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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Auditor-General (Supplementary
Powers) Bill 2008
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Public Finance and Audit Act 1983 No 152 2
4 Repeal of Act 2
Schedule 1 Amendment of Public Finance and Audit Act 1983 3
b2008-069-20.d11
This public bill which originated in the Legislative Assembly, has passed and is
now ready for presentation to the Legislative Council for its concurrence.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2008
New South Wales
Auditor-General (Supplementary
Powers) Bill 2008
Act No , 2008
An Act to amend the Public Finance and Audit Act 1983 to provide for review by the
Auditor-General in connection with the restructuring of the State's electricity
industry.
EXAMINED
Assistant Speaker
Clause 1 Auditor-General (Supplementary Powers) Bill 2008
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the Auditor-General (Supplementary Powers) Act 2008. 3
2 Commencement 4
This Act commences on the date of assent to this Act. 5
3 Amendment of Public Finance and Audit Act 1983 No 152 6
The Public Finance and Audit Act 1983 is amended as set out in 7
Schedule 1. 8
4 Repeal of Act 9
(1) This Act is repealed on the day following the day on which this Act 10
commences. 11
(2) The repeal of this Act does not, because of the operation of section 30 12
of the Interpretation Act 1987, affect any amendment made by this Act. 13
Page 2
Auditor-General (Supplementary Powers) Bill 2008
Amendment of Public Finance and Audit Act 1983 Schedule 1
Schedule 1 Amendment of Public Finance and Audit 1
Act 1983 2
(Section 3) 3
[1] Section 63G 4
Insert after section 63F: 5
63G Oversight of electricity industry restructuring 6
(1) Schedule 1A has effect. 7
(2) Expressions used in Schedule 1A have the same meanings as in 8
the Bill for the Electricity Industry Restructuring Act 2008 as 9
introduced in the Legislative Assembly on 4 June 2008. 10
[2] Schedule 1A 11
Insert after Schedule 1: 12
Schedule 1A Oversight of electricity industry 13
restructuring 14
(Section 63G) 15
1 Review of Government's overall program for restructuring 16
(1) The Auditor-General is to review and report to Parliament on the 17
Government's overall program for the authorised restructuring. 18
(2) The review is to be a review of the following: 19
(a) the appropriateness of the Government's strategy for the 20
transfer of assets to the private sector for maximising 21
financial value for taxpayers, taking into account the 22
following: 23
(i) the proposed method of effecting transactions, 24
(ii) the proposed timing of transactions, including the 25
impact of external factors, 26
(iii) any contingent liabilities that will accrue to the 27
State, 28
(iv) the impact of the proposed national emissions 29
trading scheme (including current hedging and coal 30
contracts of State electricity corporations), 31
(v) the sale price of the assets that is reasonably 32
expected having regard to professional advice and 33
the Government's preliminary estimates, 34
Page 3
Auditor-General (Supplementary Powers) Bill 2008
Schedule 1 Amendment of Public Finance and Audit Act 1983
(vi) the impact of increased debt over the past 5 years in 1
relation to the assets, 2
(vii) any relevant Commonwealth legislation regarding 3
competition or foreign ownership, 4
(viii) any other factors that may impact on the potential 5
sale price of the assets, 6
(b) the financial impact of the proposed community safety net 7
proposed for the authorised restructuring, in particular the 8
protections for workers, pensioners and low-income 9
earners, including an assessment of the consistency of 10
those benefits with previous transactions involving the 11
transfer of assets to the private sector. 12
(3) The review of the appropriateness of the Government's strategy 13
for the transfer of assets to the private sector is to be conducted 14
on the basis of a statement of that strategy as provided to the 15
Auditor-General by the Treasurer for the purposes of the review. 16
2 Report to Parliament 17
(1) The Auditor-General is to report to each House of Parliament on 18
the results of the review conducted by the Auditor-General under 19
this Schedule as soon as practicable after the review is completed. 20
(2) If a House of Parliament is not sitting when the Auditor-General 21
seeks to present the report, the Auditor-General is to present the 22
report to the Clerk of the House concerned. 23
3 Supplementary powers 24
(1) The Treasurer is to ensure that the Auditor-General has access to 25
such information and resources as may be necessary to enable the 26
Auditor-General to exercise the functions conferred by this 27
Schedule. 28
(2) For the purposes of this Schedule, the Auditor-General may: 29
(a) exercise investigatory powers conferred on the 30
Auditor-General under this Act, and 31
(b) engage any person or body with financial expertise to 32
examine arrangements made or proposed for the purposes 33
of the authorised restructuring and to advise the 34
Auditor-General on those arrangements. 35
Page 4
Auditor-General (Supplementary Powers) Bill 2008
Amendment of Public Finance and Audit Act 1983 Schedule 1
(3) The functions conferred by this Schedule are in addition to, and 1
do not derogate from, any other function of the Auditor-General. 2
Page 5
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