Amounts available for payment to ARENA
64 Amounts available for payment to ARENA
Subject to section 65, the Commonwealth will, for each financial year specified in the following table, make payments to ARENA up to the amount specified for that year.
Yearly maximum payments to ARENA | ||
|---|---|---|
Item | Financial year | Amount for financial year |
1 | 2024‑2025 | an amount prescribed by the regulations for the purposes of this item (subject to subsection (3)) |
2 | 2025‑2026 | $666,186,000.00 |
3 | 2026‑2027 | $600,443,000.00 |
4 | 2027‑2028 | $715,763,000.00 |
5 | 2028‑2029 | $733,457,000.00 |
6 | 2029‑2030 | $695,532,000.00 |
7 | 2030‑2031 | $683,978,000.00 |
8 | 2031‑2032 | $572,043,000.00 |
9 | 2032‑2033 | $490,000,000.00 |
10 | 2033‑2034 | $465,000,000.00 |
11 | 2034‑2035 | $265,000,000.00 |
12 | 2035‑2036 | $190,000,000.00 |
13 | 2036‑2037 | $115,000,000.00 |
14 | 2037‑2038 | an amount prescribed by the regulations for the purposes of this item (subject to subsection (3)) |
15 | 2038‑2039 | an amount prescribed by the regulations for the purposes of this item (subject to subsection (3)) |
Additional amounts
Items 2 to 13 of the table in subsection (1) have effect as if the amount specified in the item (including by the operation of subsection (4)) were increased by the amount prescribed for the item by regulations made for the purposes of this subsection.
Limit on amounts that may be prescribed by regulation
An amount cannot be prescribed for the purposes of:
item 1, 14 or 15 of the table in subsection (1); or
subsection (2);
if:
the amount exceeds $3,980,000,000; or
the effect of prescribing the amount would be that the sum of all amounts prescribed under provisions mentioned in paragraph (a) or (b) of this subsection would exceed $3,980,000,000.
Carry over of unspent money from one year to next
If the amount specified in any item of the table in subsection (1) for a financial year (as the table has effect in accordance with subsection (2) and this subsection) exceeds the amount paid to ARENA under section 65 in respect of requests made during that year, the table has effect as follows:
if the next financial year is specified in the table—as if the amount specified in the table for that next financial year were increased by an amount equal to the excess; and
in any other case—as if the table included an item that specifies the next financial year and an amount for that next financial year that is equal to the excess.
This Act’s bill:Explanatory memorandumSecond reading speech
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