Reader's Guide

                   This Guide aims to give you a general overview of the matters covered by this Act. It also gives you some information about the way this Act is organised.

Overview of this Act

                   The rules in this Act apply to Commonwealth authorities and Commonwealth companies. Commonwealth authority is defined in section 7. Commonwealth company is defined in section 34.

                   This Act regulates certain aspects of the financial affairs of Commonwealth authorities. In particular, it has detailed rules about reporting and accountability. This Act also deals with other matters relating to Commonwealth authorities, such as banking and investment and the conduct of officers.

                   For Commonwealth companies, this Act has reporting requirements and other requirements that apply in addition to the requirements of the Corporations Act 2001.

Summary of this Act

        Part 1  Preliminary: This Part deals with the commencement of this Act, its application to things outside Australia and its application to the Crown.

        Part 2  General provisions about definitions, offences and civil penalties: This Part contains definitions of terms that are frequently used throughout this Act and general provisions about offences and civil penalty provisions. Schedule 2 sets out the civil and criminal consequences of contravening a civil penalty provision.

        Part 3  Reporting and other obligations for Commonwealth authorities: This Part sets out reporting and accountability rules for Commonwealth authorities. It also deals with matters such as banking, investment and the conduct of officers. Schedule 1 deals with the content of the annual report, financial statements and auditor's report.

        Part 4  Reporting and other obligations for Commonwealth companies: This Part sets out reporting and other rules for Commonwealth companies. These requirements are additional to those that apply under the Corporations Act 2001.

        Part 5  Miscellaneous: This Part deals with miscellaneous matters such as Finance Minister's Orders and regulations.

Related legislation

                   The following Acts are directly relevant to the operation or interpretation of this Act.

                   The Auditor‑General Act 1997 establishes the Office of Auditor‑General and sets out the functions of the Auditor‑General.

                   The Acts Interpretation Act 1901 contains many general rules about the meaning or effect of various terms and provisions that are commonly used in Commonwealth Acts.

                   This list is not exhaustive. Acts other than those listed above might also affect the operation or interpretation of this Act.

                   Another related Act is the Financial Management and Accountability Act 1997. Its main purpose is to establish a framework for the proper management of public money and public property (broadly, money or property that is owned or held by the Commonwealth). Public money and public property is usually handled by Departments and other Agencies that act on behalf of the Commonwealth.

Contents

Part 1--Preliminary                                                                                                                1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ This Act binds the Crown .................................................................. 1

4............ This Act extends to things outside Australia ..................................... 1

Part 2--General provisions about definitions, offences and civil penalties                2

5............ Definitions .......................................................................................... 2

6............ Civil penalties ..................................................................................... 5

Part 3--Reporting and other obligations for Commonwealth authorities 6

Division 1--Preliminary                                                                                               6

7............ Meaning of Commonwealth authority ................................................ 6

8............ Role of Auditor‑General ..................................................................... 6

Division 2--Reporting obligations                                                                         8

Subdivision A--Annual report and related obligations                                         8

9............ Directors must prepare annual report ................................................ 8

10.......... Modified requirements for first year of existence .............................. 8

11.......... Contravention of annual report rules by directors ............................. 8

12.......... Audit of relevant subsidiary's financial statements ........................... 9

Subdivision B--Other reporting obligations                                                        10

13.......... Interim reports .................................................................................. 10

14.......... Estimates .......................................................................................... 11

15.......... Responsible Minister to be notified of significant events ................ 11

16.......... Keeping responsible Minister and Finance Minister informed ........ 12

17.......... Corporate plan for GBE ................................................................... 12

Division 3--Banking, investment etc.                                                                14

18.......... Banking and investment (authorities other than GBEs and SMAs) . 14

19.......... Banking and investment (GBEs and SMAs) .................................... 15

20.......... Accounting records ........................................................................... 15

Division 4--Conduct of officers                                                                             17

21.......... Background to duties of directors, other officers and employees .... 17

Subdivision A--General duties                                                                                17

