{"id":"government-financing-authority-act-1982","name":"Government Financing Authority Act 1982","slug":"government-financing-authority-act-1982","collection":"act","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":59650,"registerId":"sa-government-financing-authority-act-1982-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Government Financing Authority Act 1982","content":"South Australia\nGovernment Financing Authority Act 1982\nAn Act to establish a corporation to be known as the South Australian Government Financing Authority; to make provision relating to the financial powers and relations of the Authority, semi-government authorities and the Treasurer; and for other purposes.\n\nContents\nPart 1—Preliminary\n1\tShort title\n4\tInterpretation\nPart 2—Establishment of the Authority\n5\tEstablishment of the Authority\n6\tConstitution of the Authority\nPart 3—Financial powers and relations of the Authority, semi‑government authorities and the Treasurer\n11\tFunctions and powers of the Authority\n11A\tValidity of transactions of Authority\n12\tFinancial management\n13\tAuthority subject to control and direction of Treasurer\n14\tTerms and conditions applying in relation to money provided by the Treasurer\n15\tGovernment guarantee\n16\tPower of semi-government authorities to borrow money from or deposit money with the Authority\n17\tTreasurer may deposit public money with the Authority\n18\tTreasurer may rearrange finances of semi-government authorities\nPart 3A—The South Australian Government Financing Advisory Board\n18A\tEstablishment of the Board\n18B\tMembership of the Board\n18C\tAllowances and expenses\n18D\tProceedings of the Board\n18G\tFunctions of the Board\nPart 4—Miscellaneous\n19\tDelegation\n20\tStaff\n21\tSemi-government authority to furnish certain information\n22\tAuthority and Treasurer may charge fees\n23\tLiability of Authority to State taxes etc\n24\tEvidentiary provision\n24A\tRecords to be kept\n25\tAccounts and audit\n26\tAnnual report\n27\tSummary procedure\n28\tRegulations\nLegislative history\nAppendix—Divisional penalties and expiation fees\n\nThe Parliament of South Australia enacts as follows:\nPart 1—Preliminary\n1—Short title\nThis Act may be cited as the Government Financing Authority Act 1982.\n4—Interpretation\n\t(1)\tIn this Act, unless the contrary intention appears:\nthe Authority means the South Australian Government Financing Authority established under Part 2;\nthe Board means the South Australian Government Financing Advisory Board established by Part 3A;\nloan means any form of financial accommodation (not being a grant) and lend and borrow have corresponding meanings;\nthe Minister responsible in relation to a semi-government authority means the Minister having the administration of the Act by or under which the semi-government authority is constituted and includes a Minister who is a semi-government authority;\nsemi-government authority means a body corporate—\n\t(a)\tthat—\n\t(i)\tis constituted of a Minister of the Crown; or\n\t(ii)\thas a governing body comprised of or including persons or a person appointed by the Governor or a Minister or other instrumentality of the Crown; or\n\t(iii)\tis financed wholly or in part out of public funds; and\n\t(b)\tthat is declared by proclamation to be a semi-government authority for the purposes of this Act,\nbut does not include a council as defined in the Local Government Act 1934;\nsecurity includes any document evidencing indebtedness;\nthe Under Treasurer means the person for the time being holding or acting in the office of Under Treasurer.\n\t(2)\tThe Governor may, by proclamation, declare a body corporate to be a semi-government authority for the purposes of this Act.\n\t(3)\tThe Governor may, by proclamation, vary or revoke a declaration under subsection (2).\nNote—\nFor definition of divisional penalties (and divisional expiation fees) see Appendix.\nPart 2—Establishment of the Authority\n5—Establishment of the Authority\n\t(1)\tThe South Australian Government Financing Authority is established.\n\t(2)\tThe Authority—\n\t(a)\tis a body corporate with perpetual succession and a common seal; and\n\t(b)\tis capable in its corporate name of acquiring, holding, dealing with and disposing of real and personal property; and\n\t(c)\tis capable of acquiring or incurring any other rights or liabilities, and of suing and being sued; and\n\t(d)\tholds its property on behalf of the Crown; and\n\t(e)\thas the powers, authorities, duties and functions prescribed by or under this or any other Act.\n\t(3)\tWhere an apparently genuine document purports to bear the common seal of the Authority, it will be presumed in any legal proceedings, in the absence of proof to the contrary, that the common seal of the Authority was duly affixed to the document.\n6—Constitution of the Authority\nThe Authority is constituted of the Under Treasurer.