Treasury Regulations (Amendment)

Overview

The Statutory Rules 1975 No. 156 are regulations made under the Audit Act 1901-1975 by the Governor-General of Australia, acting with the advice of the Executive Council. These regulations were enacted to address certain administrative and procedural aspects of financial transactions and reporting within the Treasury. The primary objective of these amendments is to align the regulatory framework with current financial standards and practices, ensuring that the processes for quotations, tenders, and the publication of contract provisions are effectively updated to reflect changes in economic conditions and administrative requirements. The regulations aim to enhance the efficiency and transparency of financial dealings within the public sector.

Scope and Application

The Legislative instrument C2004L00838, comprising Statutory Rules 1975 No. 156, outlines specific amendments to the Treasury Regulations under the Audit Act 1901-1975. This legislative instrument applies to financial regulations managed by the Treasury, impacting various entities and individuals involved in government financial transactions. The amendments outlined within the regulations adjust monetary thresholds for various financial transactions, such as the cost of quotations, tenders, and the publication of certain contract provisions. The changes involve increasing the monetary limits from the previous values, reflecting an adjustment to financial benchmarks used in government dealings. This regulation operates within the Commonwealth jurisdiction, thus affecting entities and individuals across Australia that engage in transactions with the federal government. There are no specific exclusions or exemptions mentioned in the regulations, which means the amended thresholds apply broadly to all relevant transactions. The application of these regulations can be further defined or restricted through subordinate instruments that may be issued under the authority of the Audit Act 1901-1975.

Key Provisions

The Statutory Rules 1975 No. 156 amends the Treasury Regulations under the Audit Act 1901-1975. Key changes are made to Regulation 51, 52, and 53 of the Treasury Regulations. Specifically, Regulation 51 is amended to change the financial thresholds for certain quotations and tenders. For instance, under sub-regulation (1), the amount of "Fifty dollars" is replaced with "One hundred dollars," and the phrase "representative quotations" is replaced with "at least three representative quotations" (Regulation 51(a) and (b)). Additionally, the maximum fine for non-compliance with these quotation requirements is increased from "One hundred dollars" to "Two hundred and fifty dollars" (Regulation 51(d) and (f)). Regulation 52 modifies the tender threshold from "One thousand dollars" to "Five thousand dollars" (Regulation 52). Finally, Regulation 53 increases the publication threshold from "Four hundred dollars" to "One thousand dollars" (Regulation 53(1)). These amendments impose new obligations on the parties governed by these regulations. Firstly, they must now provide at least three representative quotations for certain financial transactions (Regulation 51(b)). Secondly, they must ensure that tenders exceeding the new threshold of "Five thousand dollars" comply with the updated regulations (Regulation 52). Lastly, any contract exceeding "One thousand dollars" must be published in accordance with the amended Regulation 53(1). Breach of these updated regulations may result in civil or criminal consequences, including fines. For example, non-compliance with the quotation requirements now carries a maximum penalty of "Two hundred and fifty dollars" (Regulation 51(d) and (f)). Similarly, failure to publish contracts exceeding "One thousand dollars" can also result in penalties, although the specific amount is not detailed in the text. It is important to note that these regulations aim to ensure transparency and accountability in financial dealings, and violations may lead to legal action.