Commonwealth Consolidated Acts

NATION-BUILDING FUNDS ACT 2008

TABLE OF PROVISIONS

            

CHAPTER 1--Preliminary
            

   1.      Short title [see Note 1]  
   2.      Commencement  
   3.      Simplified outline  
   4.      Definitions  
   5.      Financial assets  
   6.      Crown to be bound  
   7.      Extension to external Territories  
   8.      Extra-territorial application  
            

CHAPTER 2--Building Australia Fund
            

   PART 2.1----INTRODUCTION

   9.      Object  
   10.     Simplified outline  

   PART 2.2----BUILDING AUSTRALIA FUND

           Division 1--Introduction

   11.     Simplified outline  

           Division 2--Establishment of the Building Australia Fund etc

   12.     Establishment of the Building Australia Fund  
   13.     Establishment of the Building Australia Fund Special Account  

           Division 3--Credits of amounts to the Building Australia Fund

   14.     Initial credits of amounts to the Building Australia Fund Special Account  
   15.     Subsequent credits of amounts to the Building Australia Fund Special Account--determinations by the responsible Ministers  
   16.     Credit of amount to the Building Australia Fund Special Account--balance of the Communications Fund Special Account  
   17.     Credit of amount to the Building Australia Fund Special Account--balance of the Telstra Sale Special Account  

           Division 4--Debits of amounts from the Building Australia Fund

   18.     Purposes of the Building Australia Fund Special Account--payments purposes and purposes related exclusively to the Building Australia Fund  
   19.     Purposes of the Building Australia Fund Special Account--transitional  
   20.     Purposes of the Building Australia Fund Special Account--purposes not related exclusively to the Building Australia Fund  
   21.     Extended meaning of payment in relation to the creation or development of transport infrastructure  
   22.     Extended meaning of payment in relation to the creation or development of communications infrastructure  
   23.     Eligible national broadband network matter  
   24.     Extended meaning of payment in relation to the creation or development of energy infrastructure  
   25.     Extended meaning of payment in relation to the creation or development of water infrastructure  
   26.     Future Fund Board must ensure that there is sufficient money in the Building Australia Fund Special Account to cover authorised payments etc.  

           Division 5--Inter-fund transfers

   27.     Transfers from the Building Australia Fund to the Future Fund  
   28.     Transfers from the Building Australia Fund to the Education Investment Fund  
   29.     Transfers from the Building Australia Fund to the Health and Hospitals Fund  

   PART 2.3----INVESTMENT OF THE BUILDING AUSTRALIA FUND

   30.     Simplified outline  
   31.     Objects of investment of the Building Australia Fund  
   32.     Investment of the Building Australia Fund  
   33.     Building Australia Fund to inherit investments of the Communications Fund  
   34.     Management of investments of the Building Australia Fund  
   35.     Building Australia Fund Investment Mandate  
   36.     Limitation on Building Australia Fund Investment Mandate  
   37.     Future Fund Board to be consulted on Building Australia Fund Investment Mandate  
   38.     Compliance with Building Australia Fund Investment Mandate  
   39.     Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001  
   40.     Borrowing  
   41.     Building Australia Fund investment policies  
   42.     Derivatives  
   43.     Additional financial assets  
   44.     Securities lending arrangements  
   45.     Investment managers  
   46.     Custody of securities  
   47.     Refund of franking credits  
   48.     Realisation of non-financial assets  
   49.     Additional function of the Future Fund Board  

   PART 2.4----PAYMENTS

           Division 1--Introduction

   50.     Simplified outline  

           Division 2--Direct payments

   51.     Authorisation of payments  
   52.     Recommendations about payments  
   53.     Grant to a State or Territory--transport infrastructure  
   54.     Grant to a State or Territory--communications infrastructure etc.  
   55.     Grant to a State or Territory--energy infrastructure  
   56.     Grant to a State or Territory--water infrastructure  
   57.     Grant to a person other than a State or Territory--transport infrastructure  
   58.     Grant to a person other than a State or Territory--communications infrastructure etc.  
   59.     Grant to a person other than a State or Territory--energy infrastructure  
   60.     Grant to a person other than a State or Territory--water infrastructure  