\nPart 3—Financial powers and relations of the Authority, semi‑government authorities and the Treasurer\n11—Functions and powers of the Authority\n\t(1)\tThe functions of the Authority are—\n\t(a)\tto develop and implement borrowing and investment programmes for the benefit of semi-government authorities; and\n\t(b)\tto act as captive insurer of the Crown, including undertaking and carrying on in South Australia and elsewhere the business of insurers, re-insurers and co‑insurers of all or any risks of the Crown; and\n\t(c)\tto provide advice to the Crown on issues relating to the insurance and management of risks of the Crown; and\n\t(d)\tto engage in such other financial or insurance-related activities as are determined by the Treasurer to be in the interests of the State.\n\t(2)\tFor the purposes of this Act, the Authority may, with the approval of the Treasurer—\n\t(a)\tborrow money within or outside Australia; or\n\t(c)\taccept money on deposit or loan from the Treasurer or a semi-government authority; or\n\t(d)\tlend or invest money held by the Authority; or\n\t(e)\tissue, sell, purchase, pay-off, repurchase, redeem, convert or otherwise deal in or with securities or shares; or\n\t(f)\topen and maintain accounts with an ADI or any other financial institution within or outside Australia; or\n\t(g)\tappoint an ADI or other person to act as underwriter, manager, trustee, attorney or agent in connection with any transaction within or outside Australia; or\n\t(h)\tenter into contracts of guarantee or indemnity; or\n\t(i)\tacquire, hold, deal with and dispose of real and personal property; or\n\t(ia)\tenter into partnerships and joint ventures and form companies; or\n\t(ib)\ttake out with other persons or bodies insurance or re-insurance of any class of all or any risks of the Crown; or\n\t(ic)\ttake such action as may be necessary or expedient to satisfy or compromise any claims made against the Crown in respect of risks of the Crown (including claims that may not necessarily be valid in law); or\n\t(id)\ttake such action as may be necessary or expedient for the realisation, enforcement, assignment or extinguishment of rights against third parties arising out of or in connection with the Authority's captive insurance function, including (for example) carrying on a third party's business as a going concern; or\n\t(ie)\tdo all acts necessary or convenient for enabling the Authority to carry out its captive insurance function in any foreign jurisdiction, including obtaining the registration or legal recognition of the Authority in foreign jurisdictions; or\n\t(j)\tenter into any agreement or arrangement of a kind not previously mentioned in this subsection or acquire or incur any other rights or liabilities; or\n\t(k)\texercise any other powers that are necessary or expedient for the performance of its functions.\n\t(3)\tThe approval of the Treasurer under this section—\n\t(a)\tmay be conditional; and\n\t(b)\tmay relate to a proposed transaction or may relate to transactions of a particular kind, or transactions generally, that the Authority may wish to enter into in the future; and\n\t(c)\tmay be varied or revoked by the Treasurer at any time in respect of transactions not yet entered into.\n\t(4)\tIn this section—\nCrown means the Crown in right of South Australia and includes an instrumentality or agency of the Crown (but does not include an instrumentality or agency of the Crown declared by the Treasurer by notice in the Gazette to be excluded from the ambit of this definition);\nrisks of the Crown includes—\n\t(a)\ta direct risk of the Crown; and\n\t(b)\ta risk accepted by the Crown; and\n\t(c)\ta risk arising under a guarantee or indemnity given by the Crown,\nwhether or not the risk relates to an officer, employee or agent of the Crown or property owned by or held on behalf of the Crown.\n11A—Validity of transactions of Authority\n\t(1)\tSubject to subsection (2), a transaction to which the Authority is a party or apparently a party (whether made or apparently made under the Authority's common seal or by a person with authority to bind the Authority) is not invalid because of—\n\t(a)\tany deficiency of power on the part of the Authority;\n\t(b)\tany procedural irregularity on the part of the Under Treasurer or of any officer, employee or agent of the Authority;\n\t(c)\tany procedural irregularity affecting the appointment of an officer, employee or agent of the Authority.\n\t(2)\tThis section does not validate a transaction in favour of a party—\n\t(a)\twho enters into the transaction with actual knowledge of the deficiency or irregularity; or\n\t(b)\twho has a connection or relationship with the Authority such that the person ought to know of the deficiency or irregularity.\n12—Financial management\n\t(1)\tThe Authority must, in the exercise and performance of its powers and functions, act in accordance with proper principles of financial management and, having regard to the nature of the captive insurance function of the Authority, with a view to avoiding a loss.\n\t(2)\tAny surplus of funds remaining after the costs of the Authority have been met in any financial year must be paid into the General Revenue of the State or otherwise dealt with as the Treasurer may determine.\n\t(3)\tSubsection (2) does not apply to funds related to the captive insurance function of the Authority.\n13—Authority subject to control and direction of Treasurer\nThe Authority is, in the exercise and performance of its powers and functions, subject to the control and direction of the Treasurer.\n14—Terms and conditions applying in relation to money provided by the Treasurer\nMoney provided by the Treasurer to the Authority will be regarded for all purposes as having been provided upon such terms and conditions as the Treasurer may from time to time determine.\n15—Government guarantee\n\t(1)\tLiabilities incurred or assumed by the Authority in pursuance of this Act are guaranteed by the Treasurer.\n\t(1a)\tWhere a transaction to which the Authority is a party or apparently a party is valid by virtue of section 11A, liabilities incurred or assumed by the Authority in respect of the transaction will be taken for the purposes of subsection (1), to have been incurred or assumed in pursuance of this Act.\n\t(2)\tA liability of the Treasurer under a guarantee arising by virtue of subsection (1) will be satisfied out of the General Revenue of the State which is appropriated by this section to the necessary extent.\n16—Power of semi-government authorities to borrow money from or deposit money with the Authority\n\t(1)\tNotwithstanding the provisions of any other Act, a semi-government authority—\n\t(a)\tmay borrow money from the Authority, and, if the Treasurer so directs, must borrow money from the Authority rather than from any other lender; and\n\t(b)\tmay, and, if the Treasurer so directs, must, deposit with or lend to the Authority any money of the semi-government authority that is not immediately required for the purposes of the semi-government authority.\n\t(2)\tThe Treasurer must not give a direction under subsection (1) except as authorised by the regulations and such a direction must not be given, in any event, to the Local Government Financing Authority of South Australia.\n\t(3)\tThe terms and conditions of a transaction under subsection (1) will be as determined by the Treasurer after consultation with the Minister responsible for the semi-government authority.\n\t(4)\tSubject to subsections (1) and (3), this section does not limit or affect the powers of a semi-government authority to borrow otherwise than from the Authority or to deposit, invest or otherwise deal with money.\n17—Treasurer may deposit public money with the Authority\nNotwithstanding the provisions of the Public Finance and Audit Act 1987 any money under the control of the Treasurer (including any money that may be issued and applied only under the authority of an Act of Parliament) may be deposited with or lent to the Authority by the Treasurer upon such terms and conditions as the Treasurer may determine.\n18—Treasurer may rearrange finances of semi-government authorities\n\t(1)\tIf the Treasurer, after consultation with the Minister responsible for a semi-government authority, thinks fit, the Treasurer may rearrange the finances of the semi-government authority in either of the following ways:\n\t(a)\twhere the semi-government authority has borrowed money from a source other than the Treasurer or the Government of the State, the Treasurer may—\n\t(i)\tby determination published in the Gazette, transfer to the Authority the liabilities of the semi-government authority in respect of the loan; and\n\t(ii)\tdetermine that the money outstanding under the loan will be regarded for all purposes as having been borrowed by the semi-government authority from the Authority upon terms and conditions specified in the determination; or\n\t(b)\twhere the semi-government Authority has borrowed money from the Treasurer or the Government of the State, the Treasurer may determine that all or a specified part of the money outstanding under the loan will be regarded for all purposes as having been borrowed by the semi-government authority from the Authority upon terms and conditions specified in the determination.\n\t(2)\tIn subsection (1)(b) a reference to money borrowed or received by a semi-government authority from the Treasurer or the Government of the State includes a reference to money that was provided to the State by the Commonwealth for the semi-government authority or for the purposes of an activity engaged in by the semi-government authority.\n\t(3)\tThe Treasurer may, after consultation with the Minister responsible for the semi-government authority, vary any terms and conditions applying in relation to the semi-government authority by virtue of a determination under subsection (1).\n\t(4)\tWhere a determination is made under subsection (1)(b) in respect of money, the money will be regarded as having been previously provided to the Authority by the Treasurer.\n\t(5)\tThe Treasurer may from time to time determine the terms and conditions upon which money is to be regarded as having been provided to the Authority by virtue of subsection (4).