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This is a Bill, not an Act. For current law, see the Acts databases.


AUDITOR-GENERAL (SUPPLEMENTARY POWERS) BILL 2008




                            New South Wales




Auditor-General (Supplementary
Powers) Bill 2008


Contents

                                                                           Page
              1    Name of Act                                               2
              2    Commencement                                              2
              3    Amendment of Public Finance and Audit Act 1983 No 152     2
              4    Repeal of Act                                             2
     Schedule 1    Amendment of Public Finance and Audit Act 1983            3




b2008-069-20.d11
This public bill which originated in the Legislative Assembly, has passed and is
now ready for presentation to the Legislative Council for its concurrence.


                                               Clerk of the Legislative Assembly.
                                               Legislative Assembly,
                                               Sydney,                     , 2008




                            New South Wales




Auditor-General (Supplementary
Powers) Bill 2008
Act No      , 2008




An Act to amend the Public Finance and Audit Act 1983 to provide for review by the
Auditor-General in connection with the restructuring of the State's electricity
industry.




                                               EXAMINED



                                               Assistant Speaker
Clause 1          Auditor-General (Supplementary Powers) Bill 2008




The Legislature of New South Wales enacts:                                                1

 1    Name of Act                                                                         2

               This Act is the Auditor-General (Supplementary Powers) Act 2008.           3

 2    Commencement                                                                        4

               This Act commences on the date of assent to this Act.                      5

 3    Amendment of Public Finance and Audit Act 1983 No 152                               6

               The Public Finance and Audit Act 1983 is amended as set out in             7
               Schedule 1.                                                                8

 4    Repeal of Act                                                                       9

         (1)   This Act is repealed on the day following the day on which this Act       10
               commences.                                                                11

         (2)   The repeal of this Act does not, because of the operation of section 30   12
               of the Interpretation Act 1987, affect any amendment made by this Act.    13




Page 2
Auditor-General (Supplementary Powers) Bill 2008

Amendment of Public Finance and Audit Act 1983                         Schedule 1




Schedule 1             Amendment of Public Finance and Audit                             1
                       Act 1983                                                          2

                                                                          (Section 3)    3

[1]   Section 63G                                                                        4

      Insert after section 63F:                                                          5

      63G    Oversight of electricity industry restructuring                             6

             (1)    Schedule 1A has effect.                                              7

             (2)    Expressions used in Schedule 1A have the same meanings as in         8
                    the Bill for the Electricity Industry Restructuring Act 2008 as      9
                    introduced in the Legislative Assembly on 4 June 2008.              10

[2]   Schedule 1A                                                                       11

      Insert after Schedule 1:                                                          12


      Schedule 1A             Oversight of electricity industry                         13
                              restructuring                                             14

                                                                       (Section 63G)    15

        1    Review of Government's overall program for restructuring                   16

             (1)    The Auditor-General is to review and report to Parliament on the    17
                    Government's overall program for the authorised restructuring.      18

             (2)    The review is to be a review of the following:                      19
                    (a) the appropriateness of the Government's strategy for the        20
                           transfer of assets to the private sector for maximising      21
                           financial value for taxpayers, taking into account the       22
                           following:                                                   23
                            (i) the proposed method of effecting transactions,          24
                           (ii) the proposed timing of transactions, including the      25
                                  impact of external factors,                           26
                          (iii) any contingent liabilities that will accrue to the      27
                                  State,                                                28
                          (iv) the impact of the proposed national emissions            29
                                  trading scheme (including current hedging and coal    30
                                  contracts of State electricity corporations),         31
                           (v) the sale price of the assets that is reasonably          32
                                  expected having regard to professional advice and     33
                                  the Government's preliminary estimates,               34




                                                                            Page 3
               Auditor-General (Supplementary Powers) Bill 2008

Schedule 1         Amendment of Public Finance and Audit Act 1983




                            (vi)  the impact of increased debt over the past 5 years in      1
                                  relation to the assets,                                    2
                          (vii) any relevant Commonwealth legislation regarding              3
                                  competition or foreign ownership,                          4
                         (viii) any other factors that may impact on the potential           5
                                  sale price of the assets,                                  6
                      (b) the financial impact of the proposed community safety net          7
                           proposed for the authorised restructuring, in particular the      8
                           protections for workers, pensioners and low-income                9
                           earners, including an assessment of the consistency of           10
                           those benefits with previous transactions involving the          11
                           transfer of assets to the private sector.                        12

             (3)      The review of the appropriateness of the Government's strategy        13
                      for the transfer of assets to the private sector is to be conducted   14
                      on the basis of a statement of that strategy as provided to the       15
                      Auditor-General by the Treasurer for the purposes of the review.      16

         2   Report to Parliament                                                           17

             (1)      The Auditor-General is to report to each House of Parliament on       18
                      the results of the review conducted by the Auditor-General under      19
                      this Schedule as soon as practicable after the review is completed.   20

             (2)      If a House of Parliament is not sitting when the Auditor-General      21
                      seeks to present the report, the Auditor-General is to present the    22
                      report to the Clerk of the House concerned.                           23

         3   Supplementary powers                                                           24

             (1)      The Treasurer is to ensure that the Auditor-General has access to     25
                      such information and resources as may be necessary to enable the      26
                      Auditor-General to exercise the functions conferred by this           27
                      Schedule.                                                             28

             (2)      For the purposes of this Schedule, the Auditor-General may:           29
                      (a) exercise investigatory powers conferred on the                    30
                            Auditor-General under this Act, and                             31
                      (b) engage any person or body with financial expertise to             32
                            examine arrangements made or proposed for the purposes          33
                            of the authorised restructuring and to advise the               34
                            Auditor-General on those arrangements.                          35




Page 4
Auditor-General (Supplementary Powers) Bill 2008

Amendment of Public Finance and Audit Act 1983                         Schedule 1




             (3)    The functions conferred by this Schedule are in addition to, and   1
                    do not derogate from, any other function of the Auditor-General.   2




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