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This is a Bill, not an Act. For current law, see the Acts databases.
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152 6 The Public Finance and Audit Act 1983 is amended as set out in 7 Schedule 1. 8 4 Repeal of Act 9 (1) This Act is repealed on the day following the day on which this Act 10 commences. 11 (2) The repeal of this Act does not, because of the operation of section 30 12 of the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 Page 5
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