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Nation-building Funds (Consequential Amendments) Bill 2008

Schedule 2 Amendments

   

Future Fund Act 2006

1  Section 4 (note)

Omit “the Higher Education Endowment Fund Act 2007 ”, substitute “the Nation-building Funds Act 2008 ”.

2  Section 5

Insert:

acquire includes acquire by way of issue.

3  Section 5

Insert:

Building Australia Fund means the Building Australia Fund established by section 12 of the Nation-building Funds Act 2008 .

4  Section 5

Insert:

Building Australia Fund Special Account means the Building Australia Fund Special Account established by section 13 of the Nation-building Funds Act 2008 .

5  Section 5

Insert:

Communications Minister has the same meaning as in the Nation-building Funds Act 2008 .

6  Section 5

Insert:

Education Investment Fund means the Education Investment Fund established by section 131 of the Nation-building Funds Act 2008 .

7  Section 5

Insert:

Education Investment Fund Special Account means the Education Investment Fund Special Account established by section 132 of the Nation-building Funds Act 2008 .

8  Section 5 (definition of Education Minister )

Repeal the definition, substitute:

Education Minister has the same meaning as in the Nation-building Funds Act 2008 .

9  Section 5

Insert:

Energy Minister has the same meaning as in the Nation-building Funds Act 2008 .

10  Section 5

Insert:

Health and Hospitals Fund means the Health and Hospitals Fund established by section 214 of the Nation-building Funds Act 2008 .

11  Section 5

Insert:

Health and Hospitals Fund Special Account means the Health and Hospitals Fund Special Account established by section 215 of the Nation-building Funds Act 2008 .

12  Section 5

Insert:

Health Minister has the same meaning as in the Nation-building Funds Act 2008 .

13  Section 5 (definition of Higher Education Endowment Fund )

Repeal the definition.

14  Section 5 (definition of Higher Education Endowment Fund investment function )

Repeal the definition.

15  Section 5 (definition of Higher Education Endowment Fund matter )

Repeal the definition.

16  Section 5 (definition of Higher Education Endowment Fund Special Account )

Repeal the definition.

17  Section 5

Insert:

Infrastructure Minister has the same meaning as in the Nation-building Funds Act 2008 .

18  Section 5

Insert:

Research Minister has the same meaning as in the Nation-building Funds Act 2008 .

19  Section 5

Insert:

Water Minister has the same meaning as in the Nation-building Funds Act 2008 .

20  Section 13

After “Schedules 1, 2”, insert “, 2A”.

21  Section 13 (after note 2)

Insert:

Note 2A:    Schedule 2A is about transfers of amounts from the Future Fund to the Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund.

22  Subsection 28(5)

Repeal the subsection, substitute:

             (5)  Neither of the following Acts:

                     (a)  this Act;

                     (b)  the Nation-building Funds Act 2008 ;

prevents the same person from being engaged as an investment manager under 2 or more of the following provisions:

                     (c)  subsection (1) of this section;

                     (d)  subsection 45(1) of the Nation-building Funds Act 2008 ;

                     (e)  subsection 164(1) of the Nation-building Funds Act 2008 ;

                      (f)  subsection 239(1) of the Nation-building Funds Act 2008 .

23  Section 33 (note)

Omit “the Higher Education Endowment Fund Act 2007 ”, substitute “the Nation-building Funds Act 2008 ”.

24  Paragraph 35(b)

Repeal the paragraph, substitute:

                     (b)  such other functions as are conferred on the Board by:

                              (i)  this Act; or

                             (ii)  the Nation-building Funds Act 2008 ;

25  Subsection 55(3)

Repeal the subsection, substitute:

             (3)  Subsections (1) and (2) do not apply to the operations of the Board under the Nation-building Funds Act 2008 .

26  Section 60 (at the end of the penalty)

Add “or 2,000 penalty units, or both”.

27  Section 61 (at the end of the penalty)

Add “or 2,000 penalty units, or both”.

28  Section 62 (at the end of the penalty)

Add “or 2,000 penalty units, or both”.

29  Paragraph 63(1)(b)

Repeal the paragraph, substitute:

                     (b)  the Nation-building Funds Act 2008 ;

30  Paragraph 63(2)(aa)

Repeal the paragraph, substitute:

                    (aa)  the Nation-building Funds Act 2008 ; or

31  Subparagraph 65(b)(ii)

Repeal the subparagraph, substitute:

                             (ii)  after making an independent assessment of the information or advice, having regard to the Board member’s knowledge of the Board and the complexity of the structure and operations of the Board; and

32  Paragraph 81(1)(h)

Omit “and”.

Note:       The following heading to subsection 81(1) is inserted “ Board, Agency and Future Fund ”.

33  Paragraphs 81(1)(i) to (n)

Repeal the paragraphs.

