7. (1) The functions of the Authority are—
(a) to be an agency for the provision, development and management, on behalf of the Territory, of land in the Gungahlin Central Area;
(b) to undertake, promote and co-ordinate the development of land in the Gungahlin Central Area;
(c) to exercise such functions on behalf of the Executive as it is authorised to exercise by a law of the Territory or by an instrument;
(d) where appropriate for the purpose of discharging its other functions—to construct buildings, structures and facilities (including community facilities) and to manage and maintain them, or to participate in such construction, management or maintenance; and
(e) to act as a concurring authority for controlled activities for the purposes of the Land (Planning and Environment) Act 1991 and as an advisory body in relation to implementation plans for the purposes of the Buildings (Design and Siting) Act 1964 .
(2) The Authority shall perform its functions—
(a) in a manner that is consistent with the social and economic needs of the Territory;
(b) in accordance with prudent commercial principles;
(c) in consultation with residents of the Territory and, in particular, of Gungahlin;
(d) in a manner that exhibits a sense of social responsibility by having regard to the interests of the community in which it operates; and
(e) where its activities affect the environment—in compliance with the principles of ecologically sustainable development.
(3) For the purposes of paragraph (2) (e), ecologically sustainable development is to be taken to require the effective integration of economic and environmental considerations in decision-making processes and to be achievable through implementation of the following principles:
(a) the precautionary principle, namely, that if there is a threat of serious or irreversible environmental damage, a lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation;
(b) the inter-generational equity principle, namely, that the present generation should ensure that the health, diversity and productivity of the environment is maintained or enhanced for the benefit of future generations;
(c) conservation of biological diversity and ecological integrity;
(d) improved valuation and pricing of environmental resources.