           Division 3--Channelling of payments through the BAF Infrastructure Portfolio Special Account

   61.     Establishment of the BAF Infrastructure Portfolio Special Account  
   62.     Purpose of the BAF Infrastructure Portfolio Special Account  
   63.     Channelling of payments through the BAF Infrastructure Portfolio Special Account  
   64.     Recommendations about payments  
   65.     Payments--debit from the BAF Infrastructure Portfolio Special Account  
   66.     Grant to a State or Territory--transport infrastructure  
   67.     Grant to a person other than a State or Territory--transport infrastructure  

           Division 4--Channelling of payments through the BAF Communications Portfolio Special Account

   68.     Establishment of the BAF Communications Portfolio Special Account  
   69.     Purposes of the BAF Communications Portfolio Special Account  
   70.     Channelling of payments through the BAF Communications Portfolio Special Account  
   71.     Recommendations about payments  
   72.     Payments--debit from the BAF Communications Portfolio Special Account  
   73.     Grant to a State or Territory--communications infrastructure etc.  
   74.     Grant to a person other than a State or Territory--communications infrastructure etc.  

           Division 5--Channelling of payments through the BAF Energy Portfolio Special Account

   75.     Establishment of the BAF Energy Portfolio Special Account  
   76.     Purpose of the BAF Energy Portfolio Special Account  
   77.     Channelling of payments through the BAF Energy Portfolio Special Account  
   78.     Recommendations about payments  
   79.     Payments--debit from the BAF Energy Portfolio Special Account  
   80.     Grant to a State or Territory--energy infrastructure  
   81.     Grant to a person other than a State or Territory--energy infrastructure  

           Division 6--Channelling of payments through the BAF Water Portfolio Special Account

   82.     Establishment of the BAF Water Portfolio Special Account  
   83.     Purpose of the BAF Water Portfolio Special Account  
   84.     Channelling of payments through the BAF Water Portfolio Special Account  
   85.     Recommendations about payments  
   86.     Payments--debit from the BAF Water Portfolio Special Account  
   87.     Grant to a State or Territory--water infrastructure  
   88.     Grant to a person other than a State or Territory--water infrastructure  

           Division 7--Channelling of State

              Subdivision A--Channelling of transport infrastructure grants

   89.     Channelling of State/Territory grants payments through the COAG Reform Fund  
   90.     Recommendations about grants payments--transport infrastructure  
   91.     Transfers from the BAF Infrastructure Portfolio Special Account to the COAG Reform Fund  
   92.     Grants payments--debit from the COAG Reform Fund  
   93.     Grant to a State or Territory--transport infrastructure  

              Subdivision B--Channelling of communications infrastructure grants

   94.     Channelling of State/Territory grants payments through the COAG Reform Fund  
   95.     Recommendations about grants payments--communications infrastructure  
   96.     Transfers from the BAF Communications Portfolio Special Account to the COAG Reform Fund  
   97.     Grants payments--debit from the COAG Reform Fund  
   98.     Grant to a State or Territory--communications infrastructure  

              Subdivision C--Channelling of energy infrastructure grants

   99.     Channelling of State/Territory grants payments through the COAG Reform Fund  
   100.    Recommendations about grants payments--energy infrastructure  
   101.    Transfers from the BAF Energy Portfolio Special Account to the COAG Reform Fund  
   102.    Grants payments--debit from the COAG Reform Fund  
   103.    Grant to a State or Territory--energy infrastructure  

              Subdivision D--Channelling of water infrastructure grants

   104.    Channelling of State/Territory grants payments through the COAG Reform Fund  
   105.    Recommendations about grants payments--water infrastructure  
   106.    Transfers from the BAF Water Portfolio Special Account to the COAG Reform Fund  
   107.    Grants payments--debit from the COAG Reform Fund  
   108.    Grant to a State or Territory--water infrastructure  

           Division 8--Total payments for a financial year

   109.    General drawing rights limit in relation to a financial year  
   110.    Drawing rights in relation to other financial years  
   111.    No drawing rights to be issued if there is no general drawing rights limit in relation to a financial year  
   112.    Total payments to depend primarily on the macroeconomic circumstances  

   PART 2.5----REPORTING OBLIGATIONS ETC.

