Payment of up to balance of specified amounts on request by ARENA
65 Payment of up to balance of specified amounts on request by ARENA
Subject to this section, ARENA may, during a financial year specified in the table in section 64, request payments from the Commonwealth to meet liabilities of ARENA:
that are already due for payment; or
that will, or are expected to, become due for payment during the year.
A request must:
be made to meet liabilities of ARENA:
that are already due for payment; or
that will, or are expected to, become due for payment during a period specified in the request; and
specify the amount of the payment requested.
The following matters are to be as agreed between ARENA and the Minister:
how requests are to be made, including:
the form in which a request is to be made; and
the person to whom a request is to be given;
the frequency with which ARENA may make requests;
the period that may be specified in a request as mentioned in subparagraph (2)(a)(ii).
ARENA cannot make requests during a financial year that exceed in total the amount specified for the year in the table in section 64.
The amounts specified in the table may be affected by subsection 64(2) or (4).
If ARENA makes a request for payment in accordance with this section (and in accordance with an agreement referred to in subsection (3)), the Commonwealth must, as soon as practicable, pay ARENA the amount requested.
This Act’s bill:Explanatory memorandumSecond reading speech
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