Commonwealth Bank Of Australia Enterprise Agreement

The Government Property Principles are replaced by the Australian Government Property Ownership Framework, which applies to all agencies and institutions except state-owned enterprises. The first provision-oriented budget is provided – agencies are funded at an agreed price for achievements, including non-paying items, such as depreciation. The framework for year-based budgeting includes the introduction of the Capital Use Charge and the Agency Banking Incentive Scheme (ABIS). The first calls on agencies to include in their operations the cost of using capital; the second requires agencies to carry out their own banking operations and manage their annual resources. The branches are able to operate bank accounts with private sector banks and open up the Reserve Bank of Australia to competition.