   113.    Finance Minister may require Future Fund Board to prepare reports or give information  
   114.    Keeping the responsible Ministers informed etc.  
   115.    Finance Minister may give reports to other Ministers etc.  

   PART 2.6----MISCELLANEOUS

   116.    Infrastructure Australia to advise Infrastructure Minister about transport infrastructure  
   117.    Infrastructure Australia to advise Communications Minister about communications infrastructure  
   118.    Infrastructure Australia to advise Energy Minister about energy infrastructure  
   119.    Infrastructure Australia to advise Water Minister about water infrastructure  
   120.    BAF evaluation criteria  
   121.    Investment provisions do not apply to certain assets  
   122.    Delegation by the Finance Minister  
   123.    Delegation by the Treasurer  
   124.    Delegation by the Infrastructure Minister  
   125.    Delegation by the Communications Minister  
   126.    Delegation by the Energy Minister  
   127.    Delegation by the Water Minister  
            

CHAPTER 3--Education Investment Fund
            

   PART 3.1----INTRODUCTION

   128.    Object  
   129.    Simplified outline  

   PART 3.2----EDUCATION INVESTMENT FUND

           Division 1--Introduction

   130.    Simplified outline  

           Division 2--Establishment of the Education Investment Fund etc

   131.    Establishment of the Education Investment Fund  
   132.    Establishment of the Education Investment Fund Special Account  

           Division 3--Credits of amounts to the Education Investment Fund

   134.    Credits of amounts to the Education Investment Fund Special Account--determinations by the responsible Ministers  
   135.    Credit of amount to the Education Investment Fund Special Account--balance of the Higher Education Endowment Fund Special Account  

           Division 4--Debits of amounts from the Education Investment Fund

   136.    Purposes of the Education Investment Fund Special Account--payments purposes and purposes related exclusively to the Education Investment Fund  
   137.    Purposes of the Education Investment Fund Special Account--transitional  
   138.    Purposes of the Education Investment Fund Special Account--purposes not related exclusively to the Education Investment Fund  
   139.    Payments in relation to the creation or development of higher education infrastructure  
   140.    Payments in relation to the creation or development of research infrastructure  
   141.    Payments in relation to the creation or development of vocational education and training infrastructure  
   142.    Payments in relation to the creation or development of eligible education infrastructure  
   143.    Designated education infrastructure-related matters  
   144.    Transitional HEEF payments  
   145.    Future Fund Board must ensure that there is sufficient money in the Education Investment Fund Special Account to cover authorised payments etc.  

           Division 5--Inter-fund transfers

   146.    Transfers from the Education Investment Fund to the Future Fund  
   147.    Transfers from the Education Investment Fund to the Building Australia Fund  
   148.    Transfers from the Education Investment Fund to the Health and Hospitals Fund  

   PART 3.3----INVESTMENT OF THE EDUCATION INVESTMENT FUND

   149.    Simplified outline  
   150.    Objects of investment of the Education Investment Fund  
   151.    Investment of the Education Investment Fund  
   152.    Education Investment Fund to inherit investments of the Higher Education Endowment Fund  
   153.    Management of investments of the Education Investment Fund  
   154.    Education Investment Fund Investment Mandate  
   155.    Limitation on Education Investment Fund Investment Mandate  
   156.    Future Fund Board to be consulted on Education Investment Fund Investment Mandate  
   157.    Compliance with Education Investment Fund Investment Mandate  
   158.    Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001  
   159.    Borrowing  
   160.    Education Investment Fund investment policies  
   161.    Derivatives  
   162.    Additional financial assets  
   163.    Securities lending arrangements  
   164.    Investment managers  
   165.    Custody of securities  
   166.    Refund of franking credits  
   167.    Realisation of non-financial assets  
   168.    Additional function of the Future Fund Board  

