Latest news with #FinanceandExpenditureCommittee
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
Submissions Are Now Open On The Regulatory Standards Bill
The Chair of the Finance and Expenditure Committee is calling for submissions on the Regulatory Standards Bill with a closing date of 1pm, 23 June 2025. The bill aims to support Parliament's scrutiny of legislation, and its oversight and control of the use of delegated powers to make legislation. The bill would achieve these objectives in four ways. First, it would introduce a set of regulatory principles that new and existing regulations would be measured against. These include the rule of law, personal liberties, taking of property, taxes, fees, and levies, and the role of courts. Responsible Ministers, administering agencies, and other makers of legislation would be required to assess the consistency of proposed and existing legislation against these principles. Ministers, as well as makers of secondary legislation, would be required to publish or present to the House of Representatives the results of those assessments. The bill would also establish a Regulatory Standards Board to independently consider the consistency of legislation with the principles. The members of the board would be appointed by the Minister for Regulation. The board would carry out inquiries into whether legislation is inconsistent with the principles following a complaint, at the direction of the Minister, or on its own accord. Finally, the bill would strengthen the regulatory oversight of the Ministry of Regulation by requiring the Ministry to report on the overall state of the regulatory management system. It would empower the Ministry for Regulation to require agencies to supply information as a part of its oversight of the regulatory management system. This would include public service agencies, makers and administrators of secondary legislation, and agencies and contractors that perform a statutory function. Make a submission on the bill by 1pm on 23 June 2025. Using Scoop for work? Scoop is free for personal use, but you'll need a licence for work use. This is part of our Ethical Paywall and how we fund Scoop. Join today with plans starting from less than $3 per week, plus gain access to exclusive Pro features. Join Pro Individual Find out more
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.
Scoop
23-05-2025
- Business
- Scoop
Have Your Say On Financial Markets(Conduct Of Institutions) Amendment (Duty To Provide Financial Services)Amendment Bill
Press Release – The Finance and Expenditure Committee The bill would amend the Financial Markets (Conduct of Institutions) Amendment Act 2022 to place a new duty on financial institutions to provide financial services to customers. The Chairperson of the Finance and Expenditure Committee is calling for submissions on the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill. The closing date for submissions is 11.59pm on Friday, 4 July 2025. The bill is a member's bill in the name of Andy Foster. The bill would amend the Financial Markets (Conduct of Institutions) Amendment Act 2022 to place a new duty on financial institutions to provide financial services to customers except in situations based on law or for valid and verifiable commercial grounds. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Friday, 4 July 2025.
Scoop
23-05-2025
- Business
- Scoop
Have Your Say On Financial Markets(Conduct Of Institutions) Amendment (Duty To Provide Financial Services)Amendment Bill
Press Release – The Finance and Expenditure Committee The bill would amend the Financial Markets (Conduct of Institutions) Amendment Act 2022 to place a new duty on financial institutions to provide financial services to customers. The Chairperson of the Finance and Expenditure Committee is calling for submissions on the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill. The closing date for submissions is 11.59pm on Friday, 4 July 2025. The bill is a member's bill in the name of Andy Foster. The bill would amend the Financial Markets (Conduct of Institutions) Amendment Act 2022 to place a new duty on financial institutions to provide financial services to customers except in situations based on law or for valid and verifiable commercial grounds. Tell the Finance and Expenditure Committee what you think: Make a submission on the bill by 11.59pm on Friday, 4 July 2025.
