Overview

The Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3) were enacted to amend the Commonwealth Authorities and Companies Regulations 1997, which provide reporting, accountability and other rules for Commonwealth authorities and companies. The 2005 Amendment Regulations were made under the authority of the Commonwealth Authorities and Companies Act 1997, pursuant to the authority granted under subsection 49(1) of the Act. These regulations were introduced to update the list of prescribed government business enterprises (GBEs) and the list of Commonwealth companies for which the Minister for Finance and Administration is the responsible Minister. The Amendment Regulations reflect the changes in the status of certain companies, such as the deregistration of Employment National Limited and the impending winding up of Australian Technology Group Limited. The Office of Regulation Review advised that no consultation or preparation of a Regulation Impact Statement was required as these regulations were of a minor or machinery nature and did not substantially alter existing arrangements. The Amendment Regulations commenced on the day after they were registered on the Federal Register of Legislative Instruments.

Scope and Application

The Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3) amends the Commonwealth Authorities and Companies Regulations 1997, which in turn provide operational context for the Commonwealth Authorities and Companies Act 1997. The Act governs reporting, accountability and other rules for Commonwealth authorities and companies. Specifically, the Amendment Regulations update the lists of prescribed government business enterprises (GBEs) and Commonwealth companies for which the Minister for Finance and Administration is the responsible Minister. The changes involve removing Employment National Limited and Australian Technology Group Limited from these lists, reflecting the deregistration of Employment National Limited by the Australian Securities and Investments Commission and the anticipated winding up of Australian Technology Group Limited. These Regulations, being of a minor or machinery nature, do not require consultation or a Regulation Impact Statement, as confirmed by the Office of Regulation Review. They will come into effect on the day after their registration on the Federal Register of Legislative Instruments.

Key Provisions

The Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3) amend the Commonwealth Authorities and Companies Regulations 1997 by updating the lists of prescribed government business enterprises (GBEs) and Commonwealth companies for which the Minister for Finance and Administration is the responsible Minister. The main operative sections are Regulation 3, which specifies the amendments to the Principal Regulations (Section 3), and Schedule 1, which details the amendments to the list of GBEs and the list of companies for which the Finance Minister is the responsible Minister (Schedule 1, Items [1] and [2]). These regulations are necessary to reflect the current status of certain companies, such as the deregistration of Employment National Limited and the impending winding up of Australian Technology Group Limited. The Amendment Regulations impose specific obligations on the parties they govern. They require the updated lists of GBEs and companies with the Finance Minister as the responsible Minister to be reflected in the Principal Regulations. This includes removing Employment National Limited from both lists due to its deregistration and updating the list to reflect the status of Australian Technology Group Limited. These changes ensure that the regulatory framework remains accurate and relevant to the current operational landscape of Commonwealth authorities and companies. The Amendment Regulations do not explicitly state offences, penalties, or consequences for breach. However, the overarching Act, the Commonwealth Authorities and Companies Act 1997, provides a framework within which non-compliance with regulatory requirements can result in various civil or criminal consequences. These may include fines, imprisonment, or other penalties as prescribed by the relevant laws. The exact penalties would depend on the nature and severity of the breach, as well as any additional specific provisions within the Act or other applicable legislation. In summary, the Amendment Regulations 2005 (No. 3) serve to update the lists of prescribed GBEs and companies with the Finance Minister as the responsible Minister, ensuring the regulations remain aligned with the current status of Commonwealth authorities and companies. These amendments are straightforward and reflect the administrative need to remove deregistered entities and update the regulatory framework accordingly.