2022-2023

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Housing Australia Future Fund Bill 2023

 

No.      , 2023

 

(Finance)

 

 

 

A Bill for an Act to establish the Housing Australia Future Fund, and for other purposes

   

   

   

Contents

Part 1—Preliminary                                                                                                              1

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

2A......... Object................................................................................................. 2

3............ Simplified outline of this Act............................................................. 2

4............ Definitions.......................................................................................... 4

5............ Crown to be bound............................................................................. 8

6............ Extension to external Territories........................................................ 8

7............ Extra-territorial application................................................................ 9

Part 2—Housing Australia Future Fund                                                               10

Division 1—Introduction                                                                                             10

8............ Simplified outline of this Part.......................................................... 10

Division 2—Establishment of the Housing Australia Future Fund and the Housing Australia Future Fund Special Account                                                                         11

9............ Establishment of the Housing Australia Future Fund...................... 11

10.......... Establishment of the Housing Australia Future Fund Special Account  11

Division 3—Credits of amounts to the Housing Australia Future Fund Special Account 12

11.......... Credits of amounts............................................................................ 12

Division 4—Debits of amounts from the Housing Australia Future Fund 13

12.......... Main purposes of the Housing Australia Future Fund Special Account 13

13.......... Purposes of the Housing Australia Future Fund Special Account—purposes related exclusively to the investments etc. of the Housing Australia Future Fund................... 13

14.......... Purposes of the Housing Australia Future Fund Special Account—purposes not related exclusively to the Housing Australia Future Fund........................................................ 14

15.......... Future Fund Board must ensure that the balance of the Housing Australia Future Fund Special Account is sufficient to cover authorised debits etc........................................... 16

16.......... Transfers from the Housing Australia Future Fund to the Future Fund  16

Part 3—Grants                                                                                                                       17

Division 1—Introduction                                                                                             17

17.......... Simplified outline of this Part.......................................................... 17

Division 2—Grants                                                                                                         18

18.......... Grants............................................................................................... 18

19.......... Terms and conditions of grants........................................................ 19

20.......... Designated Minister has powers etc. of the Commonwealth........... 19

21.......... Conferral of powers on a designated Minister................................. 20

22.......... Constitutional limits—grants to persons or bodies other than a State or Territory 20

23.......... Executive power of the Commonwealth.......................................... 21

24.......... Publication of information relating to grants................................... 21

Division 3—Housing Australia Future Fund Payments Special Account   23

25.......... Housing Australia Future Fund Payments Special Account............ 23

26.......... Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account............................................................... 23

27.......... Other credits to the Housing Australia Future Fund Payments Special Account    25

28.......... Purpose of the Housing Australia Future Fund Payments Special Account            25

Division 4—Channelling State/Territory grants through the COAG Reform Fund             26

29.......... Channelling State/Territory grants through the COAG Reform Fund 26

30.......... Debits from the COAG Reform Fund.............................................. 27

31.......... Other credits to the Housing Australia Future Fund Special Account 27

Part 4—Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account                                                                            28

32.......... Simplified outline of this Part.......................................................... 28

33.......... Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Special Account.......................................................................................................... 28

34.......... Debits from the Housing Australia Special Account....................... 30

Part 5—Annual limit on amounts debited from the Housing Australia Future Fund Special Account                                                                                                                    31

35.......... Simplified outline of this Part.......................................................... 31

36.......... Annual limit on amounts debited from the Housing Australia Future Fund Special Account                31

Part 6—Investment of the Housing Australia Future Fund                      32

37.......... Simplified outline of this Part.......................................................... 32

38.......... Objects of investment of the Housing Australia Future Fund.......... 32

39.......... Investment of the Housing Australia Future Fund........................... 32

40.......... Management of investments of the Housing Australia Future Fund 33

41.......... Housing Australia Future Fund Investment Mandate...................... 33

42.......... Obligation on Future Fund Board in performing investment functions  35

43.......... Limitation on Housing Australia Future Fund Investment Mandate 35

44.......... Future Fund Board to be consulted on Housing Australia Future Fund Investment Mandate 36

45.......... Compliance with Housing Australia Future Fund Investment Mandate  36

46.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001   37

47.......... Borrowing......................................................................................... 37

48.......... Housing Australia Future Fund investment policies........................ 38

49.......... Derivatives........................................................................................ 39

50.......... Additional financial assets................................................................ 40

51.......... Securities lending arrangements....................................................... 40

52.......... Investment managers........................................................................ 41

53.......... Refund of franking credits................................................................ 41

54.......... Realisation of non-financial assets................................................... 42

55.......... Additional function of the Future Fund Board................................. 42

Part 7—Reporting obligations etc.                                                                             43

56.......... Simplified outline of this Part.......................................................... 43

57.......... Finance Minister may require Future Fund Board to prepare reports or give information      43

58.......... Keeping the responsible Ministers informed etc.............................. 44

59.......... Finance Minister may give reports, documents and other information to other Ministers      44

Part 8—Miscellaneous                                                                                                       45

60.......... Simplified outline of this Part.......................................................... 45

61.......... Delegation by the Finance Minister................................................. 45

62.......... Delegation by the Treasurer............................................................. 46

63.......... Delegation by a designated Minister................................................ 46

64.......... Delegation by the Housing Minister................................................ 47

65.......... Reviews of operation of Act............................................................. 47

66.......... Rules................................................................................................. 49

A Bill for an Act to establish the Housing Australia Future Fund, and for other purposes

The Parliament of Australia enacts: