This Act continues the former Office of National Assessments as the Office of National Intelligence (ONI). ONI's functions include leading the national intelligence community, carrying out evaluations, preparing assessments and reports and otherwise providing advice to the Prime Minister on matters relating to the national intelligence community.

The Director-General manages ONI and ensures the proper, efficient and effective performance of ONI's functions. In carrying out the role, the Director-General may give directions and issue guidelines to be followed by the national intelligence community or particular agencies within the community.

The Director-General has a leadership role in the national intelligence community and also has responsibility for keeping the Prime Minister informed on matters relating to the national intelligence community and the Leader of the Opposition informed on matters relating to intelligence.

This Act also continues the National Assessments Board. The Board considers whether assessments prepared by ONI are national assessments, and considers national assessments.

Commonwealth authorities must provide relevant information to ONI, if requested to do so, for the purpose of ONI preparing assessments relating to international matters. Commonwealth authorities may provide information to ONI for the purpose of ONI preparing assessments relating to international or other matters.

This Act also deals with other matters such as secrecy obligations, providing for privacy rules to be made to protect the collection, communication and handling of identifiable information and other administrative matters.