22.......... Care and diligence--civil obligation only .......................................... 17

23.......... Good faith--civil obligations ............................................................ 18

24.......... Use of position--civil obligations .................................................... 19

25.......... Use of information--civil obligations ............................................... 19

26.......... Good faith, use of position and use of information--criminal offences   20

27A....... Compliance with statutory and other duties .................................... 21

27B....... Interaction of sections 22 to 26 with other laws etc. ....................... 21

27C....... Disqualification order for contravention of civil penalty provision . 22

27D....... Reliance on information or advice provided by others ..................... 23

27E........ Responsibility for actions of delegate .............................................. 24

Subdivision B--Disclosure of, and voting on matters involving, material personal interests           24

27F........ Material personal interest--director's duty to disclose ................... 24

27G....... Director may give other directors standing notice about an interest 26

27H....... Interaction of sections 27F and 27G with other laws etc. ................ 27

27J........ Restrictions on voting ....................................................................... 28

27K....... Minister's power to make declarations and class orders .................. 29

27L........ Right of access to authority's books ................................................ 30

Division 4A--Restrictions on indemnities and insurance for officers 31

27M...... Indemnification and exemption of officer ......................................... 31

27N....... Insurance for certain liabilities of officers ......................................... 32

27P........ Certain indemnities, exemptions, payments and agreements not authorised and certain documents void               33

Division 5--Miscellaneous                                                                                       34

28.......... Compliance with General Policy Orders .......................................... 34

28A....... Credit cards and credit vouchers ....................................................... 34

28B....... Misuse of credit cards or credit vouchers--criminal offence ........... 35

29.......... Activities of subsidiaries .................................................................. 35

30.......... Aligning accounting periods of subsidiaries ...................................... 35

31.......... Exemption from requirement to align accounting periods of subsidiaries                 36

32.......... Audit committee ............................................................................... 37

33.......... Special rules for Commonwealth authorities established by regulations etc.           37

Part 4--Reporting and other obligations for Commonwealth companies 38

Division 1--Preliminary                                                                                             38

34.......... Meaning of Commonwealth company, wholly‑owned Commonwealth company and related terms        38

35.......... Role of Auditor‑General ................................................................... 39

Division 2--Reporting obligations                                                                       40

Subdivision A--Annual report and related obligations                                       40

36.......... Annual Report .................................................................................. 40

37.......... Audit of relevant subsidiary's financial statements ......................... 41

Subdivision B--Other reporting obligations                                                        42

38.......... Interim reports .................................................................................. 42

39.......... Estimates .......................................................................................... 43

40.......... Responsible Minister to be notified of significant events ................ 43

41.......... Keeping responsible Minister and Finance Minister informed ........ 43

42.......... Corporate plan for GBE ................................................................... 44

Subdivision C--Miscellaneous                                                                                45

43.......... Compliance with General Policy Orders .......................................... 45

44.......... Audit committee ............................................................................... 45

Part 5--Miscellaneous                                                                                                        47

45.......... Ministers must inform Parliament of share acquisitions etc. ........... 47

46.......... Companies conducted for the purposes of intelligence or security agencies            47

47.......... Regulations may deal with how this Act applies if body stops being a Commonwealth authority        48

47A....... Compliance with government procurement requirements ................ 48

48.......... Finance Minister's Orders ................................................................ 49

48A....... General Policy Orders ...................................................................... 49

49.......... Regulations ....................................................................................... 50

Schedule 1--Annual report for Commonwealth Authority                             52

Part 1--Contents of annual report                                                                               52

1............ Summary of contents ........................................................................ 52

2............ Financial statements ......................................................................... 52

Part 2--Auditor's report on financial statements                                                53

3............ Whether the statements comply with the Finance Minister's Orders 53

4............ Proper accounting records not kept .................................................. 53

5............ Inadequate information and explanations ......................................... 53

6............ Subsidiaries' financial statements ..................................................... 53

7............ Deficiencies in consolidation ............................................................ 54

Schedule 2--Civil consequences of contravening civil penalty provisions 55

1............ Declarations of contravention ........................................................... 55