\n\t(6)\tWhere—\n\t(a)\tmoney has been appropriated by Parliament for the purpose of meeting the liabilities of a semi-government authority in respect of a loan to the semi-government authority; and\n\t(b)\tthe liabilities of the semi-government authority are transferred to the Authority pursuant to subsection (1),\nany balance remaining of that money must, if the Treasurer so determines, be paid to the Authority and applied by the Authority for the same purpose or otherwise as the Treasurer may determine.\n\t(7)\tA determination made by the Treasurer under this section has effect according to its terms.\n\t(8)\tIn this section—\n\t(a)\ta reference to money borrowed by a semi-government authority includes a reference—\n\t(i)\tto money borrowed by the South Australian Meat Corporation the liabilities in respect of which have been assumed by the Minister of Agriculture pursuant to the South Australian Meat Corporation Act 1936; and\n\t(ii)\tto money borrowed by the former Monarto Development Commission the liabilities in respect of which have been vested in the Minister of Lands pursuant to the Monarto Legislation Repeal Act 1980; and\n\t(iii)\tto money borrowed by the former South Australian Development Corporation the liabilities in respect of which have been vested in the Crown pursuant to the Industries Development Act 1941; and\n\t(b)\ta reference to the liabilities of a semi-government authority in respect of a loan includes a reference to liabilities referred to in paragraph (a).\nPart 3A—The South Australian Government Financing Advisory Board\n18A—Establishment of the Board\nThe South Australian Government Financing Advisory Board is established.\n18B—Membership of the Board\n\t(1)\tThe Board consists of not less than 5 and not more than 7 members of whom—\n\t(a)\t1 is the Under Treasurer; and\n\t(b)\tthe remaining members are persons appointed by the Governor.\n\t(1a)\tOf the persons appointed by the Governor (the appointed members)—\n\t(a)\tat least 1 must be employed by a semi-government authority; and\n\t(b)\tat least 1 must have expertise in insurance (demonstrated by relevant qualifications or relevant experience at a senior level in the public or private sector).\n\t(2)\tAt least 1 member of the Board must be a man and 1 must be a woman.\n\t(3)\tThe Governor may appoint a suitable person to be the deputy of a member of the board and the deputy may act in the member's place during the member's absence.\n\t(4)\tAn appointed member is appointed for the term (which must not exceed 3 years) stated in the instrument of appointment and, at the end of the term of appointment, is eligible for re-appointment.\n\t(5)\tThe Governor may remove an appointed member from office if the member—\n\t(a)\tis guilty of misconduct or neglect of duty; or\n\t(b)\tis incapable of carrying out the duties of his or her office satisfactorily.\n\t(6)\tAn appointed member's office becomes vacant if the member—\n\t(a)\tdies; or\n\t(b)\tcompletes a term of office and is not re-appointed; or\n\t(c)\tresigns by written notice to the Treasurer; or\n\t(d)\tis removed from office under subsection (5).\n\t(7)\tWhen an appointed member's office becomes vacant, a person must be appointed to the vacancy if—\n\t(a)\tthe number of members of the Board is less than 5; or\n\t(b)\tthere is no appointed member of the Board employed by a semi-government authority; or\n\t(c)\tthere is no appointed member of the Board with expertise in insurance.\n18C—Allowances and expenses\nAn appointed member of the Board is entitled to allowances and expenses on a basis decided by the Governor.\n18D—Proceedings of the Board\n\t(1)\tThe Under Treasurer must preside at meetings of the Board and in the Under Treasurer's absence his or her deputy must preside.\n\t(2)\tFour members constitute a quorum for meetings of the Board.\n\t(3)\tThe Board may act despite a vacancy in its membership or the defective appointment of a member.\n\t(4)\tA decision carried by a majority of the votes cast by the members present at a meeting is a decision of the Board.\n\t(5)\tEach member present at a meeting has one vote on a matter arising for decision and, if the votes are equal, the person presiding at the meeting may exercise a casting vote.\n\t(6)\tA conference by telephone or other electronic means between members will, for the purposes of this section, be taken to be a meeting of the Board at which the participating members are present, if—\n\t(a)\tnotice of the conference is given to all members in the manner determined by the Board for that purpose; and\n\t(b)\teach participating member is capable of communicating with every other participating member during the conference.\n\t(7)\tA proposed resolution of the Board becomes a valid decision of the Board despite the fact that it is not voted on at a meeting of the Board if—\n\t(a)\ta notice of the proposed resolution is given to all members in accordance with procedures determined by the Board; and\n\t(b)\ta majority of the members expresses concurrence in the proposed resolution by letter, telex, facsimile transmission or other written communication setting out the terms of the resolution.\n\t(8)\tThe Board may, subject to this Act, decide its own procedures.\n\t(9)\tThe Board must keep minutes of its proceedings.