Financial Framework (Supplementary Powers) Act 1997
No. 154, 1997
Compilation No. 25
Compilation date: 31 May 2024
Includes amendments: Act No. 27, 2024
Registered: 3 June 2024
About this compilation
This compilation
This is a compilation of the Financial Framework (Supplementary Powers) Act 1997 that shows the text of the law as amended and in force on 31 May 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary
1 Short title
2 Commencement
2A Simplified outline of this Act.......................
3 This Act binds the Crown
4 This Act extends to things outside Australia
5 Definitions
6 Relationship with the finance law
Part 2—Supplementary powers to make commitments to spend money and be involved in companies etc.
32B Supplementary powers to make commitments to spend relevant money and other CRF money etc.
32C Terms and conditions for grants
32D Minister or accountable authority may delegate powers
32DA Accountable authority may sub‑delegate powers
32DB Relationship with section 23 of the Public Governance, Performance and Accountability Act 2013
39B Supplementary powers to form companies etc.
40 Finance Minister may delegate powers
41 Executive power of the Commonwealth
Part 3—Miscellaneous
65 Regulations
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
An Act to provide for powers to make commitments to spend money and powers in relation to companies, and for related purposes
Part 1—Preliminary
1 Short title
This Act may be cited as the Financial Framework (Supplementary Powers) Act 1997.
2 Commencement
(1) Subject to subsection (2), this Act commences on a day to be fixed by Proclamation.
(2) If this Act does not commence under…
Overview
The Financial Framework (Supplementary Powers) Act 1997 was enacted to address the need for supplementary powers to enable the Commonwealth to make commitments to spend money and be involved in companies, within the framework of financial management and accountability. This Act was passed by the Australian Parliament, aiming to provide the Commonwealth with additional powers to facilitate financial arrangements and corporate involvement in specific circumstances. The Act allows the Commonwealth to make, vary, or administer arrangements and grants of financial assistance, as well as form or participate in companies, subject to the conditions specified in the regulations. It also outlines provisions for delegation and sub-delegation of these powers, ensuring that they are exercised in accordance with the directions of the relevant authorities.
Scope and Application
The Financial Framework (Supplementary Powers) Act 1997 (Cth) confers supplementary powers on the Commonwealth to make commitments to spend money and to be involved in companies. This Act applies to the Commonwealth, and its powers can be exercised by Ministers or accountable authorities of non-corporate Commonwealth entities, with the ability to delegate these powers to officials. The scope of this Act extends to acts, omissions, matters, and things outside Australia unless otherwise specified. The Act and its regulations must be read together with the finance law as defined in the Public Governance, Performance and Accountability Act 2013. The Act's application and specifics are prescribed by regulations made under section 65, which can include matters necessary or convenient for carrying out or giving effect to the Act. The Act also allows for the formation and participation in companies, as well as the acquisition of shares in companies, subject to the specifications in the regulations. Furthermore, the Finance Minister may delegate powers conferred by this Act to an accountable authority of a non-corporate Commonwealth entity, who may in turn sub-delegate these powers. The Act’s provisions have been subject to numerous amendments and repeals, as evidenced in the legislative history and amendment notes provided in the endnotes of the compilation.
Key Provisions
- The Financial Framework (Supplementary Powers) Act 1997 provides the Commonwealth with supplementary powers to make commitments to spend money and to be involved in companies. Section 32B(1) allows the Commonwealth to make, vary, or administer arrangements under which relevant money or other CRF money is, or may become, payable by the Commonwealth, or to make grants of financial assistance to a State, Territory, or a person other than a State or Territory. However, these actions can only be taken if specified in regulations (section 32B(2)). The Act also provides terms and conditions for grants made to States or Territories, which must be set out in a written agreement between the Commonwealth and the recipient (section 32C(2)). Ministers or accountable authorities may delegate their powers under this Act to officials of non-corporate Commonwealth entities (sections 32D and 32DA).
- The obligations imposed by the Act include ensuring that any commitments to spend money or grants of financial assistance are made in accordance with the regulations and, where applicable, specified in a written agreement. The accountable authorities and Ministers must also ensure that any delegations of power are exercised in accordance with any directions given by the relevant authority. The Act also requires the Governor-General to make regulations prescribing matters necessary for carrying out or giving effect to the Act (section 65).
- Breaches of the Act may result in civil or criminal consequences, including fines and imprisonment. For instance, section 41 of the Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 applies to any person who contravenes a provision of the Financial Framework (Supplementary Powers) Act 1997, providing for penalties including fines and imprisonment. The maximum penalties for such offences depend on the specific nature of the breach and are detailed in the relevant sections of the Criminal Code.
- Area of Law
- Administrative Law
- Commercial Law
- Finance & Banking Law
- Instrument
- Act
- Concepts
- Definitions & Interpretation
- Commencement Provisions
- Delegated & Subordinate Legislation
- Licensing & Registration
- Reporting & Disclosure Obligations
- Regulatory Standards