2............ Declaration of contravention is conclusive evidence ........................ 55

3............ Pecuniary penalty orders .................................................................. 56

4............ Compensation orders ........................................................................ 56

5............ Effect of clause 4 .............................................................................. 57

6............ Who may apply for a declaration or order ....................................... 57

7............ Time limit for application for a declaration or order ........................ 58

8............ Civil evidence and procedure rules for declarations of contravention and civil penalty orders                58

9............ Civil proceedings after criminal proceedings .................................... 58

10.......... Criminal proceedings during civil proceedings .................................. 58

11.......... Criminal proceedings after civil proceedings .................................... 59

12.......... Evidence given in proceedings for penalty not admissible in criminal proceedings 59

13.......... Finance Minister requiring person to assist ..................................... 59

14.......... Relief from liability for contravention of civil penalty provision .... 61

15.......... Power to grant relief ......................................................................... 62

Schedule 3--Application, transitional and savings provisions                     63

1............ Meaning of commencement, new Law and old Law ......................... 63

2............ References to provisions of old Law in laws and other documents . 63

3............ Conduct of officers ........................................................................... 63

4............ Contraventions of, and offences against, civil penalty provisions ... 64

5............ Civil penalty orders made under old Law ......................................... 65

Notes                                                                                                                                             67

  

Notes to the Commonwealth Authorities and Companies Act 1997

Note 1

The Commonwealth Authorities and Companies Act 1997 as shown in this compilation comprises Act No. 153, 1997 amended as indicated in the Tables below.

The Commonwealth Authorities and Companies Act 1997 was amended by the Public Employment (Consequential and Transitional) Regulations 1999 (1999 No. 301 as amended by 2000 No. 332). The amendments are incorporated in this compilation.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

For all other relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Commonwealth Authorities and Companies Act 1997	153, 1997	24 Oct 1997	1 Jan 1998 (see Gazette 1997, No. GN49)
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (item 299): 5 Dec 1999 (see Gazette 1999, No. S584) (a)	--
Corporate Law Economic Reform Program Act 1999	156, 1999	24 Nov 1999	Schedule 5 (items 2-12): 13 Mar 2000 (see Gazette 2000, No. S114) (b)	--
as amended by
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	24 Nov 1999	Schedule 1 (item 339): 5 Dec 1999 (see Gazette 1999, No. S584) (c)	--
as amended by
Statute Law Revision Act 2002	63, 2002	3 July 2002	Schedule 2 (items 21, 22): (d)	--
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 103-120): 15 July 2001 (see Gazette 2001, No. S285) (e)	Ss. 4-14 [see Note 1]
Workplace Relations Legislation Amendment (Registration and Accountability of Organisations) (Consequential Provisions) Act 2002	105, 2002	14 Nov 2002	Schedule 3 (item 33): 12 May 2003 (see s. 2 and Gazette 2002, No. GN49)	--
US Free Trade Agreement Implementation Act 2004	120, 2004	16 Aug 2004	Schedule 6: Royal Assent	--
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	Schedule 2 (items 72-78, 174): Royal Assent	Sch. 2 (item 174)
Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006	125, 2006	4 Nov 2006	Schedules 1-3: 1 July 2007 (see s. 2(1)) Remainder: Royal Assent	--
Commonwealth Authorities and Companies Amendment Act 2008	20, 2008	26 May 2008	Schedule 1 (items 1-41, 43-50, 53-74): 1 July 2008 Schedule 1 (item 42): 1 July 2009 (see F2009L01781 and Gazette 2009, No. GN19) Schedule 1 (items 51, 52): (f)	Sch. 1 (items 70-74)
Fair Work (State Referral and Consequential and Other Amendments) Act 2009	54, 2009	25 June 2009	Schedule 10 (item 3): (g)	--

(a)     The Commonwealth Authorities and Companies Act 1997 was amended by Schedule 1 (item 299) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(b)    The Commonwealth Authorities and Companies Act 1997 was amended by Schedule 5 (items 2-12) only of the Corporate Law Economic Reform Program Act 1999, subsection 2(2) of which provides as follows:

                 (2)   The following provisions commence on a day or days to be fixed by Proclamation:

                              (a)   section 3;

                              (b)   the items in Schedules 1 to 7 (other than item 18 of Schedule 7);

                              (c)   the items in Schedules 10, 11 and 12.

