ACCC seeks comment on accounting framework for Australia Post

The Australian Competition and Consumer Commission has today issued draft record keeping rules for Australia Post for public comment.

The record keeping rules will establish a regulatory accounting regime for Australia Post. The accounting framework established by the rules is intended to increase the transparency of Australia Post's accounts.

The ACCC is seeking the input of Australia Post and other interested parties prior to finalising the record keeping rules.

"The purpose of issuing the draft rules for comment by Australia Post and other interested parties is to ensure that the finalised rules will be reasonable and workable for Australia Post, while at the same time allowing the Commission to fulfil its new obligations under the amended Australia Postal Corporation Act 1989", ACCC Commissioner, Mr John Martin, said today.

The draft rules and an accompanying Issues Paper can be obtained from the ACCC's website. Submissions should be made by 16 April 2004.

Background

The record keeping rules will be issued under proposed section 50H of the Australia Postal Corporation Act 1989. This and other reforms are proposed by the Postal Services Legislation Amendment Bill 2003.

The record keeping rule provisions will allow the ACCC to require that Australia Post keep records and provide those records to the ACCC as requested. The ACCC may prepare and publish reports analysing the information in the records and the Minister may direct the ACCC to prepare and publish such reports.