Report on the examination of annual reports: No.2 of 1997
Members of the Committee
CHAIR DEPUTY MEMBERS
Senator
A.B. Ferguson, LP (South Australia)
Senator J. Collins, ALP
(Victoria)
Senator
M. Bishop, ALP (Western Australia)
Senator
H.G.P Chapman, LP (South Australia)
Senator
A. Murray, AD (Western Australia)
Senator
J.O.W. Watson, LP (Tasmania)
SUBSTITUTE MEMBER
Senator Crane to substitute
for Senator Watson on matters covered by the Workplace Relations and Small
Business portfolio.
PARTICIPATING
MEMBERS
Senator
E. Abetz, LP (Tasmania)
Senator
R.L.D. Boswell, NPA (Queensland)
Senator
B. Brown, AG (Tasmania)
Senator
B.K. Childs, ALP (New South Wales)
Senator
B. Collins, ALP (Northern Territory)
Senator
M. Colston, Ind. (Queensland)
Senator
S. Conroy, ALP (Victoria)
Senator
B. Cooney, ALP (Victoria)
Senator
J.P. Faulkner, ALP (New South Wales)
Senator
B. Harradine, Ind. (Tasmania)
Senator
K. Lundy, ALP (Australia Capital Territory)
Senator
S.Mackay, ALP (Tasmania)
Senator
D.Margetts, GWA (Western Australia)
Senator
S. Murphy, ALP (Tasmania)
Senator
B.J. Neal, ALP (New South Wales)
Senator
K. O'Brien, ALP (Tasmania)
Senator
C. Schacht, ALP (South Australia)
Senator
N. Sherry, ALP (Tasmania)
COMMITTEE
SECRETARIAT
Secretary
Robert
Diamond
Research
Officer
Stuart Rendell
Address
The Secretary
Senate Economics Legislation
Committee
Parliament House
Canberra ACT 2600
Phone: (06) 277 3540
Fax: (06) 277 5719
Annual Reports referred
This report was prepared
pursuant to a resolution of the Senate of 24 August 1994[1], and subsequent amendment
of 1 May 1996[2],
relating to the consideration of annual reports by Committees.
After the restructuring of
the Senate committee system in October 1994, the Economics Legislation
Committee is responsible for the examination of annual reports within the
Portfolios of the Treasury; Industry, Science and Tourism and Workplace
Relations and Small Business. This report considers reports tabled between 31
October 1996 and 1 July 1997.
The Committee has examined
the following annual reports in this second report on the examination of annual
reports for 1997, and is pleased to state that, in accordance with the Senate
resolution of 24 August 1994, all reports are apparently satisfactory.
Treasurer's
Portfolio - Statutory Bodies
Australia
and the IMF
Australia
and the World Bank
Australian
Accounting Standards Board
Australian
Securities Commission
Companies
Auditors and Liquidators Disciplinary Board
Companies
and Securities Advisory Committee
Corporations
and Securities Panel
Development
Allowance Authority
Foreign
Investment Review Board
Housing
Loans Insurance Corporation
Pooled
Development Funds Registration Board
Workplace Relations and
Small Business Portfolio - Statutory Authorities
Trade
Union Training Authority
Industry, Science and
Tourism Portfolio - Statutory Authorities
Safety
Review Committee
Method of Assessment
The Reports have been
examined by the Committee in accordance with the following guidelines:
- for
portfolio departments, the Revised Annual Report Requirements for
Departments, tabled May 1994;
- for
statutory authorities, the Guidelines for the Content, Preparation and
Presentation of Annual Reports by Statutory Authorities[3]; and
- for
non statutory bodies, the guidelines contained in the Government response to
the Senate Standing Committee on Finance and Public Administration Report on
Non-Statutory bodies.[4]
Comments on Individual Reports
TREASURER'S PORTFOLIO - Statutory Authorities
Companies and Securities Advisory Committee
The Companies and Securities Advisory Committee
annual report for 1995/96 was tabled in the Senate on 5 November 1996. The
Advisory Committee is a statutory authority under the Australian Securities
Commission Act 1989.
The Advisory Committee fulfils all of its
statutory reporting requirements. The Economics Committee noted the inclusion
of extracts of the Act describing the powers, functions and objectives of the
Advisory Committee. The advisory committee also gave a good understanding of
staffing by providing a record of Members of the advisory committee, the
changes that occurred during the year and the attendance of members at hearings
throughout the year.