\n18G—Functions of the Board\n\t(1)\tThe functions of the Board are—\n\t(a)\tat the request of the Treasurer or the Authority, to provide advice to the Treasurer or the Authority on any question relating to the exercise by the Authority of its powers, functions or duties under this Act;\n\t(b)\tif, in the opinion of the Board, it should provide advice to the Treasurer or the Authority on any matter relating to the exercise by the Authority of its powers, functions or duties under this Act—to provide that advice even though a request has not been made by the Treasurer or the Authority.\n\t(2)\tThe Board must provide its advice to the Treasurer in writing and its advice to the Authority either orally or in writing.\n\t(3)\tThe Board must record its advice in the minutes of its meetings and must give the Treasurer a copy of the minutes that record advice that is to be provided to the Authority but not the Treasurer.\nPart 4—Miscellaneous\n19—Delegation\n\t(1)\tThe Authority may delegate a function or power of the Authority under this or any other Act to—\n\t(a)\tan officer of the Authority; or\n\t(b)\ta member of the Public Service of the State.\n\t(2)\tA delegation under this section—\n\t(a)\tmust be by instrument in writing; and\n\t(b)\tmay be absolute or conditional; and\n\t(c)\tdoes not derogate from the ability of the Authority to act in any matter; and\n\t(d)\tis revocable at will.\n\t(3)\tA function or power delegated under this section may, if the instrument of delegation so provides, be further delegated.\n\t(4)\tIn any legal proceedings an apparently genuine document purporting to be a certificate under the seal of the Authority containing particulars of a delegation under this section will, in the absence of proof to the contrary, be accepted as proof of the particulars.\n20—Staff\n\t(1)\tThe Authority's staff consists of—\n\t(a)\tPublic Service employees assigned to assist the Authority; and\n\t(b)\tpersons employed by the Authority, with the consent of the Treasurer and on terms and conditions determined by the Treasurer, to assist the Authority.\n\t(2)\tThe Treasurer may, by notice in the Gazette—\n\t(a)\texclude Public Service employees who are members of the Authority's staff from specified provisions of the Public Sector Act 2009; and\n\t(b)\tif the Treasurer thinks that certain provisions should apply to such employees instead of those excluded under paragraph (a)—determine that those provisions will apply,\nand such a notice will have effect according to its terms.\n\t(3)\tThe Authority may, under an arrangement established by the Minister administering an administrative unit of the Public Service, make use of the services or staff of that administrative unit.\n21—Semi-government authority to furnish certain information\nA semi-government authority must, if so required by the Treasurer, furnish information to the Authority relating to the financial affairs of the semi-government authority.\n22—Authority and Treasurer may charge fees\n\t(1)\tThe Authority or the Treasurer may charge a fee of such amount as the Treasurer thinks fit in respect of any transaction entered into or thing done for the benefit of a semi-government authority or other person in pursuance of this Act.\n\t(2)\tA fee charged under subsection (1) may be deducted from an amount payable by the Authority or the Treasurer to the semi-government authority or other person charged.\n23—Liability of Authority to State taxes etc\n\t(1)\tSubject to this section, the Authority and instruments to which the Authority is a party are liable to all taxes, duties and imposts under the law of the State as if the Authority were not an agency of the Crown.\n\t(2)\tThe Treasurer may, by notice published in the Gazette, exempt from a tax, duty or other impost, to the extent specified in the notice, any of the following:\n\t(a)\tthe Authority;\n\t(b)\tinstruments to which the Authority or a semi-government authority is a party;\n\t(c)\tinstruments that arise from or are connected with a transaction to which the Authority or a semi-government authority is a party.\n\t(3)\tA notice published in the Gazette pursuant to this section—\n\t(a)\thas effect according to its terms; and\n\t(b)\tmay be varied or revoked by a further such notice.\n24—Evidentiary provision\nIn any legal proceedings an apparently genuine document purporting to be a certificate under the hand of the Under Treasurer certifying that—\n\t(a)\ta particular decision is a decision of the Authority; or\n\t(b)\ta thing done by the Authority has been done pursuant to this Act,\nwill, in the absence of proof to the contrary, be accepted as proof of the matters stated in the certificate.\n24A—Records to be kept\n\t(1)\tThe Authority must keep a record of its decisions other than decisions made on its behalf by a delegate.\n\t(2)\tThe record must be certified by the Under Treasurer to be an accurate record.\n25—Accounts and audit\n\t(1)\tThe Authority must cause proper accounts to be kept of its financial affairs.\n\t(2)\tThe Auditor-General may at any time, and must at least once in every year, audit the accounts of the Authority.\n\t(3)\tFor the purposes of an audit under subsection (2), the Auditor-General may exercise in relation to the accounts of the Authority and the Under Treasurer and the officers and employees of the Authority the powers that are vested in the Auditor-General by the Audit Act 1921 in respect of public accounts and accounting officers.\n26—Annual report\n\t(1)\tThe Authority must, on or before the thirtieth day of September in each year, deliver to the Treasurer a report upon the administration of this Act during the period of twelve months ending on the preceding thirtieth day of June.\n\t(1a)\tSubject to subsection (1c), the report must include details of any advice of the Board that the Treasurer or Authority has decided not to follow and the Treasurer's or Authority's reasons for that decision.\n\t(1b)\tIf the Treasurer decides not to follow the Board's advice, he or she must give the Authority details of the advice and the reasons for the decision so that the Authority can include them in the report.\n\t(1c)\tThe Authority is not bound to comply with subsection (1a) if, in its opinion, the advice of the Board or the reasons for not following the advice should remain confidential for commercial reasons.\n\t(1d)\tIf the Authority relies on subsection (1c) when preparing a report it must state in the report that advice was given by the Board but not followed and that the Authority relies on subsection (1c) in not including details of the advice or the reasons in the report.\n\t(2)\tThe report must incorporate the audited statement of accounts of the Authority for the periods to which the report relates.\n\t(3)\tThe Treasurer must cause a copy of the report to be laid before each House of Parliament.\n27—Summary procedure\nThe offences constituted by this Act are summary offences.\n28—Regulations\nThe Governor may make such regulations as are contemplated by, or necessary or expedient for the purposes of, this Act.\nLegislative history\nNotes\n\t•\tPlease note—References in the legislation to other legislation or instruments or to titles of bodies or offices are not automatically updated as part of the program for the revision and publication of legislation and therefore may be obsolete.\n\t•\tEarlier versions of this Act (historical versions) are listed at the end of the legislative history.\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nPrincipal Act and amendments\nNew entries appear in bold.\nYear\nNo\nTitle\nAssent\nCommencement\n1982\n96\nGovernment Financing Authority Act 1982\n23.12.1982\n13.1.1983 (Gazette 13.1.1983 p41)\n1986\n52\nGovernment Financing Authority Act Amendment Act 1986\n11.9.1986\n11.9.1986\n1993\n6\nPublic Finance and Audit (Miscellaneous) Amendment Act 1993\n11.3.1993\ns 20—11.3.1993: s 2(3)\n1994\n17\nState Bank (Corporatisation) Act 1994\n12.5.1994\nSch 4—1.7.1994 (Gazette 23.6.1994 p1784)\n1995\n3\nGovernment Financing Authority (Authority and Advisory Board) Amendment Act 1995\n2.3.1995\n8.6.1995 (Gazette 1.6.1995 p2528)\n1999\n33\nFinancial Sector Reform (South Australia) Act 1999\n17.6.1999\nSch (item 26)—1.7.1999 being the date specified under s 3(16) of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 of the Commonwealth as the transfer date for the purposes of that Act: s 2(2)\n2006\n2\nGovernment Financing Authority (Insurance) Amendment Act 2006\n15.6.2006\n1.7.2006 (Gazette 29.6.2006 p2100)\n2009\n84\nStatutes Amendment (Public Sector Consequential Amendments) Act 2009\n10.12.2009\nPt 72 (ss 170—172)—1.2.2010 (Gazette 28.1.2010 p320)\nProvisions amended\n\t•\tCertain textual alterations were made to this Act by the Commissioner of Statute Revision when preparing the reprint of the Act that incorporated all amendments in force as at 1 April 1987. A Schedule of these alterations was laid before Parliament on 31 March 1987.\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nPt 1\n\n\ns 2\ndeleted in pursuance of the Acts Republication Act 1967 as its function is now exhausted\n1.4.1987\ns 3\ndeleted in pursuance of the Acts Republication Act 1967\n1.4.1987\ns 4\n\n\ns 4(1)\n\n\nappointed member\ndeleted by 3/1995 s 3(a)\n8.6.1995\nthe Board\ninserted by 3/1995 s 3(b)\n8.6.1995\nthe Under Treasurer\ninserted by 3/1995 s 3(c)\n8.6.1995\nPt 2\n\n\ns 6\namended by 52/1986 s 2\n11.9.1986\n\nsubstituted by 3/1995 s 4\n8.6.1995\ns 7\nsubstituted by 3/1995 s 4\n8.6.1995\n\ndeleted by 84/2009 s 170\n1.2.2010\ns 8\namended by 52/1986 s 3\n11.9.1986\n\ndeleted by 3/1995 s 4\n8.6.1995\nss 9 and 10\ndeleted by 3/1995 s 4\n8.6.1995\nPt 3\n\n\ns 11\n\n\ns 11(1)\namended by 52/1986 s 4(a)\n11.9.1986\n\namended by 2/2006 s 4(1)\n1.7.2006\ns 11(2)\namended by 52/1986 s 4(b)—(g)\n11.9.1986\n\namended by 33/1999 Sch (item 26)\n1.7.1999\n\namended by 2/2006 s 4(2)\n1.7.2006\ns 11(3)\ninserted by 6/1993 s 20(a)\n11.3.1993\ns 11(4)\ninserted by 2/2006 s 4(3)\n1.7.2006\ns 11A\ninserted by 6/1993 s 20(b)\n11.3.1993\ns 11A(1)\namended by 3/1995 s 5\n8.6.1995\ns 12\n\n\ns 12(1)\namended by 2/2006 s 5(1)\n1.7.2006\ns 12(3)\ninserted by 2/2006 s 5(2)\n1.7.2006\ns 15\n\n\ns 15(1a)\ninserted by 6/1993 s 20(c)\n11.3.1993\ns 16\n\n\ns 16(2)\namended by 52/1986 