Summary

Establishes a system of governance and accountability across Commonwealth entities by: establishing a uniform set of duties for accountable authorities; establishing a uniform set of duties for all officials who use or manage public resources; establishing a comprehensive and uniform reporting framework including requiring the development of corporate plans; placing a duty on entities to establish appropriate systems of risk oversight and management (earned autonomy); enabling Commonwealth entities to partner with the states, territories and not-for-profit sector; and clarifying the Finance Minister’s role in relation to the financial framework. Also requires the minister in consultation with the Joint Committee of Public Accounts and Audit to cause an independent review of the operation of the Act after three years.