Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services & Regulation,the Honourable Joe Hockey, MP)Explanation of items
Clause 4 - Actuarial services provided by APRA
5.1 This clause clarifies the extent of APRA's power to provide actuarial services, including non-prudential actuarial services, to Commonwealth clients over the period the AGA was part of APRA. The AGA became part of APRA on 1 July 1998, following the dissolution of the Insurance and Superannuation Commission (ISC), and was subsequently transferred to the Department of the Treasury on 1 April 2000. Clause 4 does not extend or reduce APRA's power to provide actuarial services that are incidental to another function of APRA.
Clause 5 - Compensation for acquisition of property
5.2 This clause ensures that Clause 4 does not limit the application of paragraph 51(xxxi) of the Constitution concerning the acquisition of property on just terms.