Contents

Part 1--Preliminary                                                                                                             1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

2A......... Object.................................................................................................. 2

3............ Simplified outline of this Act.............................................................. 3

4............ Definitions.......................................................................................... 4

5............ Crown to be bound............................................................................. 8

6............ Extension to external Territories.......................................................... 9

7............ Extra-territorial application.................................................................. 9

Part 2--Housing Australia Future Fund                                                               10

Division 1--Introduction                                                                                          10

8............ Simplified outline of this Part............................................................ 10

Division 2--Establishment of the Housing Australia Future Fund and the Housing Australia Future Fund Special Account                                                                                   11

9............ Establishment of the Housing Australia Future Fund....................... 11

10.......... Establishment of the Housing Australia Future Fund Special Account 11

Division 3--Credits of amounts to the Housing Australia Future Fund Special Account            12

11.......... Credits of amounts............................................................................ 12

Division 4--Debits of amounts from the Housing Australia Future Fund            13

12.......... Main purposes of the Housing Australia Future Fund Special Account  13

13.......... Purposes of the Housing Australia Future Fund Special Account--purposes related exclusively to the investments etc. of the Housing Australia Future Fund.............................................. 13

14.......... Purposes of the Housing Australia Future Fund Special Account--purposes not related exclusively to the Housing Australia Future Fund....................................................................... 14

15.......... Future Fund Board must ensure that the balance of the Housing Australia Future Fund Special Account is sufficient to cover authorised debits etc................................................................ 16

16.......... Transfers from the Housing Australia Future Fund to the Future Fund 16

Part 3--Grants                                                                                                                      17

Division 1--Introduction                                                                                          17

17.......... Simplified outline of this Part............................................................ 17

Division 2--Grants                                                                                                      18

18.......... Grants............................................................................................... 18

19.......... Terms and conditions of grants......................................................... 19

20.......... Designated Minister has powers etc. of the Commonwealth............. 19

21.......... Conferral of powers on a designated Minister.................................. 20

22.......... Constitutional limits--grants to persons or bodies other than a State or Territory    20

23.......... Executive power of the Commonwealth............................................ 21

24.......... Publication of information relating to grants..................................... 21

Division 3--Housing Australia Future Fund Payments Special Account              23

25.......... Housing Australia Future Fund Payments Special Account............. 23

26.......... Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account................................................................................ 23

27.......... Other credits to the Housing Australia Future Fund Payments Special Account      25

28.......... Purpose of the Housing Australia Future Fund Payments Special Account             25

Division 4--Channelling State/Territory grants through the COAG Reform Fund      26

29.......... Channelling State/Territory grants through the COAG Reform Fund 26

30.......... Debits from the COAG Reform Fund.............................................. 27

31.......... Other credits to the Housing Australia Future Fund Special Account 27

Part 4--Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account                                                                                                  29

32.......... Simplified outline of this Part............................................................ 29

33.......... Requested transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account.......................................................................................................... 29

33A....... Guaranteed transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account............................................................................................. 31

33B....... Meaning of designated annual amount............................................. 32

33C....... Determination of designated annual amount...................................... 32

33D....... Determination of designated annual amount--advice given by the Future Fund Board           33

33E........ Indexation of designated annual amount........................................... 34

34.......... Debits from the Housing Australia Special Account......................... 35

Part 5--Limit on amounts debited from the Housing Australia Future Fund Special Account               37

35.......... Simplified outline of this Part............................................................ 37

36.......... Limit on amounts debited from the Housing Australia Future Fund Special Account              37

Part 6--Investment of the Housing Australia Future Fund                      38

37.......... Simplified outline of this Part............................................................ 38

38.......... Objects of investment of the Housing Australia Future Fund........... 38

39.......... Investment of the Housing Australia Future Fund............................ 38

40.......... Management of investments of the Housing Australia Future Fund. 39

41.......... Housing Australia Future Fund Investment Mandate....................... 39

42.......... Obligation on Future Fund Board in performing investment functions 41

43.......... Limitation on Housing Australia Future Fund Investment Mandate. 41

44.......... Future Fund Board to be consulted on Housing Australia Future Fund Investment Mandate  42

45.......... Compliance with Housing Australia Future Fund Investment Mandate 42

46.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001    43

47.......... Borrowing......................................................................................... 43

48.......... Housing Australia Future Fund investment policies......................... 44

49.......... Derivatives........................................................................................ 45

50.......... Additional financial assets................................................................. 46

51.......... Securities lending arrangements........................................................ 46

52.......... Investment managers......................................................................... 47

53.......... Refund of franking credits................................................................ 47

54.......... Realisation of non-financial assets.................................................... 48

55.......... Additional function of the Future Fund Board.................................. 48

Part 7--Reporting obligations etc.                                                                             49

56.......... Simplified outline of this Part............................................................ 49

57.......... Finance Minister may require Future Fund Board to prepare reports or give information        49

58.......... Keeping the responsible Ministers informed etc................................ 50

59.......... Finance Minister may give reports, documents and other information to other Ministers        50

Part 8--Miscellaneous                                                                                                       51

60.......... Simplified outline of this Part............................................................ 51

61.......... Delegation by the Finance Minister................................................... 51

62.......... Delegation by the Treasurer.............................................................. 51

63.......... Delegation by a designated Minister................................................. 52

64.......... Delegation by the Housing Minister................................................. 53

65.......... Reviews of operation of Act............................................................. 53

66.......... Rules................................................................................................. 54

 

 

Housing Australia Future Fund Act 2023

No. 79, 2023

 

An Act to establish the Housing Australia Future Fund, and for other purposes

[Assented to 28 September 2023]

The Parliament of Australia enacts: