Financial Management Act 2006

After receiving a draft resource agreement submitted by an accountable authority of an agency under section 42(1), the Treasurer must, within the period of 1 month after the submission date for the draft resource agreement, either —

agree on the draft resource agreement with the accountable authority; or

present the accountable authority with a resource agreement for the agency for the financial year to which the draft resource agreement relates, and direct that it is to be the resource agreement for the agency for the financial year.

The accountable authority of an agency must obtain the Minister’s approval before agreeing with the Treasurer on a draft resource agreement for the agency.

When the Treasurer and an accountable authority of an agency agree on a draft resource agreement under subsection (1)(a), it becomes the resource agreement for the agency for the whole of the financial year to which it relates, unless it is superseded by a modified resource agreement under section 44(3).

When the Treasurer gives a direction to the accountable authority of an agency under subsection (1)(b) in relation to a resource agreement for the agency, it becomes the resource agreement for the agency for the whole of the financial year to which it relates, unless it is superseded by a modified resource agreement under section 44(3).

Subsections (3) and (4) have effect even if the draft resource agreement was agreed on, or the direction was given, after the start of the financial year.