{"id":"C2018A00065","name":"Housing Australia Act 2018","slug":"housing-australia-act-2018","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"65 of 2018","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":55033,"registerId":"commonwealth-C2018A00065-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act is the Housing Australia Act 2018.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Object of this Act","content":"#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Simplified outline of this Act","content":"#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Crown to be bound","content":"#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.","sortOrder":6},{"sectionNumber":"Part 2","sectionType":"part","heading":"Housing Australia","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":7},{"sectionNumber":"Division 1","sectionType":"division","heading":"Establishment and functions","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":8},{"sectionNumber":"7","sectionType":"section","heading":"Establishment","content":"#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.","sortOrder":9},{"sectionNumber":"8","sectionType":"section","heading":"Functions of Housing Australia","content":"#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.","sortOrder":10},{"sectionNumber":"9","sectionType":"section","heading":"Powers of Housing Australia","content":"#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.","sortOrder":11},{"sectionNumber":"10","sectionType":"section","heading":"Financing, guarantee and capacity building functions","content":"#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.","sortOrder":12},{"sectionNumber":"11","sectionType":"section","heading":"Housing Australia does not have privileges and immunities of the Crown","content":"#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.","sortOrder":13},{"sectionNumber":"Division 2","sectionType":"division","heading":"Investment Mandate","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":14},{"sectionNumber":"12","sectionType":"section","heading":"Investment Mandate","content":"#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.","sortOrder":15},{"sectionNumber":"13","sectionType":"section","heading":"Matters covered by Investment Mandate","content":"#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.","sortOrder":16},{"sectionNumber":"14","sectionType":"section","heading":"Limits on Investment Mandate","content":"#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.","sortOrder":17},{"sectionNumber":"Part 3","sectionType":"part","heading":"Board","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":18},{"sectionNumber":"15","sectionType":"section","heading":"Establishment of the Board","content":"#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.","sortOrder":20},{"sectionNumber":"16","sectionType":"section","heading":"Functions of the Board","content":"#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.","sortOrder":21},{"sectionNumber":"17","sectionType":"section","heading":"Membership","content":"#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.","sortOrder":23},{"sectionNumber":"18","sectionType":"section","heading":"Appointment of Board members","content":"#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.","sortOrder":24},{"sectionNumber":"19","sectionType":"section","heading":"Chair","content":"#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.","sortOrder":25},{"sectionNumber":"20","sectionType":"section","heading":"Term of appointment","content":"#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.","sortOrder":26},{"sectionNumber":"21","sectionType":"section","heading":"Acting appointments","content":"#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.","sortOrder":27},{"sectionNumber":"22","sectionType":"section","heading":"Remuneration","content":"#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.","sortOrder":28},{"sectionNumber":"23","sectionType":"section","heading":"Leave of absence","content":"#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.","sortOrder":29},{"sectionNumber":"24","sectionType":"section","heading":"Resignation","content":"#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.","sortOrder":30},{"sectionNumber":"25","sectionType":"section","heading":"Termination of appointment","content":"#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).","sortOrder":31},{"sectionNumber":"26","sectionType":"section","heading":"Other terms and conditions","content":"#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.","sortOrder":32},{"sectionNumber":"27","sectionType":"section","heading":"Observer","content":"#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.","sortOrder":33},{"sectionNumber":"Division 3","sectionType":"division","heading":"Meetings of the Board","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":34},{"sectionNumber":"28","sectionType":"section","heading":"Convening meetings","content":"#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.","sortOrder":35},{"sectionNumber":"29","sectionType":"section","heading":"Presiding at meetings","content":"#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.","sortOrder":36},{"sectionNumber":"30","sectionType":"section","heading":"Quorum","content":"#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.","sortOrder":37},{"sectionNumber":"31","sectionType":"section","heading":"Voting at meetings","content":"#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.","sortOrder":38},{"sectionNumber":"32","sectionType":"section","heading":"Conduct of meetings","content":"#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.","sortOrder":39},{"sectionNumber":"33","sectionType":"section","heading":"Minutes","content":"#### 33 Minutes\n\n The Board must keep minutes of its meetings.","sortOrder":40},{"sectionNumber":"34","sectionType":"section","heading":"Decisions without meetings","content":"#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.","sortOrder":41},{"sectionNumber":"Part 4","sectionType":"part","heading":"Chief Executive Officer, staff and consultants and committees","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":42},{"sectionNumber":"35","sectionType":"section","heading":"Chief Executive Officer","content":"#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.","sortOrder":44},{"sectionNumber":"36","sectionType":"section","heading":"Functions of the CEO","content":"#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.","sortOrder":45},{"sectionNumber":"37","sectionType":"section","heading":"Appointment of CEO","content":"#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.","sortOrder":46},{"sectionNumber":"38","sectionType":"section","heading":"Acting appointment as CEO","content":"#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.","sortOrder":47},{"sectionNumber":"39","sectionType":"section","heading":"Remuneration of CEO","content":"#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.","sortOrder":48},{"sectionNumber":"40","sectionType":"section","heading":"Leave of absence of CEO","content":"#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.","sortOrder":49},{"sectionNumber":"41","sectionType":"section","heading":"Outside employment","content":"#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).","sortOrder":50},{"sectionNumber":"42","sectionType":"section","heading":"Other terms and conditions","content":"#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.","sortOrder":51},{"sectionNumber":"43","sectionType":"section","heading":"Resignation of CEO","content":"#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.","sortOrder":52},{"sectionNumber":"44","sectionType":"section","heading":"Termination of appointment of CEO","content":"#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.","sortOrder":53},{"sectionNumber":"45","sectionType":"section","heading":"Staff","content":"#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.","sortOrder":55},{"sectionNumber":"46","sectionType":"section","heading":"Consultants","content":"#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.","sortOrder":56},{"sectionNumber":"47","sectionType":"section","heading":"Committees","content":"#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.","sortOrder":58},{"sectionNumber":"Part 5","sectionType":"part","heading":"Finance","content":"An Act to establish Housing Australia, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act is the Housing Australia Act 2018.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

30 June 2018

