1Short title
This Act is the Housing Australia Future Fund Act 2023.
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Bill homepage (APH)This Act is the Housing Australia Future Fund Act 2023.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
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Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this Act | A single day to be fixed by Proclamation. However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. | 1 November 2023 (F2023N00456) |
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
The object of this Act is to provide a funding mechanism:
to address acute housing needs, including the acute housing needs of:
Indigenous persons; and
women; and
children; and
veterans; and
to enable support to be provided to increase the availability of social housing and affordable housing.
• This Act establishes the Housing Australia Future Fund, which will enhance the Commonwealth’s ability to:
make grants in relation to acute housing needs, social housing or affordable housing; and
make payments to Housing Australia for the purposes of enabling Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.
• The Housing Australia Future Fund consists of:
the Housing Australia Future Fund Special Account; and
the investments of the Housing Australia Future Fund.
• The Future Fund Board is responsible for deciding how to invest the Housing Australia Future Fund. In doing so, the Future Fund Board is bound by the Housing Australia Future Fund Investment Mandate given to it by the responsible Ministers.
• A grant may be made in relation to acute housing needs, social housing or affordable housing.
• This Act establishes the Housing Australia Future Fund Payments Special Account.
• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account.
• The purpose of the Housing Australia Future Fund Payments Special Account is to make grants in relation to acute housing needs.
• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to acute housing needs, social housing or affordable housing.
• Amounts will be transferred from the Housing Australia Future Fund Special Account to the Housing Australia Special Account for the purposes of enabling Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.
In this Act:
Aboriginal person has the same meaning as in the Aboriginal and Torres Strait Islander Act 2005.
acquire includes acquire by way of issue.
Agency means the Future Fund Management Agency.
Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.
asset has the same meaning as in the Future Fund Act 2006.
balance of the Housing Australia Future Fund means the sum of:
amounts standing to the credit of the Housing Australia Future Fund Special Account; and
the value of investments of the Housing Australia Future Fund.
bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
business entity means:
a company; or
a partnership; or
a trust; or
a body politic.
child: without limiting who is a child of another person for the purposes of this Act, a person is the child of another person if the person is a child of the other person within the meaning of the Family Law Act 1975.
Commonwealth employee means:
a person who is employed by the Commonwealth or an authority of the Commonwealth; or
a person who holds, or is acting in, an office under:
a law of the Commonwealth; or
the Constitution.
Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
de facto partner of a person has the meaning given by the Acts Interpretation Act 1901.
derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.
designated annual amount has the meaning given by section 33B.
designated Minister means:
the Housing Minister; or
the Indigenous Australians Minister; or
the Social Services Minister; or
the Veterans’ Affairs Minister.
Executive Agency has the same meaning as in the Public Service Act 1999.
family member of a person means:
the person’s spouse; or
the person’s de facto partner; or
a child or step‑child of the person.
Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.
Finance Department means the Department administered by the Finance Minister.
Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
financial asset has the same meaning as in the Future Fund Act 2006.
Future Fund Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006.
Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.
Housing Australia Future Fund means the Housing Australia Future Fund established by section 9.
Housing Australia Future Fund investment function of the Future Fund Board means:
a function or power conferred on the Future Fund Board by section 39, 40, 47, 49, 51 or 52; or
a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the Housing Australia Future Fund.
Housing Australia Future Fund Investment Mandate has the meaning given by subsection 41(3).
Housing Australia Future Fund Payments Special Account means the Housing Australia Future Fund Payments Special Account established by section 25.
Housing Australia Future Fund Special Account means the Housing Australia Future Fund Special Account established by section 10.
Housing Australia Special Account means the Housing Australia Special Account established by section 47A of the Housing Australia Act 2018.
Housing Minister means:
the Minister declared by the Prime Minister, by notifiable instrument, to be the Housing Minister for the purposes of this Act; or
if no declaration is in force under paragraph (a)—the Minister who administers the Housing Australia Act 2018.
Indigenous Australians Minister means the Minister who administers the Aboriginal and Torres Strait Islander Act 2005.
Indigenous person means:
an Aboriginal person; or
a Torres Strait Islander.
investment means any mode of application of money or financial assets for the purpose of gaining a return (whether by way of income, capital gain or any other form of return).
investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:
invest amounts on behalf of the Future Fund Board;
manage the investment of funds on behalf of the Future Fund Board;
acquire derivatives on behalf of the Future Fund Board;
manage derivatives on behalf of the Future Fund Board;
enter into securities lending arrangements on behalf of the Future Fund Board;
realise financial assets on behalf of the Future Fund Board;
perform custodial functions in relation to the financial assets of the Future Fund Board.
investment of the Housing Australia Future Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the Housing Australia Future Fund.
official of a Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
person includes a partnership.
See also subsection 2C(1) of the Acts Interpretation Act 1901.
realise includes redeem or dispose of.
responsible Ministers means:
the Treasurer; and
the Finance Minister.
rules means rules made under section 66.
Social Services Minister means the Minister who administers section 1 of the Social Security Act 1991.
stepchild: without limiting who is a stepchild of another person for the purposes of this Act, a child of a de facto partner of the other person is the stepchild of the other person if the child would be the other person’s stepchild except that the other person is not legally married to the partner.
Torres Strait Islander has the same meaning as in the Aboriginal and Torres Strait Islander Act 2005.
Treasury Department means the Department administered by the Treasurer.
value of an investment of the Housing Australia Future Fund means the market value of the investment. For this purpose, disregard anything that would prevent or restrict conversion of a financial asset to money.
veteran has the same meaning as in the Australian Veterans’ Recognition (Putting Veterans and Their Families First) Act 2019.
Veterans’ Affairs Minister means the Minister who administers section 1 of the Military Rehabilitation and Compensation Act 2004.
This Act binds the Crown in each of its capacities.
This Act does not make the Crown liable to be prosecuted for an offence.
This Act extends to every external Territory.
This Act extends to acts, omissions, matters and things outside Australia.
• The Housing Australia Future Fund consists of:
the Housing Australia Future Fund Special Account; and
the investments of the Housing Australia Future Fund.
• $10 billion is to be credited to the Housing Australia Future Fund Special Account.
• The responsible Ministers may determine that additional amounts be credited to the Housing Australia Future Fund Special Account.
• Each of the following is a purpose of the Housing Australia Future Fund Special Account:
to transfer amounts to the Housing Australia Future Fund Payments Special Account for the purposes of making grants in relation to acute housing needs;
to transfer amounts to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to acute housing needs, social housing or affordable housing;
to transfer amounts to the Housing Australia Special Account for the purposes of enabling Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.
• The Housing Australia Future Fund Special Account can be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Housing Australia Future Fund.
The Housing Australia Future Fund is established by this section.
The Housing Australia Future Fund consists of:
the Housing Australia Future Fund Special Account; and
the investments of the Housing Australia Future Fund.
The Housing Australia Future Fund Special Account is established by this section.
The Housing Australia Future Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.
An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.
$10 billion is to be credited to the Housing Australia Future Fund Special Account as soon as practicable after the commencement of this section.
The responsible Ministers may, by writing, determine that:
a specified amount is to be credited to the Housing Australia Future Fund Special Account on a specified day; or
a specified amount is to be credited to the Housing Australia Future Fund Special Account in specified instalments on specified days.
For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.
Amounts must also be credited to the Housing Australia Future Fund Special Account under sections 26, 30, 31, 33, 40, 51 and 53.
A determination under subsection (2) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to the determination.
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