s 5\n11.9.1986\n\namended by 17/1994 Sch 4 cl 2\n1.7.1994\ns 17\namended by 52/1986 s 6\n11.9.1986\n\namended by 2/2006 s 6\n1.7.2006\nPt 3A\ninserted by 3/1995 s 6\n8.6.1995\ns 18B\n\n\ns 18B(1)\namended by 2/2006 s 7(1)—(3)\n1.7.2006\ns 18B(1a)\ninserted by 2/2006 s 7(4)\n1.7.2006\ns 18B(2)\namended by 2/2006 s 7(1)\n1.7.2006\ns 18B(4)\nsubstituted by 2/2006 s 7(5)\n1.7.2006\ns 18B(7)\namended by 2/2006 s 7(6)\n1.7.2006\nss 18E and 18F\ndeleted by 84/2009 s 171\n1.2.2010\nPt 4\n\n\ns 19 before substitution by 2/2006\n\n\ns 19(1)\namended by 3/1995 s 7\n8.6.1995\ns 19\nsubstituted by 2/2006 s 8\n1.7.2006\ns 20 before substitution by 84/2009\n\n\ns 20(1) and (2)\namended by 2/2006 s 9(1)\n1.7.2006\ns 20(4)\namended by 2/2006 s 9(2)\n1.7.2006\ns 20\nsubstituted by 84/2009 s 172\n1.2.2010\ns 23\n\n\ns 23(2)\nsubstituted by 52/1986 s 7\n11.9.1986\ns 24\nsubstituted by 52/1986 s 8\n11.9.1986\n\nsubstituted by 3/1995 s 8\n8.6.1995\ns 24A\ninserted by 3/1995 s 9\n8.6.1995\ns 25\n\n\ns 25(3)\namended by 3/1995 s 10\n8.6.1995\ns 26\n\n\ns 26(1a)—(1d)\ninserted by 3/1995 s 11\n8.6.1995\nHistorical versions\nReprint—1.4.1987\n\nReprint No 1—11.3.1993\n\nReprint No 2—1.7.1994\n\nReprint No 3—8.6.1995\n\nReprint No 4—1.7.1999\n\n1.7.2006\n\nAppendix—Divisional penalties and expiation fees\nAt the date of publication of this version divisional penalties and expiation fees are, as provided by section 28A of the Acts Interpretation Act 1915, as follows:\n\nDivision\nMaximum imprisonment\nMaximum fine\nExpiation fee\n1\n15 years\n$60 000\n—\n2\n10 years\n$40 000\n—\n3\n7 years\n$30 000\n—\n4\n4 years\n$15 000\n—\n5\n2 years\n$8 000\n—\n6\n1 year\n$4 000\n$300\n7\n6 months\n$2 000\n$200\n8\n3 months\n$1 000\n$150\n9\n–\n$500\n$100\n10\n–\n$200\n$75\n11\n–\n$100\n$50\n12\n–\n$50\n$25\nNote: This appendix is provided for convenience of reference only.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act’s scope has broadened since the original 1982 enactment. Major additions include creation of the Advisory Board (inserted 1995; see legislative history entry 1995) and an explicit captive‑insurer role and overseas powers added in 2006 (Government Financing Authority (Insurance) Amendment Act 2006; see amendments to s 11). Other amendments expanded delegation, staffing arrangements and validation protections (see amendments listed in the legislative history). These changes extend the Authority’s functions from centralised borrowing to insurance, foreign operations and wider executive discretion, increasing State exposure and the Authority’s operational remit."},"complexity_factors":["Broad and open-ended financial powers to borrow, lend, invest and deal in securities (s 11(2))","Addition of a captive insurer function with powers to act in foreign jurisdictions and realise third‑party rights (s 11(1)(b), s 11(2)(ie), s 11(2)(ie))","Strong Treasurer discretion over the Authority (control and direction) and conditional approvals (ss 13; 11(3))","State guarantee of Authority liabilities, with satisfaction from General Revenue (s 15)","Power for the Treasurer to require or direct semi‑government authorities to borrow from or deposit with the Authority (s 16(1))","Power for the Treasurer to rearrange and transfer semi‑government liabilities to the Authority (s 18) — alters creditor relationships and budget treatment","Validation provision protecting transactions despite procedural or appointment irregularities (s 11A) — affects due diligence and counterparty risk allocation","Advisory Board with specified composition, confidentiality carve‑out for advice and reporting requirements (ss 18A, 18B, 18G, 26(1a)–(1d))","Delegation, staffing and Public Service interface rules that can alter administrative accountability and employment terms (ss 19–20)","Treasurer’s tax‑exemption power for the Authority and related instruments (s 23) — creates fiscal and competitive implications"],"plain_english_summary":"Creates the South Australian Government Financing Authority to centralise borrowing, lending and investment for semi‑government bodies and to act as a captive insurer for the Crown. The Authority can trade securities, form companies, operate overseas and receive deposits; its liabilities are guaranteed by the State and it operates under the Treasurer’s control. It affects semi‑government authorities, the Treasurer, creditors and taxpayers because it concentrates financing and certain insurance arrangements, shifts decision‑making to Treasury, and places fiscal risk on General Revenue."},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope cannot be assessed — the legislative text was not available for analysis due to a broken URL resulting from a website migration on 24 March 2026."},"complexity_factors":["No legislative text was retrievable — the source URL returned a 404/Page Not Found error","Complexity cannot be meaningfully assessed without access to the actual provisions","Score of 1 reflects absence of content, not simplicity of the underlying law"],"plain_english_summary":"**⚠️ Content Unavailable**\n\nThe actual text of the **Government Financing Authority Act 1982 (SA)** could not be retrieved. The link provided returned a **'Page Not Found'** error from the South Australian legislation website, likely due to a website update that occurred on **24 March 2026** which broke older hyperlinks.