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Object of this Act\n\n The object of this Act is to establish Housing Australia to improve housing outcomes for Australians by:\n (a) strengthening efforts to increase the supply of housing; and\n (b) encouraging investment in housing (particularly in the social or affordable housing sector); and\n (c) providing finance or grants that complement, leverage or support Commonwealth, State or Territory activities relating to housing; and\n (d) contributing to the development of the scale, efficiency and effectiveness of the community housing sector in Australia; and\n (e) assisting earlier access to the housing market by first home buyers; and\n (f) assisting earlier access to the housing market by:\n (i) single parents with dependants; and\n (ii) legal guardians of children where the legal guardian is single; and\n (g) assisting earlier access to the housing market by individuals who have not held an ownership interest in real property in Australia in the last 10 years.\n\n#### 4 Simplified outline of this Act\n\nHousing Australia is established to improve housing outcomes by (within constitutional limits) making loans and grants and issuing guarantees.\n\nHousing Australia performs its functions in accordance with one or more directions given by the Minister, known as its Investment Mandate.\n\nThe Board of Housing Australia decides Housing Australia’s strategies and policies and ensures the proper, efficient and effective performance of its functions.\n\nThe Chief Executive Officer of Housing Australia is responsible for the day‑to‑day administration of Housing Australia. Housing Australia may engage staff and consultants. The Board may establish Committees.\n\nThe Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.\n\nHousing Australia may pay a dividend to the Commonwealth, and may borrow money (supported by a Commonwealth guarantee).\n\n> Note: Housing Australia also has functions under the Help to Buy Act 2024. Some, but not all, of the provisions of this Act apply in relation to the Help to Buy functions.\n\n#### 5 Definitions\n\n In this Act:\n\n> Board means the Board of Housing Australia.\n\n> Board member means a member of the Board and includes the Chair.\n\n> capacity building function: see subsection 8(1C).\n\n> CEO means the Chief Executive Officer of Housing Australia.\n\n> Chair means the Chair of the Board.\n\n> Commonwealth company has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> Commonwealth officer means a person who:\n\n (a) holds, or performs the duties of, an appointment, office or position under a law of the Commonwealth; or\n (b) is otherwise in the service of the Commonwealth.\n\n> company means a body corporate.\n\n> constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\n> entity includes:\n\n (a) a company; and\n (b) a trust; and\n (c) a partnership.\n\n> Finance Minister means the Minister who administers the Public Governance, Performance and Accountability Act 2013.\n\n> financing function: see subsection 8(1A).\n\n> guarantee function: see subsection 8(1B).\n\n> guarantee liabilities has the meaning given by subsection 48A(2).\n\n> Help to Buy functions: Housing Australia’s Help to Buy functions are Housing Australia’s functions under the Help to Buy Act 2024, to the extent that those functions are not also conferred on Housing Australia by:\n\n (a) this Act (disregarding paragraph 8(1)(ca) of this Act); or\n (b) any Commonwealth law other than the Help to Buy Act 2024.\n\n> Help to Buy Program Directions has the same meaning as in the Help to Buy Act 2024.\n\n> Investment Mandate has the meaning given by subsection 12(1).\n\n> paid work means work for financial gain or reward (whether as an employee, a self‑employed person or otherwise).\n\n> registered community housing provider means a community housing provider (however described) that is registered under a law of, or under a scheme administered by, a State or a Territory.\n\n> rules means rules made under section 58.\n\n#### 6 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n## Part 2—Housing Australia\n\n### Division 1—Establishment and functions\n\n#### 7 Establishment\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\n> Note 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\n> Note 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n (2) Housing Australia:\n (a) is a body corporate; and\n (b) must have a seal; and\n (c) may acquire, hold and dispose of real and personal property; and\n (d) may sue and be sued.\n (3) Housing Australia’s seal is to be kept in such custody as the Board directs and must not be used except as authorised by the Board.\n\n#### 8 Functions of Housing Australia\n\n (1) The functions of Housing Australia are:\n (a) the financing function; and\n (b) the guarantee function; and\n (c) the capacity building function; and\n (ca) the Help to Buy functions; and\n (d) any other functions conferred on Housing Australia by this Act or any other Commonwealth law (other than the Help to Buy Act 2024); and\n (e) to do anything incidental or conducive to the performance of the above functions (other than the Help to Buy functions).\n Financing function\n (1A) Housing Australia’s financing function is to make loans and grants to:\n (a) constitutional corporations, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n (b) States and Territories, where this:\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Guarantee function\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n (a) is for the purpose of improving housing outcomes; and\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n Capacity building function\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n (a) registered community housing providers that are constitutional corporations, where this:\n (i) is for the purpose of improving housing outcomes; and\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n (i) in a Territory; or\n (ii) for Aboriginal or Torres Strait Islander people; or\n (iii) for members of the Australian Defence Force; or\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n Obligation to act properly, efficiently and effectively\n (3) In performing its functions, Housing Australia must act in a proper, efficient and effective manner.\n (4) Subsection (3) does not apply in relation to the Help to Buy functions.\n\n> Note: For how Housing Australia must perform the Help to Buy functions, see subsections 10(3), 15(2) and 20(2) of the Help to Buy Act 2024.\n\n#### 9 Powers of Housing Australia\n\n (1) Housing Australia has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (2) Without limiting subsection (1), Housing Australia may:\n (a) enter into arrangements and contracts with Commonwealth entities and Commonwealth companies to obtain services to assist in the performance of its functions; and\n (b) enter into:\n (i) arrangements known as swaps, foreign exchange agreements, forward rate agreements, options or hedge agreements; or\n (ii) arrangements having a similar purpose or effect.\n\n> Note: Section 59 of the Public Governance, Performance and Accountability Act 2013 also gives Housing Australia the power to invest money that is not immediately required for the purposes of Housing Australia.\n\n (3) This section does not apply in relation to the Help to Buy functions.\n\n> Note: For Housing Australia’s powers in relation to the Help to Buy functions, see sections 11, 16 and 21 of the Help to Buy Act 2024.\n\n#### 10 Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n Applications\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n (a) the making of a loan or grant;\n (b) the issuing of a guarantee;\n (c) for assistance in capacity building.\n (3) Housing Australia must consider the application:\n (a) within the timeframe specified in the Investment Mandate (if any); and\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n Terms and conditions\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n (6) The entity must comply with the terms and conditions.\n Payments under the agreements\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n (a) the amount is a debt due by the entity to Housing Australia; and\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n#### 11 Housing Australia does not have privileges and immunities of the Crown\n\n Housing Australia does not have the privileges and immunities of the Crown in right of the Commonwealth.\n\n### Division 2—Investment Mandate\n\n#### 12 Investment Mandate\n\n (1) The Minister may, by legislative instrument, give the Board directions about the performance of Housing Australia’s functions, and must give at least one such direction. The directions together constitute the Investment Mandate.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: For the Help to Buy functions, see subsection 14(2).\n\n (2) In giving a direction, the Minister must have regard to the object of this Act and any other matters the Minister considers relevant.\n (3) In performing its functions, Housing Australia must take all reasonable steps to comply with the Investment Mandate.\n\n#### 13 Matters covered by Investment Mandate\n\n The Investment Mandate may include directions about the following:\n (a) strategies and policies to be followed for the effective performance of Housing Australia’s functions;\n (b) decision‑making criteria for the following:\n (i) making loans and grants;\n (ii) granting financial assistance to States and Territories;\n (iia) issuing guarantees;\n (iii) providing, to registered community housing providers, business advisory services and other assistance in capacity building;\n (c) limits on the following:\n (i) making loans and grants;\n (ii) issuing guarantees;\n (iii) granting financial assistance to States and Territories;\n (d) risk and return relating to Housing Australia’s loans and guarantees;\n (e) any other matters the Minister thinks appropriate.\n\n#### 14 Limits on Investment Mandate\n\n (1) The Minister must not give a direction under subsection 12(1):\n (a) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Board:\n (i) to make, or not to make, a particular loan or grant; or\n (ii) to grant, or not to grant, financial assistance to a State or Territory for a particular project; or\n (iia) to issue, or not to issue, a particular guarantee; or\n (iii) to take, or not to take, particular action relating to a particular loan or grant; or\n (iv) to take, or not to take, particular action relating to financial assistance granted to a State or Territory for a particular project; or\n (v) to take, or not to take, particular action relating to a particular guarantee; or\n (b) that is inconsistent with this Act (including the object of this Act).