Annual report 2018–19

Reader's Guide

The Australian Financial Security Authority (AFSA) annual report has been prepared in accordance with the requirements for the content of annual reports as prescribed by the Public Governance, Performance and Accountability Rule 2014 in sections 17AA to 17AJ.

The Chief Executive reports to the Attorney-General and, in accordance with the Public Service Act 1999 and the Public Governance, Performance and Accountability Act 2013, assists the Attorney-General to fulfil his or her accountability obligations to the parliament. In this annual report, the Chief Executive accounts for AFSA’s performance and use of resources.

The Inspector-General in Bankruptcy is required under the Bankruptcy Act 1966 to provide an annual report to the Attorney-General, for presentation to the parliament, on the operation of the Bankruptcy Act.

The Registrar of Personal Property Securities is required under the Personal Property Securities Act 2009 (PPS Act) to provide an annual report to the Attorney-General, for presentation to the parliament, on the operation of the PPS Act.

Reporting on the Bankruptcy Act and the PPS Act is integrated throughout this report.

This annual report is divided into six sections:

Overview

Comprises a review by the Chief Executive and Inspector-General in Bankruptcy, including our priorities for 2019–20; a summary of our major achievements during the year; an overview of the agency; and our outcome and program structure.

Report on performance

Contains our annual performance statements and a report on our financial performance for 2018–19.

Management and accountability

Contains a report on our management and accountability processes, including corporate governance, external scrutiny, management of human resources, asset management and purchasing.

Other mandatory information

Contains other mandatory information, including reports required under specific legislation and additional information useful for providing a clearer picture of our activities during 2018–19.

24 September 2019

The Hon Christian Porter MP
Attorney-General
Parliament House
Canberra ACT 2600

Dear Attorney-General

I have pleasure in submitting to you the 2018–19 annual report of the Australian Financial Security Authority (AFSA) for presentation to parliament, as required by section 46 of the Public Governance, Performance and Accountability Act 2013.

The report has been prepared in accordance with all applicable legislative reporting requirements and includes:

  • the annual report on the operation of the Bankruptcy Act 1966
  • the annual report on the operation of the Personal Property Securities Act 2009.

As required by section 10 of the Public Governance, Performance and Accountability Rule 2014, I certify that AFSA has:

  • prepared fraud risk assessments and fraud control plans that effectively address the vulnerabilities and risk factors of the agency's business
  • put in place appropriate mechanisms for preventing, detecting incidents of, investigating or otherwise dealing with, and recording or reporting fraud
  • taken all reasonable measures to appropriately deal with fraud relating to the agency.

Yours sincerely

Hamish McCormick
Chief Executive and Inspector-General in Bankruptcy