EXPLANATORY STATEMENT
STATUTORY RULES NO. 431 OF 1984
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
The attached Statutory Rules amend the Finance Regulations which were made under sub-section 71(1) of the Audit Act 1901.
The amendments increase the prescribed thresholds set in those Regulations which deal with the purchase of supplies for and by the Commonwealth. The increases in part compensate for changes which have occurred in the money values of those thresholds last prescribed in 1980 and also provide a margin for any changes which might otherwise be required in the next few years.
The amendments are as follows.
REGULATION 51 - QUOTATIONS
Regulation 51 required that at least three representative quotations for supplies should, whenever possible, be obtained where supplies were estimated to cost more than $200. The quotations could be oral where the estimated cost did not exceed $500 but above that amount the quotations had to be in writing. The amendments increase the prescribed amounts to $500 and $1000 respectively to take account of changes in money values since the amounts were last increased in 1980.
REGULATION 52 - TENDERS
Regulation 52 provided that contracts should not be entered into, or orders placed, for supplies estimated to cost more than $10,000, unless tenders had first been publicly invited for those supplies. The threshold amount of $10,000 has been increased to $20,000 to take account of changes in money values since the amount was last increased in 1980.
REGULATION 53
Regulation 53 provided that details of any contracts entered into for supplies costing in excess of $1000 were to be published in the Gazette. That amount has now been increased to $2000.
REGULATION 60
Regulation 60 provided that petty expenditure could be incurred without acquittance, up to a value of $10. Acquittances are now required for petty expenditure in excess of $20.