\n (2) The Minister must not give a direction under subsection 12(1) about the performance of the Help to Buy functions.\n\n> Note: The Minister may give the Board directions about the Help to Buy functions under Part 3 of the Help to Buy Act 2024.\n\n## Part 3—Board\n\n### Division 1—Establishment and functions of the Board\n\n#### 15 Establishment of the Board\n\n The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n#### 16 Functions of the Board\n\n (1) The functions of the Board are:\n (a) to decide, within the scope of the Investment Mandate and the Help to Buy Program Directions, the strategies and policies to be followed by Housing Australia; and\n (b) to ensure the proper, efficient and effective performance of Housing Australia’s functions; and\n (c) any other functions conferred on the Board by this Act.\n (2) The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.\n (3) Anything done in the name of, or on behalf of, Housing Australia by the Board, or with the authority of the Board, is taken to have been done by Housing Australia.\n\n### Division 2—Board members\n\n#### 17 Membership\n\n The Board consists of:\n (a) the Chair; and\n (b) at least 6, and no more than 8, other members.\n\n#### 18 Appointment of Board members\n\n (1) Board members are to be appointed by the Minister by written instrument, on a part‑time basis.\n (2) A person is not eligible for appointment as a Board member unless the Minister is satisfied that the person has appropriate qualifications, skills or experience in one or more of the following:\n (a) banking and finance;\n (b) law;\n (c) housing (including social or affordable housing);\n (ca) housing for Aboriginal or Torres Strait Islander people;\n (d) infrastructure planning and financing;\n (e) local government;\n (f) public policy;\n (g) an area of expertise prescribed by the rules.\n (3) In appointing Board members, the Minister must ensure that:\n (a) the Board members collectively have an appropriate balance of qualifications, skills or experience in the fields mentioned in subsection (2); and\n (b) at least one Board member has appropriate qualifications, skills or experience in social or affordable housing.\n\n#### 19 Chair\n\n The Minister must, by written instrument, appoint one Board member to be the Chair.\n\n#### 20 Term of appointment\n\n A Board member holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n\n> Note: A Board member may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n#### 21 Acting appointments\n\n (1) The Minister may, by written instrument, appoint a Board member to act as the Chair:\n (a) during a vacancy in the office of Chair (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the Chair:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n (2) The Minister may, by written instrument, appoint a person to act as a Board member:\n (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when a Board member:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 22 Remuneration\n\n (1) A Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed by the rules.\n (2) A Board member is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 23 Leave of absence\n\n (1) The Minister may grant leave of absence to the Chair on the terms and conditions that the Minister determines.\n (2) The Chair may grant leave of absence to another Board member on the terms and conditions that the Chair determines.\n (3) The Chair must notify the Minister if the Chair grants another Board member leave of absence for a period that exceeds 3 months.\n\n#### 24 Resignation\n\n (1) A Board member may resign his or her appointment by giving the Minister a written resignation.\n (2) The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n#### 25 Termination of appointment\n\n The Minister may terminate the appointment of a Board member:\n (a) for misbehaviour; or\n (b) if the Board member is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the Board member:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or\n (e) if the Minister is satisfied that the performance of the Board member has been unsatisfactory for a significant period.\n\n> Note: The appointment of a Board member may also be terminated under section 30 of the Public Governance, Performance and Accountability Act 2013 (which deals with terminating the appointment of an accountable authority, or a member of an accountable authority, for contravening general duties of officials).\n\n#### 26 Other terms and conditions\n\n A Board member holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Minister.\n\n#### 27 Observer\n\n Role of the observer\n (1) A person appointed under this section (the observer):\n (a) is entitled to receive notice of meetings of the Board; and\n (b) may attend any meeting of the Board and take such part in the proceedings, not including voting, as the observer thinks fit; and\n (c) may report to the Minister on any matter relating to the operations of Housing Australia or the Board, and must make such a report to the Minister if the Minister requests a report on such a matter; and\n (d) is entitled to access to such information held by, or under the control of, Housing Australia as the observer requests for the purposes of taking part in proceedings of the Board or reporting to the Minister.\n Appointment of the observer\n (2) The Minister may, by written instrument, appoint a Commonwealth officer to be the observer, on a part‑time basis.\n (3) The observer holds office for the period specified in the instrument of appointment. The period must not exceed 6 months.\n\n> Note: The observer may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (4) The Minister may at any time terminate the appointment of the observer.\n Terms and conditions\n (5) The Minister may grant leave of absence to the observer on the terms and conditions that the Minister determines.\n (6) The observer may resign his or her appointment by giving the Minister a written resignation. The resignation takes effect on the day it is received by the Minister or, if a later day is specified in the resignation, on that later day.\n\n### Division 3—Meetings of the Board\n\n#### 28 Convening meetings\n\n (1) The Board must hold such meetings as are necessary for the efficient performance of its functions.\n (2) The Chair:\n (a) may convene a meeting at any time; and\n (b) must convene at least 4 meetings each calendar year; and\n (c) must convene a meeting within 30 days after receiving a written request to do so from another Board member.\n\n#### 29 Presiding at meetings\n\n (1) The Chair must preside at all meetings at which he or she is present.\n (2) If the Chair is not present at a meeting, the other Board members present must appoint one of themselves to preside.\n\n#### 30 Quorum\n\n (1) At a meeting of the Board, a quorum is constituted by a majority of Board members.\n (2) However, if:\n (a) a Board member is required by rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013 not to be present during the deliberations, or to take part in any decision, of the Board with respect to a particular matter; and\n (b) when the Board member leaves the meeting concerned there is no longer a quorum present;\n the remaining Board members at the meeting constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.\n\n#### 31 Voting at meetings\n\n (1) A question arising at a meeting of the Board is to be determined by a majority of the votes of the Board members present and voting.\n (2) The person presiding at the meeting of the Board has a deliberative vote and, if the votes are equal, a casting vote.\n\n#### 32 Conduct of meetings\n\n The Board may, subject to this Division, regulate proceedings at its meetings as it considers appropriate.\n\n> Note: Section 33B of the Acts Interpretation Act 1901 contains further information about the ways in which Board members may participate in meetings.\n\n#### 33 Minutes\n\n The Board must keep minutes of its meetings.\n\n#### 34 Decisions without meetings\n\n (1) The Board is taken to have made a decision at a meeting if:\n (a) without meeting, a majority of the Board members entitled to vote on the proposed decision indicate agreement with the decision; and\n (b) that agreement is indicated in accordance with the method determined by the Board under subsection (2); and\n (c) all the Board members were informed of the proposed decision, or reasonable efforts were made to inform all the Board members of the proposed decision.\n (2) Subsection (1) applies only if the Board:\n (a) has determined that it may make decisions of that kind without meeting; and\n (b) has determined the method by which Board members are to indicate agreement with proposed decisions.\n (3) For the purposes of paragraph (1)(a), a Board member is not entitled to vote on a proposed decision if the Board member would not have been entitled to vote on that proposal if the matter had been considered at a meeting of the Board.\n (4) The Board must keep a record of decisions made in accordance with this section.\n\n## Part 4—Chief Executive Officer, staff and consultants and committees\n\n### Division 1—Chief Executive Officer\n\n#### 35 Chief Executive Officer\n\n There is to be a Chief Executive Officer of Housing Australia.\n\n#### 36 Functions of the CEO\n\n (1) The CEO is responsible for the day‑to‑day administration of Housing Australia.\n (2) The CEO has power to do all things necessary or convenient to be done for or in connection with the performance of his or her duties.\n (3) The CEO is to act in accordance with policies and strategies determined by the Board.\n (4) The Board may give written directions to the CEO, not inconsistent with any direction given to the Board under Division 2 of Part 2 of this Act, or Part 3 of the Help to Buy Act 2024, about the performance of the CEO’s duties.\n (5) The CEO must comply with a direction under subsection (4).\n (6) A direction under subsection (4) is not a legislative instrument.\n\n#### 37 Appointment of CEO\n\n (1) The CEO is to be appointed by the Board by written instrument, on a full‑time basis.\n\n> Note: The CEO may be reappointed: see section 33AA of the Acts Interpretation Act 1901.\n\n (2) The CEO holds office for the period specified in the instrument of appointment. The period must not exceed 5 years.\n (3) The Board must not appoint a Board member as the CEO.\n\n#### 38 Acting appointment as CEO\n\n The Board may, by written instrument, appoint a person (other than a Board member) to act as the CEO:\n (a) during a vacancy in the office of CEO (whether or not an appointment has previously been made to the office); or\n (b) during any period, or during all periods, when the CEO:\n (i) is absent from duty or from Australia; or\n (ii) is, for any reason, unable to perform the duties of the office.\n\n> Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901.\n\n#### 39 Remuneration of CEO\n\n (1) The CEO is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the CEO is to be paid the remuneration that is prescribed by the rules.\n (2) The CEO is to be paid the allowances that are prescribed by the rules.\n (3) This section has effect subject to the Remuneration Tribunal Act 1973.\n\n#### 40 Leave of absence of CEO\n\n (1) The CEO has the recreation leave entitlements that are determined by the Remuneration Tribunal.\n (2) The Board may grant the CEO leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Board determines.\n\n#### 41 Outside employment\n\n (1) The CEO must not engage in paid work outside the duties of his or her office without the Chair’s approval.\n (2) The Chair must notify the Minister of any approval given under subsection (1).\n\n#### 42 Other terms and conditions\n\n The CEO holds office on the terms and conditions (if any) in relation to matters not covered by this Act that are determined by the Board.\n\n#### 43 Resignation of CEO\n\n (1) The CEO may resign his or her appointment by giving the Board a written resignation.\n (2) The resignation takes effect on the day it is received by the Board or, if a later day is specified in the resignation, on that later day.\n (3) The Chair must notify the Minister of the CEO’s resignation.\n\n#### 44 Termination of appointment of CEO\n\n (1) The Board may terminate the appointment of the CEO:\n (a) for misbehaviour; or\n (b) if the CEO is unable to perform the duties of his or her office because of physical or mental incapacity; or\n (c) if the CEO:\n (i) becomes bankrupt; or\n (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or\n (iii) compounds with his or her creditors; or\n (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or\n (d) if the CEO is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or\n (e) if the CEO engages, except with the Chair’s approval, in paid work outside the duties of his or her office (see section 41 (outside employment)); or\n (f) if the CEO fails, without reasonable excuse, to comply with section 29 of the Public Governance, Performance and Accountability Act 2013 (which deals with the duty to disclose interests) or rules made for the purposes of that section; or\n (g) if the Board is satisfied that the performance of the CEO has been unsatisfactory for a significant period.\n (2) If the Board terminates the appointment of the CEO, the Board must notify the Minister of the termination.\n\n### Division 2—Staff and consultants\n\n#### 45 Staff\n\n (1) Housing Australia may employ such persons as it considers necessary for the performance of its functions and the exercise of its powers.\n (2) An employee is to be employed on the terms and conditions that Housing Australia determines in writing.\n (3) Housing Australia may make arrangements for the services of officers or employees of the following to be made available to Housing Australia:\n (a) the Commonwealth, a State or a Territory;\n (b) an authority of the Commonwealth or of a State or Territory;\n (c) any other organisation or body.\n\n#### 46 Consultants\n\n (1) Housing Australia may engage consultants to assist in the performance of its functions.\n (2) The consultants are to be engaged on the terms and conditions that Housing Australia determines.\n\n### Division 3—Committees\n\n#### 47 Committees\n\n (1) The Board may establish committees to advise or assist in the performance of the Board’s or Housing Australia’s functions.\n (2) A committee may be constituted:\n (a) wholly by Board members; or\n (b) wholly by persons who are not Board members; or\n (c) partly by Board members and partly by other persons.\n (3) The Board may determine, in relation to a committee established under this section:\n (a) the committee’s terms of reference; and\n (b) the terms and conditions of appointment of the members of the committee; and\n (c) the procedures to be followed by the committee.\n (4) The members of the committee (other than Board members) are not officials for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n## Part 5—Finance\n\n### Division 1—Housing Australia Special Account\n\n#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.\n\n#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.\n\n#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.\n\n### Division 2—Housing Australia’s money\n\n#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).\n\n#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.\n\n#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.\n\n#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.\n\n#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.\n\n#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.\n\n## Part 6—Miscellaneous\n\n#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.\n\n#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.\n\n#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.\n\n#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.\n\n#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\n#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":59},{"sectionNumber":"47A","sectionType":"section","heading":"Housing Australia Special Account","content":"#### 47A Housing Australia Special Account\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\n> Note: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n (2) The Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.","sortOrder":61},{"sectionNumber":"47B","sectionType":"section","heading":"Credits to the Account","content":"#### 47B Credits to the Account\n\n (1) There must be credited to the Account amounts equal to each amount paid to the Commonwealth by Housing Australia that:\n (a) is a repayment of:\n (i) money debited from the Account; or\n (ii) other money lent by the Commonwealth to Housing Australia (whether as described in subsection 50(1) or otherwise); and\n (b) is paid in accordance with the Investment Mandate.\n\n> Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n (2) To avoid doubt, subsection (1) does not apply to an amount paid to the Commonwealth by Housing Australia under section 28 of the Help to Buy Act 2024.","sortOrder":62},{"sectionNumber":"47C","sectionType":"section","heading":"Purposes of the Account","content":"#### 47C Purposes of the Account\n\n (1) Each of the following is a purpose of the Account:\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n (2) Housing Australia may apply such loans:\n (a) for making loans in the performance of its financing function; or\n (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.\n\n> Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following:\n (a) acute housing needs;\n (b) social housing;\n (c) affordable housing.\n\n> Note: 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.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.","sortOrder":63},{"sectionNumber":"47D","sectionType":"section","heading":"Cap on the Account and transfers to general CRF","content":"#### 47D Cap on the Account and transfers to general CRF\n\n (1) If, at a particular time, the balance of the Account exceeds $4 billion, an amount equal to the excess is debited from the Account immediately after that time.\n (2) The Minister may, by writing, direct that a specified amount is to be debited from the Account on a specified day (which must be on or after the day the direction is made).\n (3) The Minister must consult the Board before making a direction under subsection (2).\n (4) A direction under subsection (2) is not a legislative instrument.