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
Introduced and read a first time 16 Feb 2012
Second reading moved 16 Feb 2012
Referred to Federation Chamber 29 Feb 2012
Second reading debate 01 Mar 2012
Second reading agreed to 01 Mar 2012
Reported from Federation Chamber 01 Mar 2012
Third reading agreed to 01 Mar 2012
Senate
Introduced and read a first time 13 Mar 2012
Second reading moved 13 Mar 2012
Second reading debate 21 Mar 2012
Second reading agreed to 21 Mar 2012
Committee of the Whole debate 21 Mar 2012
Third reading agreed to 21 Mar 2012
Text of bill as passed both Houses 21 Mar 2012
Assent
  • Act no.: 25
  • Year: 2012
04 Apr 2012

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

No documents at present

Bills digest

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Notes

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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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