QUESTIONS ON NOTICE › Financial Management and Accountability (Question Nos 2455, 2478 and 2499)
Senator Wong: The Treasurer has provided the following answer to the honourable senator's question: (1) Given the very broad nature of the question attempting to answer this question would cause unreasonable diversion of resources. (2) Given the very broad nature of the question attempting to answer this question would cause unreasonable diversion of resources. (3) Annual Regulatory Plans are managed within the Finance and Deregulation, please refer to the response provided by the Minister for Finance and Deregulation to question 2469. (4) Annual Regulatory Plans are managed within the Finance and Deregulation, please refer to the response provided by the Minister for Finance and Deregulation to question 2469. (5) Annual Regulatory Plans are managed within the Finance and Deregulation, please refer to the response provided by the Minister for Finance and Deregulation to question 2469. (6) The following link details the current guidance on cost recovery: http://www.finance.gov.au/financial-framework/financial-management-policy-guidance/cost-recovery.html In relation to annual reporting, in accordance with Finance Circular 2005/09 all agencies with significant cost recovery arrangements need to prepare Cost Recovery Impact Statements (CRIS) when: reviews consistent with the Australian Government's review schedule for existing cost recovery arrangements are undertaken; or new cost recovery arrangements are proposed; or material amendments are made to existing arrangements (a general rule-of-thumb is that price changes greater than the Consumer Price Index would be considered material. However, in making a decision about materiality, agencies should also consider the likely impact on stakeholders); or periodic reviews of cost recovery arrangements are undertaken. Only when a CRIS is prepared are agencies required to report annually. Under this circumstance, agencies need to separately identify all cost recovery revenues in notes to financial statements – to be published in portfolio budget statements and annual reports consistent with the Finance Minister's Orders.