34  After subsection 81(1)

Insert:

Building Australia Fund

          (1A)  A report under subsection (1) for a financial year must include a report of:

                     (a)  the performance of the investments of the Building Australia Fund; and

                     (b)  the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 18(1)(i) of the Nation-building Funds Act 2008 ; and

                     (c)  the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(d) of the Nation-building Funds Act 2008 ; and

                     (d)  the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(e) of the Nation-building Funds Act 2008 ; and

                     (e)  the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(f) of the Nation-building Funds Act 2008 ; and

                      (f)  the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(g) of the Nation-building Funds Act 2008 ;

during the financial year.

Education Investment Fund

          (1B)  A report under subsection (1) for a financial year must include a report of:

                     (a)  the performance of the investments of the Education Investment Fund; and

                     (b)  the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 136(1)(i) of the Nation-building Funds Act 2008 ; and

                     (c)  the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(d) of the Nation-building Funds Act 2008 ; and

                     (d)  the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(e) of the Nation-building Funds Act 2008 ; and

                     (e)  the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(f) of the Nation-building Funds Act 2008 ; and

                      (f)  the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(g) of the Nation-building Funds Act 2008 ;

during the financial year.

Health and Hospitals Fund

          (1C)  A report under subsection (1) for a financial year must include a report of:

                     (a)  the performance of the investments of the Health and Hospitals Fund; and

                     (b)  the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 218(1)(e) of the Nation-building Funds Act 2008 ; and

                     (c)  the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(d) of the Nation-building Funds Act 2008 ; and

                     (d)  the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(e) of the Nation-building Funds Act 2008 ; and

                     (e)  the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(f) of the Nation-building Funds Act 2008 ; and

                      (f)  the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(g) of the Nation-building Funds Act 2008 ;

during the financial year.

35  Subsection 81(2)

Omit “and (j) to (n)”.

Note:       The following heading to subsection 81(2) is inserted “ Benchmarks ”.

36  After subsection 81(2)

Insert:

          (2A)  A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1A)(b) to (f).

          (2B)  A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1B)(b) to (f).

          (2C)  A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1C)(b) to (f).

Note:       The following heading to subsection 81(3) is inserted “ Tabling of report ”.

37  Subsection 81(4)

Repeal the subsection, substitute:

             (4)  As soon as practicable after receiving a report under this section, the nominated Minister must give a copy of the report to the following Ministers:

                     (a)  the Communications Minister;

                     (b)  the Education Minister;

                     (c)  the Energy Minister;

                     (d)  the Health Minister;

                     (e)  the Infrastructure Minister;

                      (f)  the Research Minister;

                     (g)  the Water Minister.

38  After section 83

Insert:

83A   Delegation by the nominated Minister

             (1)  The nominated Minister may, by writing, delegate any or all of his or her powers under:

                     (a)  section 84; or

                     (b)  Schedule 2A;

to:

                     (c)  the Secretary of a Department; or

                     (d)  an SES employee, or acting SES employee, in a Department.

Note:          The expressions SES employee and acting SES employee are defined in section 17AA of the Acts Interpretation Act 1901 .

             (2)  In exercising powers under a delegation, the delegate must comply with any directions of the nominated Minister.

83B   Delegation by the Board

             (1)  The Board may, by writing, delegate any or all of its powers under:

                     (a)  subsection 28(1) of this Act; or

                     (b)  subsection 45(1) of the Nation-building Funds Act 2008 ; or

                     (c)  subsection 164(1) of the Nation-building Funds Act 2008 ; or

                     (d)  subsection 239(1) of the Nation-building Funds Act 2008 ;

to:

                     (e)  the Chair; or

                      (f)  an SES employee, or acting SES employee, in the Agency.

Note:          The expressions SES employee and acting SES employee are defined in section 17AA of the Acts Interpretation Act 1901 .

             (2)  In exercising powers under a delegation, the delegate must comply with any directions of the Board.

39  Paragraph 84(1)(b)

Repeal the paragraph, substitute:

                     (b)  none of the following:

                              (i)  another provision of this Act;

                             (ii)  a provision of the Nation-building Funds Act 2008 ;

                            requires the amount to be credited to:

                            (iii)  the Fund Account; or

                            (iv)  the Building Australia Fund Special Account; or

                             (v)  the Education Investment Fund Special Account; or

                            (vi)  the Health and Hospitals Fund Special Account;

40  Subsections 84(2), (3) and (4)

Repeal the subsections, substitute:

Transfer of amounts to the Building Australia Fund Special Account

             (2)  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 Building Australia Fund Special Account;

on a specified day.

Transfer of amounts to the Education Investment Fund Special Account

             (3)  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 Education Investment Fund Special Account;

on a specified day.

Transfer of amounts to the Health and Hospitals Fund Special Account

             (4)  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 Health and Hospitals Fund Special Account;

on a specified day.

