Treasury Regulations (Amendment)

Overview

The Statutory Rules 1961 No. 122, Regulations under the Audit Act 1901-1960, were enacted by the Governor-General in Council on 6 October 1961. This legislative instrument addresses gaps in the handling of public funds outside of regular banking hours and refines the process for public property sales and procurement contracts. The purpose of these regulations is to ensure the safe management of public funds and to enhance transparency and accountability in government procurement and sales activities. The regulations were introduced by the Commonwealth of Australia under the authority of the Audit Act 1901-1960, with the policy objective of maintaining rigorous financial oversight and integrity in public financial management.

Scope and Application

The Statutory Rules 1961, No. 122, made under the Audit Act 1901-1960, pertain to the regulation of financial transactions within the Commonwealth of Australia. These regulations apply to the disposal of moneys received outside ordinary banking hours, specifying that such moneys must be kept in a secure location until they are processed according to the relevant sub-regulations. It also details the requirement for account sales to support the sale of public property and mandates that tenders be invited before entering into contracts for certain supplies. These regulations govern entities and individuals involved in financial transactions and procurement processes within the Commonwealth, thereby ensuring compliance with audit and financial management standards. The scope of the regulations extends across various departments and administrations, including those of the Repatriation Department and the Northern Territory Administration, as outlined in the amendments to the Treasury Regulations. However, the specific exclusions and exemptions are not detailed in the legislative instrument, suggesting that further clarification might be necessary through subordinate instruments or additional legislative guidance.

Key Provisions

The statutory rules outlined in the document primarily amend and update certain provisions under the Audit Act 1901-1960. Section 1 of the rules specifically addresses the disposal of moneys received after ordinary banking hours, stipulating that such moneys must be kept locked in a strongroom or suitable safe until they can be dealt with according to the regulation (Regulation 16(2)). This requirement ensures the safekeeping of funds outside regular banking hours. Section 2 repeals Regulation 31, which previously required account sales to be furnished in support of the sale of public property. This repeal likely reflects a streamlining of administrative processes or a shift in policy regarding the documentation required for such sales. Section 3 amends Regulation 52 to include additional entities whose procurement activities require the invitation of tenders before contracts are entered into. Specifically, it adds supplies obtained or approved by a Procurement and Contract Board of the Repatriation Department and supplies obtained or approved by the Northern Territory Administration Tender Board (Regulation 52(xii) and (xiii)). These regulations impose several obligations on the parties or entities they govern. Firstly, they mandate the secure storage of moneys received outside normal banking hours, ensuring that these funds are kept in a secure location until they can be properly processed. Secondly, the amendments require the Procurement and Contract Board of the Repatriation Department and the Northern Territory Administration Tender Board to invite tenders before entering into contracts for certain supplies. This procedural requirement is designed to promote transparency and competition in the procurement process. Additionally, the repeal of Regulation 31 may imply that account sales no longer require the same level of detailed documentation or support, potentially easing the administrative burden for those involved in such transactions. For breaches of these regulations, the legislation does not explicitly outline specific offences, penalties, or civil/criminal consequences. However, as statutory rules made under the Audit Act 1901-1960, non-compliance with these provisions could potentially lead to administrative penalties or legal action under the overarching Act. The specific consequences would depend on the nature and severity of the breach, and any applicable administrative or judicial processes.