Overview

The Commonwealth Authorities and Companies Amendment Regulations 2009 (No. 3) were enacted to amend the Commonwealth Authorities and Companies Regulations 1997, thereby updating the list of government business enterprises under the Commonwealth Authorities and Companies Act 1997. This legislation was introduced by the Minister for Finance and Deregulation, operating under the authority granted by subsection 49(1) of the CAC Act, which empowers the Governor-General to make regulations necessary for the effective implementation of the Act. The primary objective of the Regulations was to address the need for the updated list of GBEs, ensuring that A.C.N. 136 533 741 Limited is recognised as such. The Regulations were registered and commenced on the day after their registration on the Federal Register of Legislative Instruments, with no consultation deemed necessary as they were considered machinery in nature. The assessment confirmed that these Regulations do not impact the private sector and hence, a regulation impact statement was not required.

Scope and Application

The Commonwealth Authorities and Companies Amendment Regulations 2009 (No. 3) apply to the Commonwealth Authorities and Companies Act 1997, which sets out the reporting, accountability, and other rules for Commonwealth authorities and Commonwealth companies. These regulations specifically amend the Commonwealth Authorities and Companies Regulations 1997 to include A.C.N. 136 533 741 Limited as a government business enterprise. The scope of this legislation is confined to the Commonwealth sector and does not extend to the private sector, as confirmed by the Best Practice Regulation Preliminary Assessment. The geographic and jurisdictional reach of these regulations is national, as they pertain to entities operating under the Commonwealth of Australia. The regulations come into effect on the day following their registration on the Federal Register of Legislative Instruments. The regulations do not include any exclusions or exemptions, and the amendment process does not involve any subordinate instruments that extend or restrict the application of the Act beyond the prescribed parameters.

Key Provisions

The Commonwealth Authorities and Companies Amendment Regulations 2009 (No. 3) primarily serve to amend the Commonwealth Authorities and Companies Regulations 1997 by adding A.C.N. 136 533 741 Limited to the list of government business enterprises (GBEs) under section 5 of the Commonwealth Authorities and Companies Act 1997 (CAC Act) (Item [1], Schedule 1). This means that A.C.N. 136 533 741 Limited will now be subject to the reporting, accountability, and other rules that apply to GBEs as defined by the CAC Act. The Regulations impose specific obligations on A.C.N. 136 533 741 Limited, aligning it with the requirements for other GBEs under the CAC Act. These obligations include adherence to the reporting standards and accountability frameworks established by the Act. By being designated as a GBE, A.C.N. 136 533 741 Limited must ensure it complies with all the relevant provisions that govern the operation and administration of GBEs, which could include financial reporting, performance reporting, and other administrative requirements as stipulated in the Act. The Regulations do not explicitly outline offences, penalties, or consequences for non-compliance in the provided text. However, it is implicit that failure to comply with the requirements of the CAC Act, including those applicable to GBEs, could lead to civil or criminal penalties as prescribed by the Act. For example, non-compliance with reporting obligations could potentially lead to enforcement actions by the relevant authorities, although the specific penalties are not detailed within the provided excerpt. Given that these Regulations were issued under the authority of the Minister for Finance and Deregulation, and no consultation was deemed necessary as they are considered machinery in nature, the impact is limited to Commonwealth authorities and does not affect the private sector. The Regulations are intended to ensure that A.C.N. 136 533 741 Limited is properly aligned with the legislative requirements for GBEs, thereby maintaining consistency and compliance across the Commonwealth authorities.