The Parliamentary Secretary to the Treasurer, Chris Pearce, today introduced the Governance Review Implementation (Treasury Portfolio Agencies) Bill 2007 in the House of Representatives. The Bill improves the corporate governance of the key economic regulators ASIC and APRA, and the expert advisory group, the Corporations and Markets Advisory Committee (CAMAC).
“This is an important part of a broader exercise to implement the recommendations of the Uhrig Review across the Commonwealth. It demonstrates the Government's commitment to an effective public sector,” said Mr Pearce.
As part of its response to the Uhrig Review, the Government agreed that the Financial Management and Accountability Act 1997 (FMA Act) should apply to statutory authorities where it is appropriate they be legally and financially part of the Commonwealth, and do not need to own assets.
“ASIC, APRA and CAMAC are excellent examples of independent statutory authorities that will be well suited to the FMA Act. These agencies are all largely budget-funded, and the FMA Act will accommodate them well. At the same time, the agencies will retain their independence and operational capabilities as set out in enabling legislation. Other agencies already subject to the FMA Act include the ACCC and the ATO,” said Mr Pearce.
The FMA framework will apply to these agencies from the 2007-08 financial year.
“The Government is committed to improving the corporate governance of statutory authorities and office holders. As part of that process, we are improving transparency and consistency in the relationship between Ministers and portfolio bodies,” said Mr Pearce.
1 March 2007
CANBERRA
Contact:
Conor O'Brien - 02 6277 2088 or 0402 970 515