Review of ANAO Audit Report No.6 1996/97: Commonwealth guarantees, indemnities and letters of comfort

Media release, 21 April 1997

COMMONWEALTH GUARANTEES AND INDEMNITIES

The adequacy of financial management of statutory authorities will be examined by the Financial Institutions and Public Administration Committee at a public hearing in Melbourne next week.

According to the Committee Chairman, Mr David Hawker MP, Wool International and the Australian Wheat Board will be giving evidence on issues raised in a report by the Australian National Audit Office (ANAO) regarding Commonwealth guarantees, indemnities and letters of comfort.

In its submission to the Committee, Wool International commented that "the Commonwealth needs to re-examine the manner in which its activities are structured and controlled, and the manner in which support through guarantees is provided."

"Clearly the statutory authorities have some concerns about Commonwealth guarantees," said Mr Hawker.

"The Committee has already sought advice from the Department of Finance on these issues. Wool International and the Wheat Board will now be able to explain their views to the Committee."

"The broader issue of the accountability of statutory authorities will also be relevant to the Committee's inquiry," Mr Hawker concluded.

Ends
18 April 1997
Further information: David Hawker MP (Chairman) (06 277 4100)
Christopher Paterson (Secretary) (06 277 4587)

Public Hearing Program

Monday 21 April 1997 9.30 - 11.30am
K Room
Legislative Council
Parliament House
Spring Street
MELBOURNE

9.30 am Wool International
10:30 am Australian Wheat Board

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