\n\n**What we know from the title alone:**\n- This is a **South Australian** law\n- It was enacted in **1982**\n- It established or governs the **Government Financing Authority** — a body that typically manages borrowing, lending, and financial risk on behalf of the state government and its agencies\n- Laws like this generally affect **state government departments, statutory bodies, and local councils** that borrow money or manage public finances\n\n**To access the actual legislation**, visit [www.legislation.sa.gov.au](https://www.legislation.sa.gov.au) and search directly for 'Government Financing Authority Act 1982'."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":true,"description":"The legislation has grown significantly beyond its original 1982 purpose of establishing a borrowing and investment vehicle for semi-government authorities. The 2006 amendments added a substantial captive insurance function (sections 11(1)(b)-(d), 11(2)(ib)-(ie), and 12(3)), transforming the Authority into a combined financial services and insurance entity. Additionally, the 1995 amendments introduced Part 3A creating an Advisory Board with governance oversight, moving beyond pure financial operations to include advisory and governance structures. The original Act dealt primarily with borrowing and deposits; the current version encompasses insurance underwriting, risk management, claims handling, and foreign jurisdiction operations."},"complexity_factors":["Moderate length (28 sections plus Appendix) with straightforward structure","8 defined terms in section 4(1), plus additional definitions in subsections (4) and (8)","Cross-references limited mainly to related sections within the Act and occasional references to Public Finance and Audit Act 1987 and Public Sector Act 2009","Conditional logic present but not deeply nested — mainly 'if the Treasurer directs' and 'subject to' clauses","Part 3A (Advisory Board) contains detailed procedural rules (quorum, voting, electronic meetings) that add bulk without conceptual complexity","Section 18 contains multiple subsections (1) through (8) with rearrangement mechanics that require careful reading","Historical amendments show evolution from simple borrowing authority to complex insurance function (2006), but current text integrates these reasonably cleanly"],"plain_english_summary":"**What this law does:**\n\nThis Act creates a government-owned corporation called the **South Australian Government Financing Authority** (the Authority). Think of it as the State's in-house bank and insurance company.\n\n**Who it affects:**\n\n*   **Semi-government authorities** — these are government-owned bodies like statutory corporations (but not local councils). They must use the Authority for borrowing and deposits when directed.\n*   **The Treasurer** — has ultimate control over the Authority and can direct its activities.\n*   **The Under Treasurer** — actually runs the Authority as its sole member.\n*   **The South Australian Government Financing Advisory Board** — a group of 5–7 people (including the Under Treasurer and outside experts) who advise the Treasurer and Authority on financial matters.\n\n**Key functions:**\n\n*   **Banking for government bodies:** The Authority manages borrowing and investment programmes for semi-government authorities. It can lend money to them, accept their deposits, and even take over their existing debts to rearrange their finances more efficiently.\n*   **Captive insurer:** Since 2006, the Authority acts as the State's own insurance company (called a \"captive insurer\"), covering risks that would otherwise require commercial insurance. This includes reinsuring Crown risks and handling claims against the State.\n*   **Financial management:** The Authority operates under the Treasurer's direction, must follow proper financial principles, and pays any surplus funds (except insurance-related funds) into State revenue.\n\n**Why it matters:**\n\nThis law centralises control over public sector borrowing and risk management. It ensures the State can manage its debt efficiently, reduce insurance costs by self-insuring where appropriate, and maintain oversight of government authorities' financial activities. The Treasurer has broad powers to direct transactions, rearrange finances, and guarantee the Authority's liabilities, effectively backing the Authority with the full faith and credit of the State."}},"importantCases":[],"_links":{"self":"/api/acts/government-financing-authority-act-1982","history":"/api/acts/government-financing-authority-act-1982/history","analysis":"/api/acts/government-financing-authority-act-1982/analysis","conflicts":"/api/acts/government-financing-authority-act-1982/conflicts","importantCases":"/api/acts/government-financing-authority-act-1982/important-cases","documents":"/api/acts/government-financing-authority-act-1982/documents"}}