New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The purpose of this Act is to consolidate and amend the law governing the use of public financial resources.
(2) To that end, this Act—
(a) provides a framework for parliamentary scrutiny of—
(i) the Government's expenditure proposals; and
(ii) the Government's management of its assets and liabilities; and
(b) establishes lines of responsibility for effective and efficient management of public financial resources; and
(c) specifies the principles for responsible fiscal management in the conduct of fiscal policy and requires regular reporting on the extent to which the Government's fiscal policy is consistent with those principles; and
(d) specifies the minimum financial and non-financial reporting obligations of Ministers, departments, Offices of Parliament, and organisations named or described in Schedule 4; and
(e) provides for the application of financial management incentives and for the accountability of organisations named or described in Schedule 4; and
(f) safeguards public assets by providing statutory authority and control for the—
(i) borrowing of money; and
(ii) issuing of securities; and
(iii) use of derivative transactions; and
(iv) investment of funds; and
(v) operation of bank accounts; and
(vi) giving of guarantees and indemnities.
Section 1A: inserted, on 25 January 2005, by section 4 of the Public Finance Amendment Act 2004 (2004 No 113).
