SHADOW TREASURER ED COCKS SECURES PASSAGE OF FIRST OPPOSITION BILL OF THE TERM, BOOSTING BUDGET TRANSPARENCY

Ed Cocks MLA

Shadow Treasurer

Media Release

15 May 2025

The Legislative Assembly has passed the Financial Management Amendment Bill 2025, delivering a significant win for transparency and accountability in the use of public funds.

This is the first time an Opposition or Crossbench bill has been passed in the 11th Assembly, marking a turning point in the political balance of power. The result highlights the impact of the ACT Labor Government’s minority status and the opportunity for the Opposition to restore proper oversight of Executive decisions.

Shadow Treasurer Ed Cocks MLA, who introduced the legislation, welcomed the result, saying it would strengthen the Assembly’s ability to track how millions of taxpayer dollars are spent.

“This is a simple but important reform that will ensure near real-time oversight of extraordinary government spending,” Mr Cocks said. “It’s about respecting public money and the people who pay it.”

“This is a minority government, and today shows what that means in practice. It means the Assembly can reassert its role as a check on Executive power,” Mr Cocks said.

The legislation requires the ACT Treasurer to notify the Assembly within five business days whenever significant spending occurs under the Treasurer’s Advance or the Capital Reserve Fund. Until now, these decisions could go undisclosed for up to five months.

“At a time when the ACT is facing record debt and repeated budget blowouts, Canberrans deserve timely information about how their money is being used, not news delivered months after the fact,” Mr Cocks said.

Importantly, the reform does not restrict the Treasurer’s powers or impose new approval hurdles. It simply adds a requirement to inform the Assembly, allowing for earlier scrutiny and better accountability without impacting a government’s ability to act.

“This legislation doesn’t block funding or add red tape, it just ensures decisions involving public funds don’t happen in the dark,” Mr Cocks said.

He praised the Assembly for supporting are form that focuses on strengthening institutions and rebuilding public trust.

“In an era of growing fiscal pressure, oversight and transparency matter more than ever. I’m pleased the Assembly agreed this was a necessary step.”