GOVERNMENT SETS ABOUT RESTORING ACCC BUDGET

2014-01-25 00:51:31 | Al Muslim News
GOVERNMENT SETS ABOUT RESTORING ACCC BUDGET

 

The Federal Government is continuing to tackle the heavy challenge of Labor’s debt and deficit legacy this time turning its attention to addressing the dire financial position of the Australian Competition and Consumer Commission. Late last year it was revealed that the ACCC would run out of money in April. This follows consecutive years of substantial ACCC budget deficits that have consumed the Commission's cash reserves. The previous Labor Government knowingly left the ACCC on a financially unsustainable footing with no prospect of the Commission operating within the budget prepared by the previous Labor Government for 2013/14 or any of the out-years. Following this discovery the Government instigated an independent examination of the ACCC's governance, budget controls and financial position. The Government is actively working with ACCC chairman, Rod Sims to remedy the Commission's dire financial predicament in concert with significant and decisive action to substantially improve the internal governance, organisational leadership, accountabilities, operational efficiencies and financial discipline within the ACCC..

Tags: #

Latest News

What to Next

South Korea Moon seeks to normalize ties with China in first state visit

South Korean President Moon Jae-In hopes to “normalise” ties with giant neighbour China on his first state visit to the country this week,... More

Netanyahu says recognizing Jerusalem as Israel capital makes peace possible

Israeli Prime Minister Benjamin Netanyahu said on Monday that recognising Jerusalem as his country's capital "makes peace possible", aft... More

Terror bomber strikes New York subway three hurt

A man detonated a pipe bomb strapped to his body in a crowded New York subway passageway during the morning rush hour on Monday, injuring three people... More

2018 may bring on nastier hack attacks says McAfee report

After a year marked by devastating cyber attacks and breaches, online attackers are expected to become even more destructive in 2018, security researc... More

Syrian govt agrees to join peace talks with conditions

GENEVA: Talks aimed at ending the war in Syria restarted on Tuesday with the government enforcing its will, warning the United Nations it would not to... More

Bali Volcano Ash Drifts 4.7 Miles High Airport Shut 3rd Day

 KARANGASEM, Indonesia (AP) An erupting volcano with a deadly history on Indonesia's Bali, one of the world's most popular resort islands... More

U.S. general sees no change in Pakistan behaviour despite Trump tough line

WASHINGTON (Reuters) – The top U.S. general in Afghanistan said on Tuesday that he had not seen a change in Pakistan’s support for militan... More

Trump Democrats spar as US government shutdown looms

US President Donald Trump clashed with Democratic leaders in dramatic fashion on Tuesday, heaping pressure on Congress to craft a compromise on federa... More

Pope in Myanmar preaches forgiveness to a nation accused of ethnic cleansing

Pope Francis spread a message of forgiveness in a historic open-air mass before a sea of worshippers in Yangon on Wednesday, during a visit to conflic... More

Indonesia Niqab Squad takes aim at face veil prejudice

Riding a horse or nailing an archery target is tough at the best of times it's even harder when you're wearing a niqab. But that isn't ... More

87