-12 to ensure the transaction’s treatment under the Act and Regulation is clear.
Recordkeeping and transparency
Maintain a register of all instruments captured by the Regulation’s prescriptions (social benefit bonds, supplier finance arrangements, letters of comfort, bank guarantees, leases).
Publish or make available within the agency the policies that map these instruments into accounting and approval pathways, so internal officers and auditors can trace decisions back to the Regulation’s provisions.
Checklist summary (actionable)
Step 1: Confirm GSF agency status (Schedule 1) and whether the entity is a reporting agency (Part 5 thresholds).
Step 2: If planning a working account, prepare the Treasurer application and wait for written authorisation (s 35).
Step 3: Identify and classify all financial arrangements under ss 9-12 and record contingent liability implications.
Step 4: Ensure annual reporting structure follows s 23 headings.
Step 5: Review and update delegation instruments to reflect Part 6 prescriptions.
Step 6: Implement internal controls and audit review focusing on working accounts, prescribed instruments and reporting exemptions.
Following these steps and documenting the legal and accounting bases for each decision will position an agency to comply with the Regulation’s obligations, manage risk associated with contingent liabilities and non‑traditional financing and respond promptly to any Treasurer directions or audit findings.
Section 3APrescribed NSW Health entities—the Act, s 2.3(1)(f)
3A Prescribed NSW Health entities—the Act, s 2.3(1)(f)
3A Prescribed NSW Health entities—the Act, s 2.3(1)(f)
3A Prescribed NSW Health entities—the Act, s 2.3(1)(f)
The Voluntary Assisted Dying Board is prescribed as a NSW Health entity.
Note—
The Act, section 2.4(1)(b) provides that a NSW Health entity is a GSF agency.
s 3A: Ins 2025 (503), Sch 1[1].
4 Prescribed GSF agencies—the Act, s 2.4(1)(l)
4 Prescribed GSF agencies—the Act, s 2.4(1)(l)
4 Prescribed GSF agencies—the Act, s 2.4(1)(l)
(1) Each entity specified in Schedule 1 is a GSF agency.
(2) The following entities are GSF agencies for the purposes of the Act, Divisions 6.4–6.6—
(a) the corporation sole constituted under the Heritage Act 1977, section 102,
(b) the Minister administering the Tweed River Entrance Sand Bypassing Act 1995, but only for the purposes of functions exercised in connection with the carrying into effect of that Act.
(3) The Commissioner of Police is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to derivative arrangements.
(4) Anabranch Water is a GSF agency for the purposes of the Act, Divisions 6.4–6.6 to the extent the divisions apply to investments.
(5) The following are GSF agencies for the purposes of the Act, Part 7—
(a) the Border Fence Maintenance Board,
(b) the Statutory Trustee, or the Statutory Trustees, of a Fund within the meaning of the Technical Education Trust Funds Act 1967.
(6) (Repealed)
(7) In this section—
Anabranch Water means the board of management for the Great Anabranch of the Darling River Private Water Supply and Irrigation District, constituted by proclamation published in Gazette No 142 of 25 November 2005 at pages 9809–9810.
s 4: Am 2024 (611), Sch 1[2].
5 Separate GSF agencies—the Act, s 2.5(1)(f)
5 Separate GSF agencies—the Act, s 2.5(1)(f)
5 Separate GSF agencies—the Act, s 2.5(1)(f)
The Independent Planning Commission of New South Wales is prescribed as a separate GSF agency.
6 Accountable authorities—the Act, s 2.7(3)
6 Accountable authorities—the Act, s 2.7(3)
6 Accountable authorities—the Act, s 2.7(3)
For the Act, section 2.7(3)—
(a) the Secretary of the Department of Climate Change, Energy, the Environment and Water is the accountable authority for the corporation sole constituted under the Heritage Act 1977, section 102, and
(b) the Secretary of the Treasury is the accountable authority for the following GSF agencies, or kinds of GSF agencies—
(i) the Ministerial Holding Corporation constituted under the State Owned Corporations Act 1989, section 37B,
(ii) (Repealed)
(iii) the Electricity Assets Ministerial Holding Corporation constituted under the Electricity Generator Assets (Authorised Transactions) Act 2012, section 12,
(iv) the Ports Assets Ministerial Holding Corporation constituted under the Ports Assets (Authorised Transactions) Act 2012, section 13,
(v) a Ministerial Holding Corporation constituted under the Electricity Network Assets (Authorised Transactions) Act 2015, Schedule 7, clause 6,
(vi) a Ministerial Holding Corporation constituted under the Electricity Network Assets (Authorised Transactions) Act 2015, Schedule 7, clause 9.
s 6: Am 2024 (611), Sch 1[3]; 2025 No 66, Sch 3.2.