(c)     The Corporate Law Economic Reform Program Act 1999 was amended by Schedule 1 (item 339) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(d)     The Public Employment (Consequential and Transitional) Amendment Act 1999 was amended by Schedule 2 (items 21 and 22) only of the Statute Law Revision Act 2002 , subsection 2(1) (items 50 and 51) of which provides as follows:

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
50.  Schedule 2, item 21	Immediately after the time specified in the Public Employment (Consequential and Transitional) Amendment Act 1999 for the commencement of item 339 of Schedule 1 to that Act	5 December 1999
51.  Schedule 2, item 22	Immediately after the time specified in the Public Employment (Consequential and Transitional) Amendment Act 1999 for the commencement of item 339 of Schedule 1 to that Act	5 December 1999

(e)     The Commonwealth Authorities and Companies Act 1997 was amended by Schedule 3 (items 103-120) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(f)      Subsection 2(1) (item 5) of the Commonwealth Authorities and Companies Amendment Act 2008 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Provision(s)	Commencement	Date/Details
5. Schedule 1, items 51 and 52	Immediately after the commencement of section 3 of the Legislative Instruments Act 2003.	1 January 2005

(g)     Subsection 2(1) (item 32) of the Fair Work (State Referral and Consequential and Other Amendments) Act 2009 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Provision(s)	Commencement	Date/Details
32.  Schedule 10	Immediately after the commencement of Part 2‑4 of the Fair Work Act 2009.	1 July 2009