   PART 3.4----PAYMENTS

           Division 1--Introduction

   169.    Simplified outline  

           Division 2--Education Investment Fund Advisory Board

   170.    Education Investment Fund Advisory Board  
   171.    Functions of the EIF Advisory Board  
   172.    EIF evaluation criteria  
   173.    Remuneration and allowances  
   174.    Disclosure of interests  
   175.    Resignation  

           Division 3--Direct payments

   176.    Authorisation of payments  
   177.    Recommendations about payments  
   178.    Grant to a State or Territory--education infrastructure etc.  
   179.    Grant to a person other than a State or Territory--education infrastructure etc.  
   180.    Grant to a person other than a State or Territory--research infrastructure  

           Division 4--Channelling of payments through the EIF Education Portfolio Special Account

   181.    Establishment of the EIF Education Portfolio Special Account  
   182.    Purposes of the EIF Education Portfolio Special Account  
   183.    Channelling of payments through the EIF Education Portfolio Special Account  
   184.    Recommendations about payments--education infrastructure  
   185.    Payments--debit from the EIF Education Portfolio Special Account  
   186.    Grant to a State or Territory--education infrastructure etc.  
   187.    Grant to a person other than a State or Territory--education infrastructure etc.  

           Division 5--Channelling of payments through the EIF Research Portfolio Special Account

   188.    Establishment of the EIF Research Portfolio Special Account  
   189.    Purposes of the EIF Research Portfolio Special Account  
   190.    Channelling of payments through the EIF Research Portfolio Special Account  
   191.    Recommendations about payments--research infrastructure and transitional HEEF payments  
   192.    Payments--debit from the EIF Research Portfolio Special Account  
   193.    Grant to a person other than a State or Territory--research infrastructure  

           Division 6--Channelling of State

   194.    Channelling of State/Territory grants payments through the COAG Reform Fund  
   195.    Recommendations about grants payments  
   196.    Transfers from the EIF Education Portfolio Special Account to the COAG Reform Fund  
   197.    Grants payments--debit from the COAG Reform Fund  
   198.    Grant to a State or Territory--education infrastructure  

           Division 7--Total payments for a financial year

   199.    General drawing rights limit in relation to a financial year  
   200.    Drawing rights in relation to other financial years  
   201.    No drawing rights to be issued if there is no general drawing rights limit in relation to a financial year  
   202.    Total payments to depend primarily on the macroeconomic circumstances  

   PART 3.5----REPORTING OBLIGATIONS ETC.

   203.    Finance Minister may require Future Fund Board to prepare reports or give information  
   204.    Keeping the responsible Ministers informed etc.  
   205.    Finance Minister may give reports to other Ministers etc.  

   PART 3.6----MISCELLANEOUS

   206.    Investment provisions do not apply to certain assets  
   207.    Delegation by the Finance Minister  
   208.    Delegation by the Treasurer  
   209.    Delegation by the Education Minister  
   210.    Delegation by the Research Minister  
            

CHAPTER 4--Health and Hospitals Fund
            

   PART 4.1----INTRODUCTION

   211.    Object  
   212.    Simplified outline  

   PART 4.2----HEALTH AND HOSPITALS FUND

           Division 1--Introduction

   213.    Simplified outline  

           Division 2--Establishment of the Health and Hospitals Fund etc

   214.    Establishment of the Health and Hospitals Fund  
   215.    Establishment of the Health and Hospitals Fund Special Account  

           Division 3--Credits of amounts to the Health and Hospitals Fund

   216.    Initial credits of amounts to the Health and Hospitals Fund Special Account  
   217.    Subsequent credits of amounts to the Health and Hospitals Fund Special Account--determinations by the responsible Ministers  

           Division 4--Debits of amounts from the Health and Hospitals Fund

   218.    Purposes of the Health and Hospitals Fund Special Account--payments purposes and purposes related exclusively to the Health and Hospitals Fund  
   219.    Purposes of the Health and Hospitals Fund Special Account--purposes not related exclusively to the Health and Hospitals Fund  
   220.    Extended meaning of payment in relation to the creation or development of health infrastructure  
   221.    Future Fund Board must ensure that there is sufficient money in the Health and Hospitals Fund Special Account to cover authorised payments etc.  

