Summary

Amends the Commonwealth Authorities and Companies Act 1997 to: enable the Finance Minister to make General Policy Orders which are legislative instruments and listed on the Federal Register of Legislative Instruments; align annual reporting requirements for Commonwealth authorities with the Acts Interpretation Act 1901; require all Commonwealth companies to provide annual reports to their responsible minister by specific deadlines and include information as required by Finance Minister Orders; clarify the use of credit cards, numbers and vouchers by Commonwealth authorities and introduce penalties for misuse; introduce a 'control' test to determine whether the Commonwealth controls a company; align the Act with the Corporations Act in relation to offences, penalties and terminology; require Commonwealth company subsidiaries to provide audited financial statements and audit reports to the responsible minister; and clarify compliance requirements for officers of Commonwealth companies with statutory and other duties. Also makes consequential amendments to the Australian Broadcasting Corporation Act 1983, Australian Industry Development Corporation Act 1970, Australian National University Act 1991, Legislative Instruments Act 2003 and Special Broadcasting Service Act 1991.