Financial Framework Legislation Amendment Bill (No. 1) 2012

Type
Government
Portfolio
Finance and Deregulation 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Auditor-General Act 1997
  to clarify that the Auditor-General may accept an appointment under the
Corporations Act 2001
  as an auditor of any Commonwealth controlled company;
Commonwealth Authorities and Companies Act 1997
  to: ensure that directors of Commonwealth authorities and wholly-owned Commonwealth companies prepare Budget estimates as directed by the Finance Minister; and ensure that directors of Commonwealth authorities and wholly-owned Commonwealth companies notify the responsible minister of decisions to undertake certain significant events;
Financial Framework Legislation Amendment Act 2010
  to make technical amendments; and
Financial Management and Accountability Act 1997
  to: enable the Finance Minister to clarify the day on which a special account determination commences; focus the operation of drawing rights on payments and remove the penalty relating to drawing rights; enable the Finance Minister, on behalf of the Commonwealth, to exercise a discretion to ‘set-off’ amounts owed to the Commonwealth with amounts payable to the Commonwealth; and provide that the Finance Minister cannot delegate certain powers or functions. Also repeals the
Appropriation (Development Bank) Act 1975
  and
Car Dealership Financing Guarantee Appropriation Act 2009

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Progress

House of Representatives
16 Feb 2012Introduced and read a first time
16 Feb 2012Second reading moved
29 Feb 2012Referred to Federation Chamber
01 Mar 2012Second reading debate
01 Mar 2012Second reading agreed to
01 Mar 2012Reported from Federation Chamber
01 Mar 2012Third reading agreed to
Senate
13 Mar 2012Introduced and read a first time
13 Mar 2012Second reading moved
21 Mar 2012Second reading debate
21 Mar 2012Second reading agreed to
21 Mar 2012Committee of the Whole debate
21 Mar 2012Third reading agreed to


21 Mar 2012Text of bill as passed both Houses
04 Apr 2012Assent

Act no.: 25

Year: 2012

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
Word Format PDF Format

Schedules of amendments

No documents at present

Committee Information

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Bills Digest PDF Format

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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