Overall the advisory committee has produced an
informative and concise report covering all of the major activities undertaken
throughout the year.
Australian Securities Commission
The Australian Securities Commission annual
report for 1995/96 was tabled in the Senate on 19 November 1996. The ASC is a
statutory authority under the Australian Securities Commission Act 1989.
The ASC covers all its statutory reporting
obligations in the production of its 1995/96 annual report. It fully describes
its powers, functions and objectives. The ASC also provides a comprehensive and
detailed list of its activities for the reporting year.
The ASC has met all statutory requirements in
the production of its 1995/96 annual report.
Development Allowance Authority
The Development Allowance Authority annual
report for 1995/96 was tabled in the Senate on 19 November 1996. The DAA is a
statutory authority under the Development Allowance Authority Act 1992.
Although not required to, the DAA has followed
the Requirements for Departmental Annual Reports in the production of
its 1995/96 annual report. The Requirements for Departmental Annual Reports
cover the statutory reporting requirements of Departments, which is in excess
of the requirements of statutory authorities. The committee commends the DAA in
its thorough approach in producing the report and notes that the DAA has more
than adequately covered its statutory reporting obligations.
Australian Accounting Standards Board
The Australian Accounting Standards Board annual
report for 1995/96 was tabled in the Senate on 26 November 1996. The committee
notes that the board is required to report 'as soon as practicable after June
30, and in any event before 31 October, in each year.'[5]
The AASB is a statutory authority under the Australian Securities Commission
Act 1989.
The AASB has performed all of its statutory
reporting obligations in producing its annual report. The AASB gives a good
description of the establishment of the Board and its objectives, functions and
powers. The committee notes the clear and informative nature of the AASB
report.
Companies Auditors and Liquidators Disciplinary
Board
The Companies Auditors and Liquidators
Disciplinary Board annual report was tabled in the Senate on 26 November 1996.
The committee notes that the board is required to report 'as soon as
practicable after June 30, and in any event before 31 October, in each year.'[6]
The Companies Auditors and Liquidators Disciplinary Board is a statutory
authority under the Australian Securities Commission Act 1989.
The Companies Auditors and Liquidators
Disciplinary Board followed the requirements of statutory authorities in
producing its 1995/96 annual report. The Board did however fail to provide a
Table of Contents at the beginning of the report, and the committee believes
this may have been an over sight. The committee recommends that a table of
contents be included in the next annual report to provide the reader easy
access to the information provided.
The Companies Auditors and Liquidators
Disciplinary Board did provide a comprehensive list of disciplinary matters
undertaken by the board during the reporting year. The committee commends the
board on this action, providing the reader with extensive information in this
area.
Corporations and Securities Panel
The Corporations and Securities Panel annual
report for 1995/96 was tabled in the Senate on 26 November 1996. The committee
notes that the panel is required to report 'as soon as practicable after June
30, and in any event before 31 October, in each year.'[7]
The panel is a statutory authority under the Australian Securities
Commission Act 1989.
The panel has achieved all of its statutory
reporting requirements in producing its 1995/96 annual report. The outcome was
a concise and informative report covering all major areas.
Housing Loans Insurance Corporation
The Housing Loans Insurance Corporation annual
report for 1995/96 was tabled in the Senate on 10 December 1996. The
Corporation is a statutory authority under the Housing Loans Insurance Act
1965.
The corporation has met all of its statutory
reporting requirements, and produced a report providing the reader with a wide
range of information. The committee noted the inclusion of the Minister’s role
over the commission and directions the minister undertook in relation to the
determination of annual dividends and the determination of a special annual
payment. Under the Housing Loans Insurance Act 1965, the corporation is
required to report on directions and determinations of the minister in
connection with policy and financial matters.
Australia and the IMF
Australia and the World Bank
Both the Australia and the IMF and Australia and
the World Bank annual reports for 1995/96 were tabled in the Senate on 5
February 1997. Both reports are statutory authority under the International
Monetary Agreements Act 1947.
The reports covered all of the statutory
reporting requirements. The reports gave a thorough account of Australia’s
relations with the International Monetary Fund and the World Bank.
Pooled Development Funds Registration Board
The Pooled Development Funds Registration Board
report for 1995/96 was tabled in the Senate on 12 February 1997. The board is a
statutory authority under the Pooled Development Funds Act 1992.
