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Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Financial Framework Legislation Amendment Bill (No. 1) 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Finance and Deregulation

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.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 16/02/12  
Second reading moved 16/02/12  
Referred to Federation Chamber 29/02/12  
Second reading debate 01/03/12  
Second reading agreed to 01/03/12  
Reported from Federation Chamber 01/03/12  
Third reading agreed to 01/03/12  
     
Senate
Introduced and read a first time 13/03/12  
Second reading moved 13/03/12  
Second reading debate 21/03/12  
Second reading agreed to 21/03/12  
Committee of the Whole debate 21/03/12  
Third reading agreed to 21/03/12  
     
Text of bill as passed both Houses 21/03/12  
Assent 04/04/12 Act no.: 25 - Year: 2012
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Opposition [sheet 7225]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes