Transfers from the Future Fund to the Housing Australia Future Fund
5B Transfers from the Future Fund to the Housing Australia Future Fund
If an amount is debited from the Housing Australia Future Fund Special Account for a purpose mentioned in section 14 of the Housing Australia Future Fund Act 2023, the nominated Minister may, by writing, direct that a specified amount is to be:
debited from the Fund Account; and
credited to the Housing Australia Future Fund Special Account;
on a specified day.
The specified amount must not exceed the amount debited from the Housing Australia Future Fund Special Account as mentioned in subclause (1).
A direction under subclause (1) is not a legislative instrument.
Housing Australia Act 2018
40 Section 47C (heading)
Omit “Purpose”, substitute “Purposes”.
41 Subsection 47C(1)
Repeal the subsection, substitute:
Each of the following is a purpose of the Account:
to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);
to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).
See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).
42 After subsection 47C(2)
Insert:
Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its functions mentioned in paragraphs 8(1)(a) and (2)(a), in relation to any of the following:
acute housing needs;
social housing;
affordable housing.
This subsection confers a function on Housing Australia to apply the payments from the Commonwealth mentioned in paragraph (1)(b). This means the Investment Mandate may include directions about how Housing Australia applies those payments.
A payment under paragraph (1)(b) must not be made before 1 July 2023.
43 Subsection 47C(3)
Omit “Subsection (2) does”, substitute “Subsections (2) and (2A) do”.
Medical Research Future Fund Act 2015
44 After subparagraph 19(a)(ib)
Insert:
paragraph 13(e) of the Housing Australia Future Fund Act 2023; or
45 After subparagraph 19(b)(ib)
Insert:
paragraph 13(f) of the Housing Australia Future Fund Act 2023; or
46 After subparagraph 19(c)(ib)
Insert:
a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or
[Minister’s second reading speech made in—
House of Representatives on 9 February 2023
Senate on 6 March 2023]
(4/23)
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