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Scoop
26-05-2025
- Business
- Scoop
Have Your Say On Public Finance Amendment Bill
Press Release – The Finance and Expenditure Committee He says the changes also dispense with the requirement for Treasury to produce a Wellbeing Report every four years. Whats more, governments will no long have to articulate the wellbeing objectives that guide Budget decisions. The Chair of the Finance and Expenditure Committee is calling for submissions on the Public Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 7 July 2025. 'The proposed changes will enhance the transparency and accountability of our public finance system. They specifically aim to make the extent of fiscal risks clearer for incoming governments,' says Chair of the Finance and Expenditure Committee, Cameron Brewer. He says the changes also dispense with the requirement for Treasury to produce a Wellbeing Report every four years. What's more, governments will no long have to articulate the wellbeing objectives that guide Budget decisions. 'A second tranche of reforms to the Public Finance Act is likely next year, once our committee has completed its inquiry into performance reporting and public accountability,' says Mr Brewer. The bill would amend the Public Finance Act 1989. Among other things, the bill would: introduce more specific disclosure requirements for the statement of specific fiscal risks introduce a requirement to publish a tax expenditure statement repeal the requirement to articulate wellbeing objectives in the Budget Policy Statement repeal the requirement to prepare a wellbeing report amend the publication window for the pre-election economic and fiscal update. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Monday, 7 July 2025.
Scoop
26-05-2025
- Business
- Scoop
Have Your Say On Public Finance Amendment Bill
The Chair of the Finance and Expenditure Committee is calling for submissions on the Public Finance Amendment Bill. The closing date for submissions is 11.59pm on Monday, 7 July 2025. 'The proposed changes will enhance the transparency and accountability of our public finance system. They specifically aim to make the extent of fiscal risks clearer for incoming governments,' says Chair of the Finance and Expenditure Committee, Cameron Brewer. He says the changes also dispense with the requirement for Treasury to produce a Wellbeing Report every four years. What's more, governments will no long have to articulate the wellbeing objectives that guide Budget decisions. 'A second tranche of reforms to the Public Finance Act is likely next year, once our committee has completed its inquiry into performance reporting and public accountability,' says Mr Brewer. The bill would amend the Public Finance Act 1989. Among other things, the bill would: introduce more specific disclosure requirements for the statement of specific fiscal risks introduce a requirement to publish a tax expenditure statement repeal the requirement to articulate wellbeing objectives in the Budget Policy Statement repeal the requirement to prepare a wellbeing report amend the publication window for the pre-election economic and fiscal update. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Monday, 7 July 2025.
