Requested transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account
33 Requested transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account
If the Housing Minister decides that one or more payments should be made to Housing Australia:
during a financial year beginning on or after 1 July 2023; and
under paragraph 47C(1)(b) of the Housing Australia Act 2018;
the Housing Minister may, during the financial year, request the Finance Minister to transfer a specified amount (which must equal the total amount of the payments) from the Housing Australia Future Fund Special Account to the Housing Australia Special Account.
Under subsection 47C(2A) of the Housing Australia Act 2018, such a payment enables Housing Australia to make grants and loans in relation to acute housing needs, social housing or affordable housing.
The Housing Minister must not make more than one request under subsection (1) in relation to a particular payment.
To avoid doubt, the Housing Minister may make 2 or more requests under subsection (1) during a financial year.
Transfer
If:
during a financial year, the Housing Minister requests the Finance Minister under subsection (1) to transfer an amount from the Housing Australia Future Fund Special Account to the Housing Australia Special Account; and
the Finance Minister is satisfied that the transfer will not:
if the financial year is the financial year beginning on 1 July 2023—contravene section 36 (annual limit); or
if the financial year is a financial year beginning on or after 1 July 2024—cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 26 and 29 during the financial year to exceed the designated annual amount for the financial year;
the Finance Minister must, in writing, direct that a specified amount (which must equal the requested amount) is to be:
debited from the Housing Australia Future Fund Special Account; and
credited to the Housing Australia Special Account;
on a specified day during the financial year.
A direction under subsection (4) is not a legislative instrument.
If the Finance Minister personally gives a direction under subsection (4), the Finance Minister must give a copy of the direction to the Housing Minister and the Treasurer.
If a delegate of the Finance Minister gives a direction under subsection (4), the delegate must give a copy of the direction to the Treasury Department.
Credits to the Housing Australia Future Fund Special Account where grants or loans cannot be made
If:
the Housing Minister requests the Finance Minister under subsection (1) to transfer an amount from the Housing Australia Future Fund Special Account to the Housing Australia Special Account; and
as a result of the request, an amount has been credited to the Housing Australia Special Account under paragraph (4)(d); and
the payment or payments to which the request relates were to be applied by Housing Australia in making one or more grants or loans; and
one or more of those grants or loans cannot be made;
an amount equal to the total amount of the grants or loans that cannot be made is to be:
debited from the Housing Australia Special Account; and
credited to the Housing Australia Future Fund Special Account.
This Act’s bill:Explanatory memorandumSecond reading speech
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