Standing Directions are issued by the Minister for Finance under section 8 of the Financial Management Act 1994 (FMA). They specify public sector agency responsibilities to achieve a high standard of public financial management and accountability.
The Directions apply to departments and public bodies as defined under the FMA and are a mandatory requirement.
Financial Reporting Directive (FRD25C) prescribes the disclosure requirements for Local Jobs First in accordance with section 9 of the Victorian Industry Participation Policy Act 2003.
It specifies that information that must be reported in a department’s or agency’s annual report. The information is also required for the Local Jobs First Annual Report tabled in Parliament by the responsible Minister as required under section 10 of the Victorian Industry Participation Policy Act 2003.
On 15 August 2018, the Local Jobs First Act 2003 became law in Victoria. The Act amends and strengthens the former Victorian Industry Participation Policy Act 2003 — Australia’s longest-standing industry participation legislation.