The Board fulfilled all of its statutory
reporting requirements in producing the 1995/96 annual report. The report gave
a good account of the board’s policies and achievements throughout the
reporting year. The Board also produced a comprehensive list of Pooled
Development Funds in existence during the 1995/96 reporting period.
TREASURER'S PORTFOLIO -
Non-statutory Authorities
Foreign Investment Review Board
The Foreign Investment Review Board annual
report was tabled in the Senate on 12 February 1997. The Board is a
non-statutory authority established in April 1976.
The Board has produced a comprehensive report
and covered all reporting requirements as if it were a statutory authority. In
turn, the board more than adequately covers the reporting requirements of
non-statutory authorities. The Board has reported its activities throughout the
year and given a good understanding of it functions and objectives.
Workplace Relations and
Small Business - Statutory Authorities
Trade Union Training Authority
The Trade Union Training Authority’s report for
1 July to 4 December 1997 was tabled in the Senate on 25 February 1997. TUTA
was a statutory authority under the Workplace Relations and Other
Legislation Act 1996.
This is the final report of TUTA after its
abolishment from 5 December 1996. The report covers all the reporting
requirements of statutory authorities. Understandably the report is brief and
concise and the committee notes the inclusion of the method of disposal of
assets.
Industry Science and Technology - Statutory
Authorities
Safety Review Committee
The Safety Review Committee annual report for
1995/96 was tabled in the Senate on 19 November 1996. The SRC is a statutory
authority under the Australian Science and Technology Organisation Act 1987.
The SRC has fulfilled all of its statutory
reporting requirements in producing its 1995/96 annual report. The committee
noted information provided in Appendix A relating to the SRC’s Legislative Base
and Functions. The committee believes this was a clear and effective way to
providing the reader with the appropriate information
A.B.
Ferguson
Chairman
Appendix 1.
Allocation
of annual reports of Commonwealth bodies to the Senate
Economics Legislation Committee (as at 27 November 1996)
Treasurer's Portfolio
Australia and
the Asian Development Bank
Australia and
the World Bank
Australian
Accounting Standards Board
Australian
Bureau of Statistics
Australian
Competition and Consumer Commission
Australian
Securities Commission
Australian
Statistics Advisory Council
Commissioner of
Taxation
Commonwealth
Bank
Companies and
Securities Advisory Committee
Companies
Auditors and Liquidators Disciplinary Board
Corporations and
Securities Panel
Council of
Financial Supervisors
Department of
the Treasury
Economic
Planning Advisory Commission
Foreign
Investment Review Board
Housing Loans
Insurance Corporation
Industry
Commission
Insurance and
Superannuation Commission
International
Bank for Reconstruction and Development (General Capital Increase)
Act 1989
International
Monetary Agreements Act 1947 (Australia and the International
Monetary Fund)
National
Competition Council
Prices Surveillance
Authority
Reserve Bank of
Australia
Royal Australian
Mint
Superannuation
Complaints Tribunal
Trade Practices
Commission
Industry, Science and
Tourism Portfolio[8]
Anti-Dumping
Authority
Australian
Customs Service
Australian
Industrial Property Organisation
Australian
Industry Development Corporation
Australian
Institute of Marine Science
Australian
Nuclear Science and Technology Organisation
Australian
Science and Technology Council
Australian Space
Council
Australian
Tourist Commission
Automotive
Industry Authority
Bureau of
Tourism Research
Clean Food
Marketing Australia Ltd
Commonwealth
Scientific and Industrial Research Organisation
Department of
Industry, Science and Tourism
Export Finance
and Insurance Corporation
Industry
Research and Development Board
Management and
Investment Companies Licensing Board
National
Standards Commission
Pooled
Development Funds Registration Board
Safety Review
Committee (ANSTO)
Report on Small
Business in Australia
Textiles,
Clothing and Footwear Development Authority
Workplace Relations and
Small Business portfolio
Affirmative
Action Agency
Australian
Industrial Registry
Australian
Industrial Relations Commission
Australian Trade
Union Training Authority
Coal Mining
Industry (Long Service Leave Funding) Corporation
Comcare
Defence Force
Remuneration Tribunal
Department of Industrial Relations
Developments made under Industrial
Relations Act 1988
Industrial Chemicals (Notification and
Assessment) Act 1989
National Occupational Health and Safety
Commission (Worksafe Australia)
Remuneration
Tribunal
Stevedoring
Industry Finance Committee
Navigation: Contents