*       This Act sets up the Higher Education Endowment Fund which consists of:

               (a)     the Higher Education Endowment Fund Special Account; and

               (b)     the investments of the Higher Education Endowment Fund.

*       The main purposes of the Higher Education Endowment Fund Special Account are:

               (a)     to make grants of financial assistance to eligible higher education institutions in relation to capital expenditure; and

               (b)     to make grants of financial assistance to eligible higher education institutions in relation to research facilities.

*       This Act establishes the Higher Education Endowment Fund Advisory Board to advise the Education Minister about grants.

*       The Education Minister is responsible for authorising grants.

*       The total amount of grants authorised in a financial year must not exceed the maximum grants amount calculated in accordance with the Maximum Grants Rules.

*       The terms and conditions on which financial assistance is granted are to be set out in a written agreement between the Commonwealth and the eligible higher education institution concerned.

*       The Future Fund Board of Guardians is responsible for deciding how to invest the Higher Education Endowment Fund.

*       Investments of the Higher Education Endowment Fund will consist of financial assets.

*       The Future Fund Board of Guardians is bound by a Higher Education Endowment Fund Investment Mandate given to it by the responsible Ministers.