EXPLANATORY STATEMENT
STATUTORY RULES 1982 NO 149
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUBJECT - TERRITORY AUTHORITIES (FINANCIAL PROVISIONS) ACT 1978
- TERRITORY AUTHORITIES (FINANCIAL PROVISIONS) REGULATIONS (AMENDMENT)
The Territory Authorities (Financial Provisions) Act 1978 (the Act) sets out the standard financial provisions relating, inter alia, to moneys appropriated for the purposes of Territory authorities and borrowings by those authorities.
Section 10 of the Act provides that the Governor-General may make relations prescribing matters giving effect to the Act. Section 4 of the Act provides that a body corporate established for a public purpose by a law of a Territory may be declared by the Regulations to be an authority to which a section of the Act applies.
As a consequence of amendments to the Canberra Showground Trust Ordinance that Trust has been replaced by the National Exhibition Centre Trust. Accordingly, Parts I and II of the Schedule to the Territory Authorities (Financial Provisions) Regulations have been amended also.
Part I of the Schedule lists those authorities that are subject to the direction of the Minister for Finance in respect of the payment of moneys to those bodies. The reference to the Canberra Showground Trust has been altered to the National Exhibition Centre Trust.
Part II of the Schedule relates to the borrowing powers of bodies listed therein. Since the National Exhibition Centre Trust does not have such powers, Part II of the Schedule has been amended by deleting reference to the Canberra Showground Trust.
Overview
The Territory Authorities (Financial Provisions) Regulations (Amendment) Statutory Rules 1982 No 149, issued under the authority of the Minister for Finance, amends the Territory Authorities (Financial Provisions) Regulations 1978. This amendment responds to the legislative change that replaced the Canberra Showground Trust with the National Exhibition Centre Trust, as a consequence of amendments to the Canberra Showground Trust Ordinance. The Territory Authorities (Financial Provisions) Act 1978 established the framework for the financial provisions of Territory authorities, including the appropriation of moneys and borrowings, with the Regulations detailing specific applications of the Act. The objective of these amendments is to ensure that the financial oversight and direction provisions continue to apply to the newly constituted National Exhibition Centre Trust, reflecting the changes in the legislative landscape.
Scope and Application
The Territory Authorities (Financial Provisions) Act 1978 applies to body corporates established for a public purpose by a law of a Territory, as declared by the Regulations. The Act outlines standard financial provisions relating to moneys appropriated for the purposes of these authorities and their borrowing powers. The Act's application is geographically limited to the Australian Capital Territory, Northern Territory, and Norfolk Island. The Act provides authority for the Minister for Finance to direct the payment of moneys to specified authorities, as listed in Part I of the Schedule, and it governs the borrowing powers of these authorities as outlined in Part II. The Act's application extends through subordinate regulations, which may be amended to reflect changes in the authorities or their functions, such as the replacement of the Canberra Showground Trust with the National Exhibition Centre Trust. These regulations ensure the Act remains relevant and applicable to current authorities under its purview.
Key Provisions
The Territory Authorities (Financial Provisions) Act 1978, through its various sections, outlines the financial management framework for entities established for public purposes in the territories of Australia. Section 4 of the Act identifies bodies corporate established for public purposes by Territory laws as authorities to which the Act applies. This section ensures that these entities are subject to the financial provisions set out in the Act, thereby providing a structured approach to their financial operations. Section 10 of the Act grants the Governor-General the authority to issue regulations that prescribe matters necessary to give effect to the Act, thereby allowing for flexibility in the application of its provisions.
The obligations imposed by the Act on the entities it governs include adherence to the financial provisions stipulated within the Act and any applicable regulations. These entities are required to manage their finances in accordance with the statutory guidelines to ensure transparency and accountability. Furthermore, any changes to the structure or financial operations of these entities must be declared under the Regulations, as stipulated in Section 4. This ensures that the Minister for Finance has oversight and direction over the payment of moneys to these authorities, as outlined in Part I of the Schedule. Additionally, any borrowing powers of these authorities are subject to the provisions set out in Part II of the Schedule, although the National Exhibition Centre Trust, for example, does not possess such powers.
Failure to comply with the requirements of the Act and the associated Regulations may result in various consequences. The Act does not explicitly detail the offences, penalties, or specific civil/criminal consequences for breach. However, non-compliance could lead to legal action, penalties, or other sanctions as prescribed by relevant laws. Given the regulatory nature of the Act, breaches may also result in administrative penalties or actions taken by the Minister for Finance to ensure compliance. The exact nature of these consequences would depend on the specific circumstances of the breach and any applicable legislation.