Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary
Banking, borrowing and investment directions (sections 53, 56 and 58 of the Act) – Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary

Australia PGPA Finance Minister Delegations to Accountable Authorities and the Finance Secretary NCE-S1-P1: Banking in Australia: bank agreements must provide for effective cash management to Finance's written requirements and daily consolidation into the Official Public Account, interest must go to the OPA, and Finance must be told promptly of every account opened or closed

What does NCE-S1-P1 require?

A delegate who uses the section 53 power to make banking agreements for Australian bank accounts must make sure each agreement requires cash to be run efficiently in line with any Department of Finance written requirements and provides for Commonwealth cash in Australia to be swept every day into the Official Public Account at the Reserve Bank. Interest the Commonwealth accounts earn is paid to the Official Public Account, and the delegate tells Finance without delay whenever an account is opened or shut. Accounts behind the special accounts listed for investment, the Future Fund Management Agency, and AFSA accounts for money in the Official Trustee's custody are relieved from the daily sweep and interest rules; for Defence the relief covers only the special account bank accounts tied to the Boxer Heavy Weapon Carrier initiative and, since the 2026 (No. 2) amendment, the Arctic Over the Horizon Radar capability. The 2026 (No. 2) amendment removed the separate House of Representatives account exemption. The Finance Secretary delegation carries the same four directions for the accounts Finance is responsible for.

Maintained by Gerard Blokdyk

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