\n (5) The Minister must give a copy of a direction under subsection (2) to the Finance Minister.","sortOrder":64},{"sectionNumber":"48","sectionType":"section","heading":"Maintenance of adequate capital and reserves","content":"#### 48 Maintenance of adequate capital and reserves\n\n (1) The Board is required to ensure, according to sound commercial principles, that the capital and reserves of Housing Australia at any time are sufficient:\n (a) to meet the likely liabilities (other than guarantee liabilities) of Housing Australia; and\n (b) to make adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by Housing Australia.\n (2) If, at any time, the Board determines:\n (a) that the capital and reserves of Housing Australia are not sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1); or\n (b) that there are reasonable grounds for believing that, at a time in the future, the capital and reserves of Housing Australia may not be sufficient to meet the likely liabilities, and make the provision, referred to in subsection (1);\n the Board must, as soon as practicable, cause the Minister to be informed in writing of its determination and the reasons for that determination.\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n (4) This section does not apply in relation to liabilities or defaults under Help to Buy arrangements (within the meaning of the Help to Buy Act 2024).","sortOrder":66},{"sectionNumber":"48A","sectionType":"section","heading":"Appropriation for the purposes of guarantee liabilities","content":"#### 48A Appropriation for the purposes of guarantee liabilities\n\n (1) There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, money for the purposes of payment to Housing Australia to meet its guarantee liabilities.\n (2) The guarantee liabilities of Housing Australia are the liabilities that Housing Australia incurs under guarantees Housing Australia has issued in the performance of its guarantee function.","sortOrder":67},{"sectionNumber":"49","sectionType":"section","heading":"Payment of annual dividends to the Commonwealth","content":"#### 49 Payment of annual dividends to the Commonwealth\n\n (1) The Board must, within 4 months after the end of each financial year, by written notice given to the Minister, recommend that Housing Australia pay a specified dividend, or not pay a dividend, to the Commonwealth for that financial year.\n (2) The Minister must, within 30 days after receiving the recommendation, by written notice given to Housing Australia:\n (a) approve the recommendation; or\n (b) if the Board has recommended the payment of a dividend—direct the payment of a different specified dividend; or\n (c) if the Board has recommended that no dividend be paid—direct the payment of a specified dividend.\n (3) Subject to subsections (4) and (5), in performing their functions under subsections (1) and (2), the Board and the Minister must have regard to:\n (a) the policies of the Commonwealth Government, and the general policy of Housing Australia in relation to the performance of its functions; and\n (b) such commercial considerations as the Board or the Minister, as the case may be, considers appropriate.\n (4) Housing Australia’s dividend for a financial year must not exceed its profit for that year.\n (4A) For the purposes of subsection (4), disregard any profit or loss for that year from Housing Australia’s performance of the Help to Buy functions.\n (5) For each financial year in relation to which the Minister has approved a recommendation that a dividend be paid or has directed the payment of a dividend, Housing Australia must pay to the Commonwealth:\n (a) if the Minister has approved a recommendation that a dividend be paid—the dividend specified in the recommendation; or\n (b) if the Minister has directed that a dividend be paid or that a different dividend be paid—the dividend specified in the direction.\n (6) For the purposes of this section, the period beginning on the commencement of this Act and ending on 30 June 2018 is not to be taken to be a financial year.","sortOrder":68},{"sectionNumber":"50","sectionType":"section","heading":"Borrowings etc.","content":"#### 50 Borrowings etc.\n\n Borrowings from the Commonwealth\n (1) The Finance Minister may, on behalf of the Commonwealth, out of money appropriated by the Parliament for the purpose, lend money to Housing Australia on such terms and conditions as the Finance Minister determines.\n Other borrowings etc.\n (2) Housing Australia may:\n (a) borrow money otherwise than from the Commonwealth; or\n (b) raise money otherwise than by borrowing.\n (3) One of the ways in which Housing Australia may borrow or raise money under subsection (2) is by dealing with securities.\n Security\n (4) Housing Australia may give security over all or any of its assets:\n (a) for the repayment by Housing Australia of money borrowed under subsection (1) or paragraph (2)(a) and the payment of interest on money so borrowed; or\n (b) for the payment by Housing Australia of money (including interest) that Housing Australia is liable to pay in respect of money raised under paragraph (2)(b).\n Limitation on borrowing etc.\n (5) Housing Australia must not borrow or raise money except under this section, Division 1 of this Part or Part 4 of the Help to Buy Act 2024.","sortOrder":69},{"sectionNumber":"51","sectionType":"section","heading":"Guarantee by Commonwealth","content":"#### 51 Guarantee by Commonwealth\n\n (1) Subject to subsection (2), the due payment by Housing Australia of any money that becomes payable by Housing Australia to a person other than the Commonwealth is guaranteed by the Commonwealth.\n (2) Subsection (1) does not apply in relation to money that becomes payable in relation to a contract entered into on or after the day (not earlier than 1 July 2028) determined under subsection (3).\n\n> Note: The guarantee will continue to apply in relation to contracts entered into before the determined day.\n\n (3) The Minister may, by legislative instrument, determine a day for the purposes of subsection (2). The day must not be a day occurring earlier than 60 days after the instrument is registered under the Legislation Act 2003.","sortOrder":70},{"sectionNumber":"52","sectionType":"section","heading":"Exemption from taxation","content":"#### 52 Exemption from taxation\n\n (1) For the purposes of section 50‑25 of the Income Tax Assessment Act 1997, Housing Australia is taken to be a public authority constituted under an Australian law.\n\n> Note: This means Housing Australia is exempt from income tax.\n\n (2) Housing Australia is not subject to taxation under a law of a State or Territory, if the Commonwealth is not subject to the taxation.","sortOrder":71},{"sectionNumber":"Part 6","sectionType":"part","heading":"Miscellaneous","content":"## Part 6—Miscellaneous","sortOrder":72},{"sectionNumber":"53","sectionType":"section","heading":"Delegation by Housing Australia","content":"#### 53 Delegation by Housing Australia\n\n (1) Housing Australia may, in writing under its seal, delegate all or any of its powers or functions under this Act or the Help to Buy Act 2024 to:\n (a) a Board member; or\n (b) the CEO.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of Housing Australia.","sortOrder":73},{"sectionNumber":"54","sectionType":"section","heading":"Delegation by Board","content":"#### 54 Delegation by Board\n\n (1) The Board may, in writing, delegate to a Board member or the CEO any of its powers or functions under this Act.\n (2) In exercising any powers or performing any functions under the delegation, the delegate must comply with any directions of the Board.","sortOrder":74},{"sectionNumber":"55","sectionType":"section","heading":"Delegation and subdelegation by CEO","content":"#### 55 Delegation and subdelegation by CEO\n\n (1) The CEO may, in writing, delegate to a senior member of the staff referred to in section 45 any of the CEO’s powers or functions under this Act.\n (2) If Housing Australia or the Board delegates a power or function under subsection 53(1) or 54(1) to the CEO, the CEO may, in writing, subdelegate the power or function to a senior member of the staff referred to in section 45.\n (3) In exercising any powers or performing any functions under the delegation or subdelegation, the delegate or subdelegate must comply with any directions of the CEO.\n (4) Sections 34AA, 34AB and 34A of the Acts Interpretation Act 1901 apply in relation to a subdelegation in a corresponding way to the way in which they apply in relation to a delegation.","sortOrder":75},{"sectionNumber":"56","sectionType":"section","heading":"Matters to be included in annual reports","content":"#### 56 Matters to be included in annual reports\n\n The annual report prepared by the Board and given to the Minister under section 46 of the Public Governance, Performance and Accountability Act 2013 for a period must include the following:\n (a) the particulars of any changes to the Investment Mandate during the period and their impact on the operations of Housing Australia;\n (b) in relation to each kind of financial support provided (including financial support provided by way of guarantees) by Housing Australia during the period, a summary of:\n (i) the amount of that kind of financial support; and\n (ii) the risks and returns to the Commonwealth.\n\n> Note: Section 46 of the Public Governance, Performance and Accountability Act 2013 requires the Board to prepare annual reports.","sortOrder":76},{"sectionNumber":"57","sectionType":"section","heading":"Review of operation of Act","content":"#### 57 Review of operation of Act\n\n (1) The Minister must cause a review of the operation of this Act to be undertaken as soon as possible after 30 June 2020.