s 57B

Review of financing function

In force

(1)

The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:

(a)

the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and

(b)

each subsequent 12 month period.

(2)

The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.

(3)

The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.

Part 2—Consequential amendments

Housing Australia Act 2018

17 Subsection 47C(2A)

Omit “functions mentioned in paragraphs 8(1)(a) and (2)(a)”, substitute “financing function”.

Schedule 3—Extension of Commonwealth guarantee

Housing Australia Act 2018

1 Subsection 51(2)

Omit “1 July 2023”, substitute “1 July 2028”.

Schedule 4—Consequential matters arising from the Housing Australia Future Fund Act 2023

Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018

1 After subparagraph 16(a)(ia)

Insert:

(iaa)

paragraph 13(e) of the Housing Australia Future Fund Act 2023; or

2 After subparagraph 16(b)(ia)

Insert:

(iaa)

paragraph 13(f) of the Housing Australia Future Fund Act 2023; or

3 After subparagraph 16(c)(ia)

Insert:

(iaa)

a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or

COAG Reform Fund Act 2008

4 Subsection 5(2) (before note 3)

Insert:

Note 2AD: An amount originating in the Housing Australia Future Fund may be transferred to the COAG Reform Fund—see the Housing Australia Future Fund Act 2023.

5 Before paragraph 7(1)(d)

Insert:

(bad)

the grant is not covered by section 30 of the Housing Australia Future Fund Act 2023; and

6 Subsection 7(3) (before note 3)

Insert:

Note 1AD: The provision referred to in paragraph (1)(bad) deals with the channelling, through the COAG Reform Fund, of State/Territory grants payments from the Housing Australia Future Fund established by the Housing Australia Future Fund Act 2023. For terms and conditions of those grants, see the Housing Australia Future Fund Act 2023.

DisabilityCare Australia Fund Act 2013

7 After subparagraph 16(a)(ia)

Insert:

(ib)

paragraph 13(e) of the Housing Australia Future Fund Act 2023; or

8 After subparagraph 16(b)(ia)

Insert:

(ib)

paragraph 13(f) of the Housing Australia Future Fund Act 2023; or

9 After subparagraph 16(c)(ia)

Insert:

(ib)

a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or

Disaster Ready Fund Act 2019

10 After subparagraph 16(a)(i)

Insert:

(ia)

paragraph 13(e) of the Housing Australia Future Fund Act 2023; or

11 After subparagraph 16(b)(i)

Insert:

(ia)

paragraph 13(f) of the Housing Australia Future Fund Act 2023; or

12 After subparagraph 16(c)(i)

Insert:

(ia)

a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or

Future Drought Fund Act 2019

13 After subparagraph 17(a)(iia)

Insert:

(iib)

paragraph 13(e) of the Housing Australia Future Fund Act 2023; or

14 After subparagraph 17(b)(iia)

Insert:

(iib)

paragraph 13(f) of the Housing Australia Future Fund Act 2023; or

15 After subparagraph 17(c)(iia)

Insert:

(iib)

a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or

Future Fund Act 2006

16 Section 4 (note)

Before “the Medical Research Future Fund Act 2015”, insert “the Housing Australia Future Fund Act 2023,”.

17 Section 5

Insert:

Housing Australia Future Fund means the Housing Australia Future Fund established by section 9 of the Housing Australia Future Fund Act 2023.

Housing Australia Future Fund Special Account means the Housing Australia Future Fund Special Account established by section 10 of the Housing Australia Future Fund Act 2023.

Housing Minister has the same meaning as in the Housing Australia Future Fund Act 2023.

Social Services Minister has the same meaning as in the Housing Australia Future Fund Act 2023.

Veterans’ Affairs Minister has the same meaning as in the Housing Australia Future Fund Act 2023.

18 Section 13 (note 2A)

Before “the Medical Research Future Fund”, insert “the Housing Australia Future Fund,”.

19 Before paragraph 28(5)(bb)

Insert:

(bac)

the Housing Australia Future Fund Act 2023;

20 After paragraph 28(5)(ga)

Insert:

(gb)

subsection 52(1) of the Housing Australia Future Fund Act 2023;

21 Section 33 (note)

Before “the Medical Research Future Fund Act 2015”, insert “the Housing Australia Future Fund Act 2023,”.

22 After subparagraph 35(b)(iiia)

Insert:

(iiib)

the Housing Australia Future Fund Act 2023; or

23 After paragraph 55(3)(ba)

Insert:

(bb)

the Housing Australia Future Fund Act 2023; and

24 After paragraph 63(1)(ca)

Insert:

(cb)

the Housing Australia Future Fund Act 2023; or

25 After paragraph 63(2)(aba)

Insert:

(abb)

the Housing Australia Future Fund Act 2023; or

26 After subsection 81(1DA)

Insert:

Housing Australia Future Fund

(1DB)

A report under subsection (1) for a period must include a report of the following during the period:

(a)

the performance of the investments of the Housing Australia Future Fund;

(b)

the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 13(d) of the Housing Australia Future Fund Act 2023;

(c)

the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(d) of the Housing Australia Future Fund Act 2023;

(d)

the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(e) of the Housing Australia Future Fund Act 2023;

(e)

the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(f) of the Housing Australia Future Fund Act 2023.

27 After subsection 81(2DA)

Insert:

(2DB)

A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1DB)(b) to (e).

28 After paragraph 81(4)(daa)

Insert:

(dab)

the Housing Minister;

(dac)

the Social Services Minister;

(dad)

the Veterans’ Affairs Minister;

29 After paragraph 83B(1)(daa)

Insert:

(dab)

subsection 52(1) of the Housing Australia Future Fund Act 2023; or

30 After subparagraph 84(1)(b)(iiaa)

Insert:

(iiab)

a provision of the Housing Australia Future Fund Act 2023;

31 After subparagraph 84(1)(b)(viia)

Insert:

(viib)

the Housing Australia Future Fund Special Account; or

32 After subsection 84(4AA)

Insert:

Transfer of amounts to the Housing Australia Future Fund Special Account

(4AB)

If an amount is credited to the Fund Account under subsection (1), the nominated Minister may, by writing, direct that a specified amount is to be:

(a)

debited from the Fund Account; and

(b)

credited to the Housing Australia Future Fund Special Account;

on a specified day.

33 Paragraph 84(5)(b)

After “(4AA),”, insert “(4AB),”.

34 Subsection 84(6)

After “(4AA),”, insert “(4AB),”.

35 After subparagraph 2(2)(a)(via) of Schedule 2

Insert:

(vib)

paragraph 13(e) of the Housing Australia Future Fund Act 2023; or

36 After subparagraph 2(2)(b)(via) of Schedule 2

Insert:

(vib)

paragraph 13(f) of the Housing Australia Future Fund Act 2023; or

37 After subparagraph 2(2)(c)(via) of Schedule 2

Insert:

(vib)

a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or

38 Clause 1 of Schedule 2A

Before “the Medical Research Future Fund”, insert “the Housing Australia Future Fund,”.

39 After clause 5A of Schedule 2A

Insert:

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