•       The Education Investment Fund Advisory Board is established.

•       The Education Investment Fund Advisory Board is to advise the Education Minister about the following matters:

               (a)     the making of payments in relation to the creation or development of higher education infrastructure;

              (b)     the making of payments in relation to the creation or development of vocational education and training infrastructure;

               (c)     the making of payments in relation to the creation or development of eligible education infrastructure.

•       The Education Investment Fund Advisory Board is to advise the Research Minister about the making of payments in relation to the creation or development of research infrastructure.

•       The Education Investment Fund Advisory Board is to advise the EIF designated Ministers about the making of transitional HEEF payments.

•       The Finance Minister may authorise:

               (a)     payments in relation to the creation or development of higher education infrastructure; and

              (b)     payments in relation to the creation or development of vocational education and training infrastructure; and

               (c)     payments in relation to the creation or development of eligible education infrastructure;

       on the recommendation of the Education Minister.

•       The Finance Minister may authorise payments in relation to the creation or development of research infrastructure on the recommendation of the Research Minister.

•       The Finance Minister may authorise transitional HEEF payments on the recommendation of the EIF designated Ministers.

•       If a payment is made by way of a grant of financial assistance, the terms and conditions on which the financial assistance is granted are to be set out in a written agreement between the Commonwealth and the recipient.

•       Payments may be channelled through the EIF Education Portfolio Special Account or the EIF Research Portfolio Special Account.

•       Grants of financial assistance to the States and Territories may be channelled through the COAG Reform Fund.

•       The Finance Minister must comply with general drawing rights limits.

•       The total amount of payments made in each financial year will depend on the macroeconomic circumstances.