Structured Finance Support (Coronavirus Economic Response Package) Act 2020

The Minister may, by written instrument, delegate to an eligible delegate (see subsection (2)) any of the Minister’s powers or functions under this Act (other than the Minister’s powers under section 13 or 20).

An eligible delegate is an official of the Department of the Treasury, or a listed entity that is prescribed by the rules, who:

is an SES employee; or

is an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position; or

occupies an office or position at an equivalent level to that of an SES employee, or an Executive Level 2 position.

Before delegating a power or function under subsection (1), the Minister must have regard to:

if the power or function is to be delegated to a person holding, occupying, or performing the duties of, a specified office or position—whether the office or position is sufficiently senior for the person to exercise the power or perform the function or duty; or

otherwise—whether the person has appropriate qualifications or expertise to exercise the power or perform the function.

A person exercising powers or performing functions under a delegation under subsection (1) must comply with any written directions of the Minister.

Without limiting subsection (4), directions may be about any of the following:

strategies and policies to be followed for making investments;

decision‑making criteria for making investments;

limits on making investments;

risk and return relating to investments;

governance arrangements relating to investments;

any other matters that the Minister thinks appropriate.

A direction under subsection (4):

must not have the purpose, or be likely to have the effect, of directly or indirectly requiring that a particular investment be made or not be made; and

must not be inconsistent with this Act (including the objects of this Act) or a legislative instrument made under this Act.