6Guide to this Act

6 Guide to this Act

Overview

This Act is mainly about the governance, performance and accountability of Commonwealth entities.

It is also about:

• the use and management of public resources by the Commonwealth and Commonwealth entities; and

• the accountability of Commonwealth companies.

Many of the terms in this Act are defined. The Dictionary in section 8 contains a list of every term that is defined in this Act.

Chapter 2—Commonwealth entities and the Commonwealth

Part 2‑1—Core provisions for Chapter 2

Part 2‑1 has the core provisions for Chapter 2 (which is mainly about Commonwealth entities but does have some provisions relating to the Commonwealth specifically). It:

• defines what a Commonwealth entity is (see section 10); and

• defines what the 2 types of Commonwealth entities—corporate Commonwealth entities and non‑corporate Commonwealth entities—are (see section 11); and

• defines who the accountable authority of the entity is (see section 12); and

• defines who the officials of the entity are (see section 13).

Part 2‑2—Accountable authorities and officials

Part 2‑2 is about the accountable authorities and officials of Commonwealth entities. It mainly deals with the general duties that are imposed on accountable authorities and officials.

Part 2‑3—Planning, performance and accountability

Part 2‑3 is about planning by, and performance and accountability of, Commonwealth entities. It requires the accountable authority of a Commonwealth entity:

• to prepare a corporate plan, and budget estimates, for the entity; and

• to measure and assess the performance of the entity, and prepare annual performance statements for the entity; and

• to prepare annual financial statements for the entity; and

• to prepare an annual report for the entity.

It also requires the Finance Minister to publish monthly financial reports and table annual consolidated statements in the Parliament.

Part 2‑4—Use and management of public resources

Part 2‑4 is about the use and management of public resources by the Commonwealth and Commonwealth entities. It deals with:

• banking, borrowing, investments, indemnities, guarantees and warranties by the Commonwealth and corporate Commonwealth entities, and insurance obtained by corporate Commonwealth entities; and

• waivers, set‑offs and act of grace payments by the Commonwealth.

It also has special provisions that apply to Ministers or officials of non‑corporate Commonwealth entities (for example in relation to making gifts and liability for loss).