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Thursday, 27 November 1986
Page: 2838

Senator GRIMES (Manager of Government Business) —I give notice that, on the next day of sitting, I shall move:

That, in accordance with sub-section 49 (2) of the Audit Act 1901, the Senate approves the variation to the form of the Statement of Financial Transactions of the Commonwealth presented to the Senate on 26 November 1986.

I seek leave to make a short statement relating to the notice of motion and to have it incorporated in Hansard.

Leave granted.

The statement read as follows-

I have presented to the Senate particulars of an amended form of Statement of Commonwealth Financial Transactions together with a statement which outlines the proposed changes.

Honourable senators will be aware that section 49 of the Audit Act 1901 provides for the Statement to be in a particular form unless varied with the prior approval of both Houses of the Parliament. The form of the Statement is set out in Form 4 in Schedule 2 to the Audit Act.

This is the second time, since the form was incorporated in the Schedule to the Act in 1979, that an amendment has been proposed. The original format was based on the then Budget presentation of Receipts, Outlays and Financing Transactions.

On 15 May 1985, I presented to the Senate an amended format of the Statement which aligned the items shown to those used in the Budget documents for the 1985-86 financial year. The proposed new format was subsequently accepted by both houses.

Since then it has become evident that a few more changes are needed if the Parliament is to be provided with the detail of information to which it is entitled.

I commend the proposed new format to the Senate.