7 Prescribed government officers
7 Prescribed government officers
7 Prescribed government officers
(1) For the Act, section 2.9(1)(e), a person who is a member of a GSF agency, or is appointed to the GSF agency, is prescribed as a government officer unless the person is referred to in the Act, section 2.9(2).
(2) For the Act, section 2.9(1)(e) and (3)(b), each person specified in Schedule 2, table is prescribed as a government officer for the GSF agencies specified opposite in the table.
s 7: Am 2024 (611), Sch 1[4].
Part 3 Roles and responsibilities
Part 3 Roles and responsibilities
Part 3 Roles and responsibilities
8 Treasurer’s directions—the Act, s 3.1(1)(c)
8 Treasurer’s directions—the Act, s 3.1(1)(c)
8 Treasurer’s directions—the Act, s 3.1(1)(c)
(1) The Treasurer’s directions may make provision about the following—
(a) the establishment and operation of securities and securities registries by GSF agencies in respect of GSF agency issued securities, including the inspection of the registries,
(b) the surrender, transfer, exchange and transmission of securities by GSF agencies in respect of GSF agency issued securities,
(c) the purchase of GSF agency issued securities,
(d) the making of payments, including interest payments, by GSF agencies in respect of GSF agency issued securities,
(e) the form of GSF agency issued securities,
(f) the making of payments by a GSF agency to the suppliers of goods and services to the GSF agency, including—
(i) the period within which payments must be made to suppliers, and
(ii) if payment is not made within the required period, the payment of penalty interest to suppliers.
(2) In this section—
GSF agency issued security means a security issued by a GSF agency.
security includes an inscribed stock, debenture, promissory note or bank bill of exchange.
Part 4 Financial services and arrangements
Part 4 Financial services and arrangements
Part 4 Financial services and arrangements
9 Definitions
9 Definitions
9 Definitions
In this part—
assurer—
(a) under a letter of comfort—see definition of letter of comfort, or
(b) under a letter of financial support—see definition of letter of financial support.
bank guarantee means an arrangement under which an entity that provides finance undertakes to do either of the following in relation to another entity (the guarantee recipient)—
(a) guarantee to a third party the performance of an obligation by the guarantee recipient,
(b) pay a third party on demand by the guarantee recipient.
finance recipient—see definition of supplier finance arrangement.
general guarantee means an arrangement under which an entity (a guarantor) promises to another entity to be responsible for performing the obligations of a third entity if the third entity fails to perform the obligations.
guarantee recipient—see definition of bank guarantee.
guarantor—see definition of general guarantee.
lessee—see definition of operating or finance lease arrangement.
letter of comfort means an arrangement—
(a) under which an entity (the assurer) gives a document to a second entity that is intended to generally reassure the second entity about a state of affairs and the assurer’s intention to perform obligations to facilitate a proposed arrangement, and
(b) that gives rise to a contingent liability for the assurer.
letter of financial support means an arrangement—
(a) under which an entity (the assurer) gives a document to a second entity that verifies funding will be available for a third entity for the purposes of a proposed arrangement, and
(b) that gives rise to a contingent liability for the assurer.
operating or finance lease arrangement means an arrangement under which an entity (the lessor) grants another entity (the lessee) for value—
(a) a right for the lessee to use an asset, other than land, of the lessor for a specified period, and
(b) any entitlements to the risks and rewards resulting from the use of the asset.
social benefit bond means an arrangement created by an instrument under which any financial return is made contingent on the achievement of specified social outcomes.
supplier finance arrangement means an agreement under which—
(a) a party (the finance provider) assumes the liability of another party (the finance recipient) for the payment of invoices from suppliers for the finance recipient, and
(b) the finance recipient has an obligation to repay the finance provider for any amounts paid, including interest or amounts in the form of interest.