\n (2) The persons undertaking the review must give the Minister a written report of the review.\n (3) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.","sortOrder":77},{"sectionNumber":"57A","sectionType":"section","heading":"Review of assistance to first home buyers","content":"#### 57A Review of assistance to first home buyers\n\n (1) The Minister must cause a review of Housing Australia’s activities assisting additional first home buyers to enter the housing market to be commenced within 3 months after the end of:\n (a) the period beginning on the date when the first guarantee is issued by the NHFIC and ending 12 months after that date; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.","sortOrder":78},{"sectionNumber":"57B","sectionType":"section","heading":"Review of financing function","content":"#### 57B Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n (b) each subsequent 12 month period.\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.","sortOrder":79},{"sectionNumber":"58","sectionType":"section","heading":"Rules","content":"#### 58 Rules\n\n (1) The Minister may, by legislative instrument, make rules prescribing matters:\n (a) required or permitted by this Act to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.\n (2) To avoid doubt, the rules may not do the following:\n (a) create an offence or civil penalty;\n (b) provide powers of:\n (i) arrest or detention; or\n (ii) entry, search or seizure;\n (c) impose a tax;\n (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;\n (e) directly amend the text of this Act.","sortOrder":80}],"analysis":{"kimi_summary":{"_metrics":{"completionTokens":648},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has expanded significantly from its original 2018 scope. Originally established as the National Housing Finance and Investment Corporation focused on wholesale financing for community housing and infrastructure, it was renamed Housing Australia and now includes: (1) Help to Buy functions under the Help to Buy Act 2024 (shared equity scheme for homebuyers), (2) explicit first home buyer assistance including single parents and previous property owners, (3) expanded grant-making powers for acute, social and affordable housing from 2023, and (4) multiple new review mechanisms. The body has shifted from a narrow wholesale financier to a broader housing policy delivery vehicle with direct consumer-facing programs."},"complexity_factors":["Multiple cross-references to other Commonwealth legislation (Public Governance, Performance and Accountability Act 2013, Help to Buy Act 2024, Legislation Act 2003)","Conditional constitutional limitations on functions (e.g., 'constitutional corporations', 'aliens' under Constitution s 51(xix))","Nested functions with multiple sub-functions (financing, guarantee, capacity building, Help to Buy)","Defined terms that reference other defined terms (e.g., 'Help to Buy functions' definition)","Special account mechanics with $4 billion cap and automatic debit provisions","Ministerial directions framework with explicit prohibitions on certain types of directions","Three separate review mechanisms with different timing triggers","Integration of two separate statutory schemes (original NHFIC functions and Help to Buy functions) with partial application of provisions"],"plain_english_summary":"This Act establishes **Housing Australia** (formerly the National Housing Finance and Investment Corporation), a government body that acts like a bank for housing-related projects.\n\n**What it does:**\n- **Makes loans and grants** to companies, states, territories, and community housing providers to build more housing and improve housing outcomes\n- **Issues guarantees** (financial promises that reduce risk for lenders) to help housing projects get off the ground\n- **Provides business advice** to community housing providers to help them operate more effectively\n- **Helps first home buyers** enter the market, including single parents and people who haven't owned property in 10 years\n\n**How it works:**\n- Housing Australia operates under an **Investment Mandate** — directions from the Minister that set out what it should focus on\n- A **Board** (7-9 members with expertise in finance, law, and housing) makes strategic decisions\n- A **CEO** runs day-to-day operations\n- It can borrow money and is backed by a **Commonwealth guarantee** (the government promises to pay if Housing Australia can't)\n- It must maintain **commercially sound reserves** and can pay **dividends** to the government\n\n**Who it affects:**\n- Community housing providers seeking cheaper finance\n- First home buyers needing assistance\n- State and territory governments wanting funding for housing projects\n- Developers and investors in affordable housing\n\nThe Act has been amended to integrate with the **Help to Buy Act 2024**, adding shared equity housing assistance to its functions."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act as now framed goes beyond the original narrow finance and capacity building role of the former National Housing Finance and Investment Corporation by incorporating the Help to Buy functions (s8(1)(ca)). That addition brings mortgage‑assistance and related programs into Housing Australia’s remit under separate legislation (the Help to Buy Act 2024) and requires special treatment in this Act (several provisions expressly do not apply to Help to Buy functions — e.g. s8(4), s9(3)). Subsequent amendments and related instruments (referenced in review provisions s57B and the notes about Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023) further expand the financing architecture and review regime. Mechanically, the growth in scope is implemented by (a) adding an express Help to Buy function (s8), (b) carving out Help to Buy from some operational rules so it can be governed separately, and (c) adding new finance‑management features (special account cap s47D, guarantee appropriation s48A and the ability for the Minister to set a day after which the Commonwealth guarantee may not apply to new contracts — s51(2)–(3)). These changes shift the entity from a specialist finance/capacity building corporation toward a broader platform that combines direct finance, guarantees and a dedicated government‑backed first home buyer program."},"complexity_factors":["Lengthy Act with many interlinked Parts (Establishment, Functions, Investment Mandate, Board, CEO/staff, Finance, Miscellaneous).","~25–30 defined terms in the interpretation section (s5) creating cross‑references across the Act.","Multiple cross‑references to other Commonwealth laws: Public Governance, Performance and Accountability Act 2013 (PGPA Act) (note throughout), Help to Buy Act 2024 (numerous carve‑outs), Income Tax Assessment Act 1997 (s52), and the Legislation Act 2003 (s12 notes).","Distinct conditional logic and carve‑outs for the Help to Buy functions: several sections explicitly do not apply to Help to Buy work (s8(4), s9(3), s10(1)–(4) notes), producing two operational regimes within the same entity.","Several financial mechanisms with rules and limits that interact: special account (s47A–47D) with a $4 billion cap, borrowing and security provisions (s50), Commonwealth guarantee with a ministerially determinable 'sunset' date (s51), and appropriation provision for guarantees (s48A).","Ministerial control vs Board autonomy: Investment Mandate powers (s12–13) coupled with explicit limits on specific project directions (s14) create layered decision rules.","Nested reporting and review obligations (ss56, 57, 57A, 57B) that trigger periodic policy and performance reviews.","Delegation and subdelegation paths across Housing Australia, Board and CEO (ss53–55) which increase operational complexity.","Rules power (s58) is broad but expressly constrained (s58(2)), requiring attention to delegated legislative instruments and limits."],"plain_english_summary":"**What this law does (mechanics first)\n\n- Establishes \"Housing Australia\" as a Commonwealth corporate body (it continues the former NHFIC under a new name) with a Board, a full‑time Chief Executive Officer (CEO), staff and the usual corporate powers (s7, s15, s35–44).\n\n- Gives Housing Australia four principal roles (s8):\n - a financing function: make loans and grants to certain companies, states/territories and specified groups (s8(1A));\n - a guarantee function: issue guarantees to constitutional corporations to assist their housing‑related activity (s8(1B));\n - a capacity‑building function: provide business advisory and other assistance to registered community housing providers (s8(1C)); and\n - the Help to Buy functions (functions conferred separately under the Help to Buy Act 2024) (s8(1)(ca)).\n\n- Requires that Housing Australia operate in accordance with an Investment Mandate given by the responsible Minister (a written legislative instrument) which sets strategies, decision criteria, risk/return settings and limits for loans, guarantees and assistance (s12–13). Housing Australia must take reasonable steps to comply with the Investment Mandate (s12(3)).\n\n- Constrains ministerial directions: the Minister may not direct the Board to make (or not make) particular loans, guarantees or project‑level decisions (s14(1)). The Minister also cannot use the Mandate to direct the Help to Buy functions (those are governed under the Help to Buy Act) (s14(2)).