FMA Legislation
Overview
The Australian Government's financial framework is established and supported by key financial management and accountability legislation, which is comprised of:
- Financial Management and Accountability Act 1997 (FMA Act)
- Financial Management and Accountability Regulations 1997 (FMA Regulations)
- Financial Management and Accountability Delegations (FMA Delegations)
- Financial Management and Accountability Agencies (FMA Agencies)
- Financial Management and Accountability Orders
- Commonwealth Procurement Rules (CPRs)
- Fraud Control Guidelines [
]
The FMA Act sets out the financial management, accountability and audit obligations of agencies (including Departments) that are financially part of the Commonwealth (and form part of the General Government Sector), in particular:
- for managing public resources efficiently, effectively and ethically; and
- for maintaining proper accounts and records of the receipt and expenditure of public money.
The Act provides for the making of Regulations and Orders, which provide more detail about matters addressed in the Act. The Regulations provide for, amongst other things, the issuing of Commonwealth Procurement Rules, Commonwealth Grant Guidelines and Fraud Control Guidelines [].
Government policy relating to various aspects of the FMA legislation and sound financial management more broadly, can be found in range of Finance Circulars.
Contact for information on this page: finframework@finance.gov.au