Senator COLBECK (Parliamentary Secretary to the Minister for Finance and Administration) (6:45 PM) —The government understands the spirit of amendments (1) and (2) brought forward by Senator Murray and co-sponsored by the Labor Party, although it is worth noting that information on special accounts and special appropriations is already enclosed in agencies’ annual reports. Further, in relation to amendment (2), an audited list of all special accounts is detailed in the consolidated financial statements each year. This list specifies the purpose for which the special accounts were established, the balance of the special accounts, the total amount credited to each special account in the previous financial year and the total amount expended from each special account during that year.

The government will consider whether any additional transparency beyond audited agency financial statements is warranted and the best mechanism for delivering it. This would involve consultation with a range of parties, but it is worth noting that the financial reporting requirements for Commonwealth agencies and authorities are contained in finance minister’s orders made under section 63 of the Financial Management and Accountability Act 1997 and section 48 of the Commonwealth Authorities and Companies Act 1997.