10 Prescribed borrowings—the Act, s 6.8(1)(c)
10 Prescribed borrowings—the Act, s 6.8(1)(c)
10 Prescribed borrowings—the Act, s 6.8(1)(c)
Each of the following arrangements is prescribed as a borrowing—
(a) issuing a social benefit bond,
(b) becoming a guarantee recipient under a bank guarantee,
(c) becoming a finance recipient under a supplier finance arrangement,
(d) becoming a lessee under an operating or finance lease arrangement.
11 Prescribed investments—the Act, s 6.9(1)(b)
11 Prescribed investments—the Act, s 6.9(1)(b)
11 Prescribed investments—the Act, s 6.9(1)(b)
Each of the following arrangements is prescribed as an investment—
(a) purchasing a social benefit bond,
(b) depositing money in a banking account even if it is not primarily for the purpose or with the expectation of producing income, interest, profit, capital growth or any other financial benefit.
12 Prescribed joint ventures—the Act, s 6.12(2)(c)
12 Prescribed joint ventures—the Act, s 6.12(2)(c)
12 Prescribed joint ventures—the Act, s 6.12(2)(c)
Each of the following common understandings is prescribed as a joint venture—
(a) becoming a guarantor under a general guarantee,
(b) becoming an assurer under a letter of comfort,
(c) becoming an assurer under a letter of financial support,
(d) an arrangement involving a combination of 2 or more of the common understandings specified in paragraphs (a)–(c), whether those understandings form the whole subject of the understanding or form only part of an understanding.
Part 5 Reporting GSF agencies
Part 5 Reporting GSF agencies
Part 5 Reporting GSF agencies
Division 1 Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
Division 1 Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
Division 1 Prescribed reporting exemption criteria—criteria for excluding GSF agencies from reporting requirements
13 Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
13 Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
13 Prescribed reporting exemption criteria—the Act, s 7.3(4)(a)–(c)
For the Act, section 7.3(4)(a)–(c), the following criteria are prescribed—
(a) whether there are users of information contained in the annual GSF financial statements for the relevant agencies,
(b) whether the relevant agencies are subject to the direction and control of—
(i) a responsible Minister, or
(ii) another GSF agency,
(c) whether the financial position and financial performance of the relevant agencies are consolidated within the financial statements of other GSF agencies,
(d) whether the relevant agencies generally hold cash or cash equivalents.
Division 2 Excluded GSF agencies—the Act, s 7.3
Division 2 Excluded GSF agencies—the Act, s 7.3
Division 2 Excluded GSF agencies—the Act, s 7.3
14 Definitions
14 Definitions
14 Definitions
In this division—
asset, contingent liability, expenses, income and liability have the same meanings as in the Australian Accounting Standards.
commitment means a contractual commitment required to be disclosed in financial statements prepared in accordance with the Australian Accounting Standards.
common trust means a trust established under the Commons Management Act 1989, section 4(1).
Crown land manager has the same meaning as in the Crown Land Management Act 2016.
Crown Reserves Improvement Fund means the Crown Reserves Improvement Fund established under the Crown Land Management Act 2016, Division 12.5.
relevant transaction means a transaction, approved or directed by the Premier or Treasurer or other Minister, for the sale, lease, assignment, transfer or other disposal of assets or liabilities of the State to an entity that is not a government sector entity.
retained State interest, in relation to a transaction, means an interest or right in, or related to, an asset or liability disposed of under the transaction that is held by or on behalf of the State as a result of the transaction.
s 14: Am 2024 (611), Sch 1[5].
15 Small agencies—the Act, s 7.3(2)
15 Small agencies—the Act, s 7.3(2)
15 Small agencies—the Act, s 7.3(2)
A GSF agency meeting all of the following requirements is prescribed not to be a reporting GSF agency—
(a) the assets, liabilities, income, expenses, commitments and contingent liabilities of the agency are each less than $5,000,000,
(b) the total cash or cash equivalents held by the agency is less than $2,500,000,
(c) if the agency has income—less than $500,000 of the agency’s income is from sources other than the following—
(i) money paid out of the
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