           Division 5--Inter-fund transfers

   222.    Transfers from the Health and Hospitals Fund to the Future Fund  
   223.    Transfers from the Health and Hospitals Fund to the Building Australia Fund  
   224.    Transfers from the Health and Hospitals Fund to the Education Investment Fund  

   PART 4.3----INVESTMENT OF THE HEALTH AND HOSPITALS FUND

   225.    Simplified outline  
   226.    Objects of investment of the Health and Hospitals Fund  
   227.    Investment of the Health and Hospitals Fund  
   228.    Management of investments of the Health and Hospitals Fund  
   229.    Health and Hospitals Fund Investment Mandate  
   230.    Limitation on Health and Hospitals Fund Investment Mandate  
   231.    Future Fund Board to be consulted on Health and Hospitals Fund Investment Mandate  
   232.    Compliance with Health and Hospitals Fund Investment Mandate  
   233.    Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001  
   234.    Borrowing  
   235.    Health and Hospitals Fund investment policies  
   236.    Derivatives  
   237.    Additional financial assets  
   238.    Securities lending arrangements  
   239.    Investment managers  
   240.    Custody of securities  
   241.    Refund of franking credits  
   242.    Realisation of non-financial assets  
   243.    Additional function of the Future Fund Board  

   PART 4.4----PAYMENTS

           Division 1--Introduction

   244.    Simplified outline  

           Division 2--Health and Hospitals Fund Advisory Board

   245.    Health and Hospitals Fund Advisory Board  
   246.    Functions of the HHF Advisory Board  
   247.    HHF evaluation criteria  
   248.    Remuneration and allowances  
   249.    Disclosure of interests  
   250.    Resignation  

           Division 3--Direct payments

   251.    Authorisation of payments  
   252.    Recommendations about payments  
   253.    Grant to a State or Territory  
   254.    Grant to a person other than a State or Territory  

           Division 4--Channelling of payments through the HHF Health Portfolio Special Account

   255.    Establishment of the HHF Health Portfolio Special Account  
   256.    Purpose of the HHF Health Portfolio Special Account  
   257.    Channelling of payments through the HHF Health Portfolio Special Account  
   258.    Recommendations about payments  
   259.    Payments--debit from the HHF Health Portfolio Special Account  
   260.    Grant to a State or Territory  
   261.    Grant to a person other than a State or Territory  

           Division 5--Channelling of State

   262.    Channelling of State/Territory grants payments through the COAG Reform Fund  
   263.    Recommendations about grants payments  
   264.    Transfers from the HHF Health Portfolio Special Account to the COAG Reform Fund  
   265.    Grants payments--debit from the COAG Reform Fund  
   266.    Grant to a State or Territory  

           Division 6--Total payments for a financial year

   267.    General drawing rights limit in relation to a financial year  
   268.    Drawing rights in relation to other financial years  
   269.    No drawing rights to be issued if there is no general drawing rights limit in relation to a financial year  
   270.    Total payments to depend primarily on the macroeconomic circumstances  

   PART 4.5----REPORTING OBLIGATIONS ETC.

   271.    Finance Minister may require Future Fund Board to prepare reports or give information  
   272.    Keeping the responsible Ministers informed etc.  
   273.    Finance Minister may give reports to other Ministers etc.  

   PART 4.6----MISCELLANEOUS

   274.    Investment provisions do not apply to certain assets  
   275.    Delegation by the Finance Minister  
   276.    Delegation by the Treasurer  
   277.    Delegation by the Health Minister  
            

CHAPTER 5--Regulations
            

   278.    Regulations