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Reader's Guide ..................	am. No. 55, 2001
Part 2
S. 5 .....................................	am. No. 156, 1999; No. 55, 2001; No. 20, 2008
Heading to s. 6....................	rs. No. 20, 2008
S. 6 .....................................	am. No. 156, 1999; No. 8, 2005; No. 20, 2008
Part 3
Division 1
S. 7 .....................................	am. No. 55, 2001; No. 105, 2002; No. 125, 2006; No. 54, 2009
Division 2
Subdivision A
S. 9......................................	am. No. 20, 2008
Note to s. 9(1).....................	rs. No. 20, 2008
S. 11....................................	am. No. 20, 2008
S. 12....................................	am. No. 55, 2001; No. 20, 2008
Division 3
S. 18 ...................................	am. No. 8, 2005; No. 20, 2008
Ss. 19, 20............................	am. No. 20, 2008
Division 4
Div. 4 of Part 3 ...................	rs. No. 156, 1999
S. 21 ...................................	rs. No. 156, 1999
	am. No. 20, 2008
Subdivision A
S. 22 ...................................	rs. No. 156, 1999
S. 23 ...................................	am. Statutory Rules 1999 No. 301 (as am. by Statutory Rules 2000 No. 332)
	rs. No. 156, 1999
Note 2 to s. 23(1)................	am. No. 55, 2001
Note 3 to s. 23(1)................	ad. No. 20, 2008
Note 3 to s. 23(2)................	ad. No. 20, 2008
S. 24....................................	rs. No. 156, 1999
Note 1 to s. 24(1)................	rs. No. 20, 2008
S. 25....................................	rs. No. 156, 1999
Note 1 to s. 25(1)................	rs. No. 20, 2008
Subhead. to s. 26(2)...........	ad. No. 20, 2008
S. 26....................................	rs. No. 156, 1999
	am. No. 20, 2008
Note to s. 26(1)...................	am. No. 55, 2001
S. 27 ...................................	rep. No. 156, 1999
S. 27A ................................	ad. No. 156, 1999 (as am. by No.146, 1999 (as am. by No. 63, 2002))
	am. Statutory Rules 1999 No. 301 (as am. by Statutory Rules 2000 No. 332)
	rs. No. 20, 2008
S. 27B ................................	ad. No. 156, 1999
S. 27C ................................	ad. No. 156, 1999
	am. No. 8, 2005; No. 20, 2008
S. 27D.................................	ad. No. 156, 1999
	am. No. 20, 2008
S. 27E .................................	ad. No. 156, 1999
Subdivision B
S. 27F..................................	ad. No. 156, 1999
	am. No. 20, 2008
Ss. 27G, 27H ......................	ad. No. 156, 1999
S. 27J..................................	ad. No. 156, 1999
	am. No. 20, 2008
Ss. 27K, 27L.......................	ad. No. 156, 1999
Division 4A
Div. 4A of Part 3..................	ad. No. 156, 1999
S. 27M.................................	ad. No. 156, 1999
S. 27N.................................	ad. No. 156, 1999
	am. No. 20, 2008
S. 27P..................................	ad. No. 156, 1999
Division 5
S. 28....................................	rs. No. 20, 2008
S. 28A.................................	ad. No. 20, 2008
S. 28B.................................	ad. No. 20, 2008
S. 30....................................	am. No. 20, 2008
S. 31 ...................................	am. No. 55, 2001
Part 4
Division 1
Heading to s. 34..................	am. No. 20, 2008
Subhead. to s. 34(2)...........	ad. No. 20, 2008
S. 34....................................	am. No. 55, 2001; No. 20, 2008
Note to s. 34(2)...................	ad. No. 20, 2008
S. 35....................................	am. No. 55, 2001
Division 2
Subdivision A
Ss. 36, 37 ...........................	am. No. 55, 2001; No. 20, 2008
Subdivision C
S. 43....................................	rs. No. 20, 2008
S. 44 ...................................	am. No. 55, 2001
Part 5
S. 45 ...................................	am. No. 55, 2001
S. 47A.................................	ad. No. 120, 2004
S. 48....................................	am. No. 20, 2008
S. 48A.................................	ad. No. 20, 2008
S. 49....................................	am. No. 20, 2008
Schedule 2
Schedule 2 .........................	rs. No. 156, 1999
Heading to Part 1.................	rep. No. 156, 1999
C. 1......................................	rs. No. 156, 1999
	am. No. 20, 2008
C. 2......................................	rs. No. 156, 1999
C. 3......................................	rs. No. 156, 1999
	am. No. 20, 2008
Heading to Part 2.................	rep. No. 156, 1999
Cc. 4, 5................................	rs. No. 156, 1999
	am. No. 20, 2008
Subhead. to c. 6(2).............	am. No. 20, 2008
C. 6......................................	rs. No. 156, 1999
	am. No. 20, 2008
Cc. 7-10..............................	rs. No. 156, 1999
Heading to Part 3.................	rep. No. 156, 1999
Cc. 11, 12............................	rs. No. 156, 1999
C. 13....................................	rs. No. 156, 1999
	am. No. 20, 2008
Heading to Part 4.................	rep. No. 156, 1999
Cc. 14, 15............................	rs. No. 156, 1999
Cc. 16-24............................	rep. No. 156, 1999
Heading to Part 5.................	rep. No. 156, 1999
Cc. 25-30............................	rep. No. 156, 1999
Heading to Part 6.................	rep. No. 156, 1999
Cc. 31, 32............................	rep. No. 156, 1999
Schedule 3
Schedule 3..........................	ad. No. 156, 1999
Cc. 1, 2................................	ad. No. 156, 1999
C. 3......................................	ad. No. 156, 1999
	am. No. 20, 2008
Cc. 4, 5................................	ad. No. 156, 1999

Table A

Application, saving or transitional provisions

Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)

Schedule 2

174  Saving provision--provisions that formerly referred to the Treasurer

(1)        Any thing that:

                     (a)  was done by the Treasurer, or by a delegate of the Treasurer, before the commencing time under an affected provision; and

                     (b)  was in effect immediately before the commencing time;

continues to have effect after the commencing time as if it had been done by the Finance Minister under the affected provision.