\n\n- Sets up financial architecture:\n - a Housing Australia Special Account in the Public Governance, Performance and Accountability system to receive repayments and specified payments and to fund Housing Australia lending (s47A–47C);\n - a cap and transfer rule: if the Account balance exceeds $4 billion the excess is to be debited from the Account (s47D(1)); the Minister may also direct transfers after consulting the Board (s47D(2)–(3));\n - borrowing powers for Housing Australia (from the Commonwealth or elsewhere) and ability to give security (s50); and\n - a Commonwealth guarantee of Housing Australia’s due payments to third parties, subject to a possible future legislative‑instrument sunset for contracts on or after a day determined by the Minister (not earlier than 1 July 2028) (s51).\n\n- Requires the Board to follow sound commercial principles in maintaining capital and reserves, report to the Minister if they are or may become insufficient, and permits the Investment Mandate to modify which liabilities are to be taken into account (s48).\n\n- Sets dividend and reporting arrangements: the Board recommends a dividend to the Commonwealth each year; the Minister has 30 days to approve or direct a different dividend; dividends cannot exceed Housing Australia’s profit (s49). Annual reports must disclose changes to the Investment Mandate and summarise the amounts, risks and returns of each kind of financial support provided (s56).\n\n- Provides governance detail: Board composition (Chair plus 6–8 members), appointment criteria, meetings, observer role, delegations, committees and staff/consultant arrangements (Parts 3–4). Board members and CEO remuneration is set by the Remuneration Tribunal or the rules (ss17–46, ss22,39).\n\n- Preserves standard legal statuses: Housing Australia does not have Crown immunities (s11); is treated as a public authority for Commonwealth income tax purposes (s52(1)); and is not subject to State/Territory taxation if the Commonwealth is not (s52(2)).\n\n- Requires periodic reviews of the Act’s operation and specific reviews of first home buyer assistance and the NHIF financing function (ss57, 57A, 57B).\n\n\nWho is affected and who decides (concise)\n\n- Who pays/backs the arrangements: the Commonwealth (appropriations and guarantee backing) and the entities receiving loans/grants/guarantees. Repayments to the Commonwealth are treated as credits to the Housing Australia Special Account (s47B–47C, s48A).\n\n- Who decides: the Minister (sets the Investment Mandate by legislative instrument — s12), the Board (sets strategies and ensures proper performance within the Mandate — s16), and the CEO (day‑to‑day administration — s36). The Minister retains some direction power but cannot require the Board to take or avoid particular project‑level actions (s14).\n\n- What behaviour changes: eligible entities must apply for support (s10(2)); agreements must be in writing with enforceable repayment obligations (s10(5)–(7)); community housing providers may receive advisory/capacity support (s8(1C)). Housing Australia may borrow, lend, issue guarantees and enter hedging arrangements as needed (s9, s50).\n\n\nWhy this matters (official purpose plus testing)\n\n- Officially the Act exists to improve housing outcomes by increasing supply, encouraging investment (particularly social/affordable housing), leveraging Commonwealth/State activity, building the community housing sector, and assisting earlier access to home ownership (s3).\n\n- Testing those purpose claims against trade‑offs and implementation realities (sections cited):\n - Fiscal consequence and contingent liability: the Commonwealth guarantee (s51) and appropriation provision for guarantee liabilities (s48A) create contingent fiscal risk that sits with the Commonwealth; that risk concentrates on guarantees Housing Australia issues (s48A(2)). The special account cap and transfer rule ($4 billion) put a statutory limit on funds Housing Australia can hold and direct excess back into the Budget (s47D(1)).\n - Ministerial steering vs operational independence: the Investment Mandate gives the Minister substantial discretion to shape strategy, decision criteria, limits and risk/return (s12–13). The Act preserves Board autonomy on individual decisions by forbidding directions requiring particular project loans or specific actions (s14(1)). This is a balance between political steer and Board commercial decision‑making.\n - Allocation and regulatory burden: recipients must apply and accept contractual terms (s10(2), (5)–(6)). That creates standard application/compliance costs for applicants, and governance/compliance work for Housing Australia.\n - Interaction with other laws and programs: several provisions exclude or modify application to the Help to Buy functions (s8(4), s9(3)). That means Help to Buy operates under its own rules and may attract different operational rules and reporting (see Help to Buy Act 2024 references) — an implementation complexity and potential source of inconsistent treatment across Housing Australia’s activities.\n - Effects on private markets and competition: Housing Australia can provide cheaper finance, guarantees and capacity building to particular sectors (s8, s50). That can lower financing costs for supported projects but may also alter competitive dynamics between private lenders/developers and supported entities. The Act does not itself set prices or procurement rules; those come from the Investment Mandate and contractual terms (s12–13, s10(5)).\n - Concentrated benefits / diffuse costs: benefits of a particular loan, grant or guarantee will be concentrated on the recipient; costs of guarantees and appropriations are spread across taxpayers unless explicitly charged back (s47B, s48A). The Act requires reporting of risks and returns to the Commonwealth in annual reports (s56), which helps transparency.\n - Implementation risks: cross‑jurisdictional delivery (States/Territories, community housing providers), correct calibration of risk/return in the Mandate, ensuring adequate capital/reserves (s48), and the mechanics of guarantee calls and appropriation (s48A, s51).\n\n\nPractical bottom line (one paragraph)\n\nHousing Australia is a Commonwealth corporate entity authorised to lend, grant, guarantee and provide capacity building for housing‑related projects and providers, operating under a Ministerial Investment Mandate and subject to Board governance and commercial prudence rules. The Commonwealth provides backing and may appropriate funds to meet guarantee calls (s48A, s51); the Act builds a specific financial structure including a special account (s47A–47D), dividend and reporting rules (s49, s56) and a Minister/Board governance split intended to combine public policy direction with operational commercial decision‑making (ss12–16, s14). The Help to Buy program is connected but governed in part by separate legislation and tailored rules (s8(1)(ca), notes on exclusions)."},"issue_detection":{"absurdities":[{"type":"other","section":"Section 49(6)","severity":"low","reasoning":"The commencement table states the Act commenced on 30 June 2018 (the day after Royal Assent). Section 49(6) excludes the period from commencement to 30 June 2018 from being a financial year. This creates a zero-length or same-day period that is meaningless in practice, suggesting either a drafting error in the commencement date or in section 49(6).","confidence":0.72,"description":"The period from the commencement of the Act to 30 June 2018 is deemed not to be a financial year for dividend purposes. Since the Act commenced on 30 June 2018 (the day after Royal Assent on 29 June 2018), this provision creates a zero-day or single-day period that is explicitly excluded. If commencement was 30 June 2018, the period 'beginning on the commencement of this Act and ending on 30 June 2018' is a single day or zero-length period, making the exclusion trivially self-evident but also raising the question of whether the Act could have commenced on 29 June 2018 instead."},{"type":"impossible_compliance","section":"Section 57A(1)","severity":"medium","reasoning":"The review obligation in s57A is triggered by 'the first guarantee issued by the NHFIC'. Post-renaming, all guarantees are issued by Housing Australia. If the first guarantee was issued after renaming, the literal trigger condition is never satisfied, potentially preventing the review obligation from ever arising.","confidence":0.65,"description":"Section 57A refers to 'the first guarantee issued by the NHFIC' as the trigger for commencing periodic reviews of assistance to first home buyers. However, the Act renamed NHFIC to Housing Australia (section 7). Guarantees issued after the renaming are issued by 'Housing Australia', not 'NHFIC'. If no guarantee was ever issued under the NHFIC name before the renaming, the review trigger may never be activated, as the condition refers to an entity that no longer exists under that name."},{"type":"impossible_compliance","section":"Section 57B(1)","severity":"medium","reasoning":"Defining the subject matter of a mandatory statutory review by reference to a term in a legislative instrument that can be changed or revoked creates a structural vulnerability. If the Investment Mandate Direction 2018 is replaced, the review obligation may become inoperative or ill-defined.","confidence":0.7,"description":"Section 57B requires the Minister to commission a review of 'the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018)'. The NHIF is defined in a subordinate legislative instrument (the Direction) that can be amended or revoked. If that Direction is revoked or the term 'NHIF' is removed from it, the review obligation becomes impossible to comply with as its subject matter is defined entirely by reference to a potentially mutable external instrument."