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1 Short title
1 Section 1
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10 Establishment of the Australian Business Securitisation Fund
Establishment of the Australian Business Securitisation Fund
10(1) Establishment of the Australian Business Securitisation Fund
10(2) Establishment of the Australian Business Securitisation Fund
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11 Establishment of the Australian Business Securitisation Fund
Establishment of the Australian Business Securitisation Fund Special Account
11(1) Establishment of the Australian Business Securitisation Fund
The account exists from the time of its establishment.
Defines a temporal interval for the account's existence
The account is established by this section.
A duty is imposed on the establishment of the Australian Business Securitisation Fund Special Account.
This section establishes the Australian Business Securitisation Fund Special Account.
Debit amounts against an appropriation for a covered purpose and credit to the special account.
11(2) Establishment of the Australian Business Securitisation Fund
12 Investments of the Fund
The Minister may invest amounts standing to the credit of the Account in any authorised debt security.
12(1) Investments of the Fund
Investments under subsection (1) are taken to be investments of the Fund.
12(2) Investments of the Fund
(2) Investments under subsection (1) are taken to be investments of the Fund.
Authorise re-investment of Fund proceeds upon maturity
12(3) Investments of the Fund
An authorised debt security must comply with specific requirements.
12(4) Investments of the Fund
Investment of the Fund is exempt from Section 58 of the Public Governance, Performance and Accountability Act 2013.
12(5) Investments of the Fund
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13 Investment Mandate
The Minister may give directions about the exercise of their powers under section 12.
13(1) Investment Mandate
The Minister must comply with the Investment Mandate.
13(2) Investment Mandate
13(3) Investment Mandate
(f) any other matters that the Minister thinks appropriate.
The Minister must not give a direction under subsection (1) that has the purpose or is likely to have the effect of directly or indirectly requiring the Minister to make or not to make a particular investment.
13(4) Investment Mandate
(a) that has the purpose, or is likely to have the effect, of directly or indirectly requiring the Minister to make, or not to make, a particular investment;
Prohibition of giving a direction with a specific purpose.
(4) The Minister must not give a direction under subsection (1):
(b) that is inconsistent with this Act (including the objects of this Act).
Prohibition of giving a direction inconsistent with the Act.
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14 Credits to the Account
$250 million, $500 million, income derived from an investment of the Fund, a return of capital, or any other financial distribution relating to an investment of the Fund, and the proceeds of the realisation of an investment of the Fund
Credit amounts to be credited to the Account
14(1) Credits to the Account
Minister may determine credits to Account
14(2) Credits to the Account
Determination must be made on or after the specified time.
14(3) Credits to the Account
Express determination for a specified budget year
14(4) Credits to the Account
(4) The determination must be expressed to be for a specified budget year.
Minister must obtain agreement of Finance Minister before making a determination.
14(5) Credits to the Account
Paying costs and expenses of the Commonwealth exclusively in connection with the Fund.
15 Purposes of the Account
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16 Reducing the balance of the Account
Minister may direct debiting of a specified amount from the Account on a specified day.
16(1) Reducing the balance of the Account
A direction under subsection (1) is not a legislative instrument.
16(2) Reducing the balance of the Account
The Minister must provide a copy of the direction to the Finance Minister.
16(3) Reducing the balance of the Account
The Minister must provide a copy of the direction.
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Contains miscellaneous provisions, including general rule-making power.
17 Simplified outline of this Part
The Minister may exercise a power or perform a function only under certain conditions.
18 Constitutional limits
19 Delegations by the Minister
The Minister may delegate powers or functions to an eligible delegate.
19(1) Delegations by the Minister
19(2) Delegations by the Minister
during SES employment or Executive Level 2 position
(2) An eligible delegate is an official of the Department of the Treasury...
Minister must consider qualifications before delegating power or function.
19(3) Delegations by the Minister
Delegation of power or function is within a specific time frame.
(3) Before delegating a power or function under subsection (1), the Minister must have regard to:
(a) 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;
(b) otherwise—whether the person has appropriate qualifications or expertise to exercise the power or perform the function.
Comply with written directions of the Minister when exercising delegated powers or performing functions.
19(4) Delegations by the Minister
must comply with any written directions of the Minister.
Compliance with Minister's directions overlaps with delegated powers or functions.
(4) A person exercising powers or performing functions under a delegation...
Minister's direction implies compliance as a necessary condition.
Mandatory compliance with Minister's directions.
Minister's direction is an obligation on delegated agents.
Compliance with Minister's directions propagates to delegated agents.
Must not be inconsistent with the Act or a legislative instrument.
19(5) Delegations by the Minister
Inconsistent with the Act or a legislative instrument
Commencement rules for provisions in the Act.
2 Commencement
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Annual report must include operation of Act during period.
20 Annual report
21 Review of operation of this Act
Review of operation of this Act to be undertaken at specified intervals.
21(1) Review of operation of this Act
Review must include effectiveness of Act in meeting objectives.
21(2) Review of operation of this Act
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22 Rules
The Minister may make rules by legislative instrument.
22(1) Rules
Rules cannot create an offence or civil penalty, provide powers of arrest or detention, entry, search or seizure, impose a tax, set an amount to be appropriated from the Consolidated Revenue Fund, or directly amend the text of this Act.
22(2) Rules
An offence or civil penalty cannot be created by the rules
Prohibition on creating an offence or civil penalty
Rules may not create an offence or civil penalty
Arrest or detention cannot be provided by the rules
Prohibition on providing powers of arrest or detention
Rules may not provide powers of arrest or detention
Entry, search or seizure cannot be provided by the rules
Prohibition on providing powers of entry, search or seizure
Rules may not provide powers of entry, search or seizure
An amount to be appropriated from the Consolidated Revenue Fund cannot be set by the rules
Prohibition on setting an amount to be appropriated from the Consolidated Revenue Fund
Rules may not set an amount to be appropriated from the Consolidated Revenue Fund
The text of this Act cannot be directly amended by the rules
Prohibition on directly amending the text of this Act
Rules may not directly amend the text of this Act
Increase availability and reduce cost of credit for small and medium enterprises.
3 Objects of this Act
The Minister must make investment decisions for the Fund in accordance with directions given by the Minister.
4 Simplified outline of this Act
The Minister must make investment decisions.
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5 Definitions
6 April 2019
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6 Crown to be bound
6(1) Crown to be bound
(1) This Act binds the Crown in each of its capacities.
The Crown is not liable to be prosecuted for an offence.
6(2) Crown to be bound
This Act does not make the Crown liable to be prosecuted for an offence.
The Act does not make the Crown liable to be prosecuted for an offence.
The Act extends to every external Territory.
7 Extension to external Territories
Act extends to acts, omissions, matters and things outside Australia.
8 Extra-territorial application
The Minister must determine certain amounts for the Fund.
9 Simplified outline of this Part
The Minister MUST determine certain amounts for the Fund.
The Minister may also, with the agreement of the Finance Minister, determine that additional amounts be credited to the Fund.
The Minister MUST determine that the balance of the Account be reduced.
Amounts may be debited from the Account for the purposes of the Account, which include paying the costs of making investments.
The Minister MUST determine that additional amounts be credited to the Fund.
A total of $2 billion must be credited to the Account, with an initial amount of $250 million credited on 1 July 2019 and additional amounts credited on each 1 July for the following 4 years.
The Minister MUST determine that the investments of the Fund meet certain requirements.
The investments of the Fund must be debt securities that meet certain requirements and the investments must be made in accordance with any directions given by the Minister.
An Act to establish the Australian Business Securitisation Fund, and for related purposes
Australian Business Securitisation Fund Act 2019