(2)        In this item:

affected provision means a provision that is amended by an item in this Schedule so as to replace references to the Treasurer with references to the Finance Minister.

commencing time means the day this Act receives the Royal Assent.

Finance Minister means the Minister who administers the Financial Management and Accountability Act 1997.

Commonwealth Authorities and Companies Amendment Act 2008
(No. 20, 2008)

Schedule 1

70  Application of amendments

(1)        The amendments made by items 14 to 18, 46 to 48, 57 (in so far as the amendment made by that item relates to Commonwealth companies), 58 to 66 and 68 of this Schedule apply in relation to annual reports of a Commonwealth authority or Commonwealth company for financial years of the Commonwealth authority or Commonwealth company that commence on or after the commencement of this item.

(2)        The amendments made by items 21 and 49 of this Schedule apply in relation to Auditor‑General's reports on financial statements of a subsidiary of a Commonwealth authority or Commonwealth company for the subsidiary's annual accounting periods that commence on or after the commencement of this item.

(3)        The amendments made by items 24 and 57 (in so far as the amendment made by that item relates to Commonwealth authorities) of this Schedule apply in relation to accounting records of a Commonwealth authority for financial years of the Commonwealth authority that commence on or after the commencement of this item.

71  Transitional provision--general policy notifications for Commonwealth authorities

Application of this item

(1)        This item applies to a notification (a section 28 notification) that:

                     (a)  was given to a Commonwealth authority under section 28 of the Commonwealth Authorities and Companies Act 1997 before the commencement of this item; and

                     (b)  is in force immediately before the commencement of this item.

Section 28 notification to continue in force

(2)        Despite the repeal of that section made by this Schedule, a section 28 notification continues in force, and may be dealt with, after the commencement of this item as if that section had not been repealed.

When section 28 notification ceases to be in force

(3)        If a determination is made under item 73 that all notifications about a particular general policy cease to be in force, then a section 28 notification about that general policy ceases to be in force when the determination takes effect.

When part of section 28 notification ceases to be in force

(4)        If a determination is made under item 73 that a part of all notifications about a particular general policy ceases to be in force, then that part of a section 28 notification about that policy ceases to be in force when the determination takes effect.

72  Transitional provision--general policy notifications for wholly‑owned Commonwealth company

Application of this item

(1)        This item applies to a notification (a section 43 notification) that:

                     (a)  was given to a wholly‑owned Commonwealth company under section 43 of the Commonwealth Authorities and Companies Act 1997 before the commencement of this item; and

                     (b)  is in force immediately before the commencement of this item.

Section 43 notification to continue in force

(2)        Despite the repeal of that section made by this Schedule, a section 43 notification continues in force, and may be dealt with, after the commencement of this item as if that section had not been repealed.

When section 43 notification ceases to be in force

(3)        If a determination is made under item 73 that all notifications about a particular general policy cease to be in force, then a section 43 notification about that general policy ceases to be in force when the determination takes effect.

When part of section 43 notification ceases to be in force

(4)        If a determination is made under item 73 that a part of all notifications about a particular general policy ceases to be in force, then that part of a section 43 notification about that policy ceases to be in force when the determination takes effect.

73  Determinations cancelling the whole or part of section 28 notifications and section 43 notifications

(1)        This item applies to notifications that are continued in force by subitem 71(2) or 72(2).

(2)        The Finance Minister may, by legislative instrument, make a determination that all notifications about a particular general policy of the Australian Government cease to be in force.

(3)        The Finance Minister may make a determination that a part of all notifications about a particular general policy of the Australian Government ceases to be in force.

(4)        A determination made under subitem (2) or (3) is a legislative instrument, but neither section 42 nor Part 6 of the Legislative Instruments Act 2003 applies to the determination.

74  Transitional provision--general policy notifications

Section 48A of the Commonwealth Authorities and Companies Act 1997 applies to consultation on the application of a general policy of the Australian Government occurring before or after the commencement of this item.