Other provisions

             (5)  If:

                     (a)  an amount (the first amount ) is credited to the Fund account under subsection (1); and

                     (b)  one or more amounts (the transfer amounts ) are specified under any or all of subsections (2), (3) and (4) in relation to the first amount;

the sum of the transfer amounts must not exceed the first amount.

             (6)  A direction under subsection (2), (3) or (4) is not a legislative instrument.

41  Subparagraph 2(2)(a)(ii) of Schedule 2

Repeal the subparagraph, substitute:

                             (ii)  paragraph 18(1)(j) of the Nation-building Funds Act 2008 ; or

                            (iii)  paragraph 136(1)(j) of the Nation-building Funds Act 2008 ; or

                            (iv)  paragraph 137(e) of the Nation-building Funds Act 2008 ; or

                             (v)  paragraph 218(1)(f) of the Nation-building Funds Act 2008 ;

42  Subparagraph 2(2)(b)(ii) of Schedule 2

Repeal the subparagraph, substitute:

                             (ii)  paragraph 18(1)(k) of the Nation-building Funds Act 2008 ; or

                            (iii)  paragraph 136(1)(k) of the Nation-building Funds Act 2008 ; or

                            (iv)  paragraph 137(f) of the Nation-building Funds Act 2008 ; or

                             (v)  paragraph 218(1)(g) of the Nation-building Funds Act 2008 ;

43  Subparagraph 2(2)(c)(ii) of Schedule 2

Repeal the subparagraph, substitute:

                             (ii)  a paragraph of subsection 18(1) of the Nation-building Funds Act 2008 ; or

                            (iii)  a paragraph of subsection 136(1) of the Nation-building Funds Act 2008 ; or

                            (iv)  a paragraph of section 137 of the Nation-building Funds Act 2008 ; or

                             (v)  a paragraph of subsection 218(1) of the Nation-building Funds Act 2008 ;

44  After Schedule 2

Insert:

Schedule 2A Inter-fund transfers

Note:       See section 13.

   

   

1   Simplified outline

                   The following is a simplified outline of this Schedule:

•      Amounts may be transferred from the Future Fund to the Building Australia Fund, the Education Investment Fund or the Health and Hospitals Fund.

2   Transfers from the Future Fund to the Building Australia Fund

             (1)  If an amount is debited from the Building Australia Fund Special Account for a purpose mentioned in section 20 of the Nation-building Funds Act 2008 , 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 Building Australia Fund Special Account;

on a specified day.

             (2)  The specified amount must not exceed the amount debited from the Building Australia Fund Special Account as mentioned in subsection (1).

             (3)  A direction under subsection (1) is not a legislative instrument.

3   Transfers from the Future Fund to the Education Investment Fund

             (1)  If an amount is debited from the Education Investment Fund Special Account for a purpose mentioned in section 138 of the Nation-building Funds Act 2008 , 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 Education Investment Fund Special Account;

on a specified day.

             (2)  The specified amount must not exceed the amount debited from the Education Investment Fund Special Account as mentioned in subsection (1).

             (3)  A direction under subsection (1) is not a legislative instrument.

4   Transfers from the Future Fund to the Health and Hospitals Fund

             (1)  If an amount is debited from the Health and Hospitals Fund Special Account for a purpose mentioned in section 219 of the Nation-building Funds Act 2008 , 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 Health and Hospitals Fund Special Account;

on a specified day.

             (2)  The specified amount must not exceed the amount debited from the Health and Hospitals Fund Special Account as mentioned in subsection (1).

             (3)  A direction under subsection (1) is not a legislative instrument.

Income Tax Assessment Act 1997

45  Subsection 30-25(2) (table item 2.2.35)

Repeal the item.

46  Subsection 30-25(3)

Repeal the subsection.

47  Subsection 30-315(2) (table item 56A)

Repeal the item.

Telecommunications (Consumer Protection and Service Standards) Act 1999

48  Part 9C

Repeal the Part.

49  Subsection 159B(1)

Omit “(1)”.

50  Subsection 159B(2)

Repeal the subsection.

Telstra Corporation Act 1991

51  Section 3 (definition of Communications Fund )

Repeal the definition.

52  Subsection 3B(3)

Omit “or the Communications Fund”.

Note:       The heading to subsection 3B(3) is altered by omitting “ and Communications Fund ”.

53  Subsection 8AJ(6D)

Omit “or the Communications Fund”.

54  Subsection 8AYB(4)

Omit “or the Communications Fund”.

Note:       The heading to subsection 8AYB(4) is altered by omitting “ and Communications Fund ”.

55  Section 8AYD

Omit “or the Communications Fund”.

56  Subclause 12(4AA) of the Schedule

Omit “or the Communications Fund”.