The Australian National Audit Office has found 11 federal bodies have
broken the law by investing more than $500 million of public money
without proper authorisation.
The auditor-general particularly criticised the Indigenous Land Fund,
operated by ATSIC, saying it breached the constitution by investing up
to $480,000 in unauthorised projects last year.
The auditor-general also says the Department of Veterans Affairs placed
$56 million in "non-compliant" trusts.
Federal Finance Minister Nick Minchin says the breaches did not result
in any loss of public funds.
"No agency has lost any money," he said.
"The investments they had made were very low risk but they've got to be
brought into compliance with the act.
"We have a very transparent system, we've been responsible for ensuring
that we have a transparent system." |
