Corporations and Markets Advisory Committee
Section 1:  Overview, appropriations and budget measures summary
Overview
The Corporations and Markets Advisory Committee (CAMAC), prior to 11 March 2002 called the Companies and Securities Advisory Committee (CASAC), was established in September 1989. Its role, as set out in Section 148 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act), is to advise the Minister on any matters concerning the Corporations Law or improving the efficiency of financial markets. CAMAC may undertake reviews on its own initiative, as well as at the request of the Minister.
The Legal Committee was established in September 1991 to provide expert legal analysis, assessment and advice to the Advisory Committee.
The Treasurer appoints the members of the Advisory Committee and Legal Committee in their personal capacities.
Appropriations
The total appropriation for CAMAC in the 2002‑03 Budget is $0.9 million. Table 1.1 on the following page provides this detail.

Corporations and Markets Advisory Committee — appropriations 2002-03
Table 1.1:  Appropriations and other revenue ($‘000)

1.	References C1 and E1 refer to information provided in Table 2.1. K1 refers to information provided in Table 3.1, Budgeted Statement of Financial Performance.
2.	Refer to Budgeted Statement of Financial Performance in Table 3.1 for application of agency revenue.
3.	Revenue from other sources includes other revenue from government (for example, resources free of charge) and revenue from other sources (for example, sales of goods and services). Non-appropriated agency revenues are detailed in Appendix 1.
Note:  Percentage figures indicate the percentage contribution of revenue from government (agency appropriations) to the total price of outputs, by outcome.

Equity injections and loans
CAMAC does not have an appropriation for an equity injection or loan in the 2002‑03 Budget.

Section 2:  Outcomes and outputs information
Outcomes and output groups
The map below shows the relationship between Government outcomes and the contributing outputs for CAMAC. Financial detail for Outcome 1 by output appears in Table 2.1 while non‑financial information for Outcome 1 appears in Table 2.2.
Map 2:  Outcomes and output groups

Changes to outcomes and outputs
There are no proposed changes to the outcome or outputs from the previous year.
Outcome 1 — Description
A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers.
Measures affecting Outcome 1
There are no measures for CAMAC in the 2002‑03 Budget.
Outcome 1 — Resourcing
Table 2.1 shows how the 2002‑03 appropriations translate to total resourcing for Outcome 1, including revenue from government (appropriation), revenue from other sources, and the total price of outputs.
Table 2.1:  Total resources for Outcome 1 ($’000)

(1)	C1 and E1 show the links back to Table 1.1.

Outcome 1 — Contribution of outputs
The output of CAMAC is similar to the first output of the Australian Securities and Investments Commission (ASIC) policy and guidance about the laws administered by ASIC. CAMAC focuses on the legislation related to companies and financial markets, and its operations involve initiating major policy innovation in corporate law, reviewing procedural and other issues in current practice, and reviewing draft legislative policy and Bills. This is basic to the achievement of the Government outcome of fair and efficient financial markets characterised by integrity and transparency and supporting confident and informed participation of investors and consumers.
Performance information for Outcome 1
Table 2.2:  Performance information for Outcome 1

Evaluations
There are no planned evaluation activities in the 2002‑03 financial year.

Section 3:  Budgeted financial statements
The budgeted financial statements will form the basis of the financial statements that will appear in the Corporations and Markets Advisory Committee (CAMAC) 2001‑02 Annual Report, and form the basis for the input into the Whole of Government Accounts. The financial statements should be read in conjunction with the accompanying notes.
The budgeted financial statements have been prepared in accordance with the Goods and Services Tax (GST) accounting guidelines of the Urgent Issues Group (UIG) of the Australian Accounting Standards Board. The UIG consensus requires that expenses and assets be accounted for net of recoverable GST, revenues be accounted for net of GST payable and that cash flows and accounts payable and receivable be reported gross. Appropriations are thus net of recoverable GST amounts.
Agency Financial Statements
Budgeted agency statement of financial performance
This statement provides a picture of the expected financial results for CAMAC by identifying full accrual expenses and revenues, which highlights whether CAMAC is operating at a sustainable level.
Budgeted agency statement of financial position 
This statement shows the financial position of CAMAC. It enables decision-makers to track the management of CAMAC’s assets and liabilities.
Budgeted agency statement of cash flows
This statement identifies expected cash flows from operating activities, investing activities and financing activities.
Agency capital budget statement
This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.
Agency non-financial assets — summary of movement
This statement shows the movement in CAMAC’s non-financial assets over the Budget year 2002‑03.

Table 3.1:  Budgeted Agency Statement of Financial Performance
for the period ended 30 June

(1)	K1 — shows the link back to Table 1.1.

Table 3.2:  Budgeted Agency Statement of Financial Position
as at 30 June

Table 3.3:  Budgeted Agency Statement of Cash Flows
for the period ended 30 June

Table 3.4:  Agency Capital Budget Statement

Table 3.5:  Agency Non-financial Assets — Summary of Movement (Budget year 2002-03)

Notes to the Financial Statements
Basis of accounting
The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.

Appendix 1:  Receipts from independent sources
Receipts from independent sources