},{"type":"other","section":"Section 8(1)(e) and Section 8(4)","severity":"low","reasoning":"While cross-referencing to the Help to Buy Act is intentional, the repeated exclusions within s8 create an odd structural inconsistency where Help to Buy functions are listed as Housing Australia's functions but then largely carved out of the Act's operative framework.","confidence":0.6,"description":"Section 8(1)(e) grants Housing Australia power to do anything 'incidental or conducive' to its functions, explicitly excluding the Help to Buy functions. Section 8(4) then states that the obligation to act 'properly, efficiently and effectively' (s8(3)) does not apply to Help to Buy functions, pointing to the Help to Buy Act instead. This creates a logical gap: Housing Australia has Help to Buy functions (s8(1)(ca)) but the incidental powers provision and the efficiency obligation both expressly exclude those functions. The Help to Buy Act must fully supply both the powers and standards, but the Act's own internal architecture treats Help to Buy functions as simultaneously 'functions of Housing Australia' and functions largely outside this Act's operative provisions."},{"type":"other","section":"Section 48(1) and Section 4 (Simplified Outline)","severity":"low","reasoning":"While simplified outlines are not legally operative, the omission of a significant carve-out (Help to Buy arrangements) from the simplified outline creates a misleading impression of the capital maintenance regime's scope.","confidence":0.55,"description":"The simplified outline states 'The Board must ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.' However, section 48(1) requires maintenance of capital sufficient to meet liabilities 'according to sound commercial principles' — but section 48(4) disapplies this entire section to Help to Buy arrangements. The simplified outline does not mention this carve-out, potentially misleading readers about the scope of the capital maintenance obligation."},{"type":"other","section":"Section 47D(1)","severity":"low","reasoning":"The interaction between the automatic cap (s47D(1)) and the ministerial direction power (s47D(2)) is not reconciled, and the continuous operation of the automatic debit mechanism could interact awkwardly with investment returns and ministerial directions.","confidence":0.5,"description":"Section 47D(1) provides that if the Account balance exceeds $4 billion, the excess is automatically debited 'immediately after that time.' However, section 47D(2) also allows the Minister to direct specific debits from the Account. Read together with the investment power in s47C(3), a situation could arise where the automatic debit mechanism fires, the balance drops below $4 billion, and then investment returns bring it back above $4 billion — triggering repeated automatic debits. The Act provides no mechanism to switch off the automatic debit for amounts already subject to a ministerial direction under s47D(2), potentially causing double-counting."},{"type":"impossible_compliance","section":"Section 10(4)","severity":"medium","reasoning":"The combination of ss10(2) and 10(4) means that if the Investment Mandate is silent about a particular category of loan, grant, guarantee or capacity building assistance, no application is possible and Housing Australia cannot perform that aspect of its function. The Act's objects (s3) could be frustrated by an incomplete Investment Mandate, yet the Act does not require the Investment Mandate to cover all function types.","confidence":0.75,"description":"Section 10(4) provides that Housing Australia may only make loans, grants, issue guarantees or provide capacity building assistance if the entity has applied under subsection (2). However, subsection (2) only permits applications 'in circumstances where the Investment Mandate provides that Housing Australia must consider such an application.' This creates a chicken-and-egg problem: if the Investment Mandate does not provide for a particular type of application, no application can be made and Housing Australia cannot act. The Investment Mandate is therefore a prerequisite to any operative function, yet the Act does not specify minimum content requirements for the Investment Mandate beyond section 13 (which is permissive, not mandatory)."}],"contradictions":[{"severity":"medium","section_a":"Section 8(3)","section_b":"Section 16(1)(b)","confidence":0.72,"description":"Section 8(3) imposes on Housing Australia an obligation to act 'in a proper, efficient and effective manner' in performing its functions. Section 16(1)(b) imposes on the Board the obligation to 'ensure the proper, efficient and effective performance of Housing Australia's functions.' However, s8(4) disapplies s8(3) in relation to Help to Buy functions, while s16(1)(b) contains no equivalent carve-out for Help to Buy functions. This creates an inconsistency: the Board is obliged to ensure proper, efficient and effective performance of all functions (including Help to Buy), but Housing Australia itself is not required to act that way in performing Help to Buy functions."},{"severity":"low","section_a":"Section 9(3)","section_b":"Section 16(2)","confidence":0.6,"description":"Section 9(3) disapplies Housing Australia's general powers (s9(1) and (2)) in relation to the Help to Buy functions. However, section 16(2) grants the Board power to do 'all things necessary or convenient' in connection with the performance of its functions, which include ensuring the proper performance of all of Housing Australia's functions (s16(1)(b)), including Help to Buy functions. This creates a potential contradiction: the Board can exercise broad powers in connection with Help to Buy functions oversight, but Housing Australia itself cannot exercise its general powers for the same purpose."},{"severity":"medium","section_a":"Section 12(1)","section_b":"Section 14(1)(b)","confidence":0.65,"description":"Section 12(1) provides that the Investment Mandate consists of directions 'about the performance of Housing Australia's functions', and s12(3) requires Housing Australia to 'take all reasonable steps to comply with the Investment Mandate.' Section 14(1)(b) prohibits the Minister from giving directions 'inconsistent with this Act (including the object of this Act).' The object of the Act (s3) includes assisting first home buyers, single parents, and others to access the housing market. If the Investment Mandate were silent or restrictive about these groups, it could be 'inconsistent' with the object, yet s14(1)(a) simultaneously prevents the Minister from directing specific individual decisions. The Minister is caught between two competing prohibitions."},{"severity":"high","section_a":"Section 49(4)","section_b":"Section 49(4A)","confidence":0.82,"description":"Section 49(4) caps the dividend at Housing Australia's profit for the year. Section 49(4A) requires that, for the purposes of that cap, profit or loss from Help to Buy functions be disregarded. This means the dividend cap is calculated on a subset of Housing Australia's actual profit. If Housing Australia makes a loss on Help to Buy functions but a larger profit on other functions, the dividend could theoretically be set at a level exceeding Housing Australia's total actual profit for the year, since only non-Help to Buy profit is counted for the cap. This could put Housing Australia in a position where it pays a dividend that exceeds its overall financial position."},{"severity":"medium","section_a":"Section 37(3)","section_b":"Section 21(1)","confidence":0.68,"description":"Section 37(3) provides that the Board must not appoint a Board member as CEO. Section 21(1) allows the Minister to appoint a Board member to act as Chair. Section 38 provides that the Board may appoint a person 'other than a Board member' to act as CEO. These provisions are consistent with each other, but create a structural gap: if the only available acting Chair is a Board member who is also acting as CEO (hypothetically), the prohibition on Board members being CEO (even in an acting capacity) would conflict with the need to have someone act as Chair. However, s38 already excludes Board members from acting CEO, so this scenario cannot arise under the Act as drafted. No contradiction, but note that s21(2) allows 'a person' (not just Board members) to act as a Board member during a vacancy, which could theoretically include the CEO — creating a situation where the CEO is also a Board member in an acting capacity, contrary to the spirit of s37(3)."},{"severity":"medium","section_a":"Section 6(1)","section_b":"Section 11","confidence":0.63,"description":"Section 6(1) binds the Crown in each of its capacities to this Act. Section 11 provides that Housing Australia does not have the privileges and immunities of the Crown. These are not in direct contradiction, but create a tension: the Crown is bound by the Act, yet Housing Australia (a Commonwealth entity) is explicitly denied Crown immunity. At the same time, s6(2) provides the Crown cannot be prosecuted for an offence under this Act. If Housing Australia were treated as a Crown entity for purposes of s6(2), it would be immune from prosecution — yet s11 denies it Crown status. The Act does not resolve whether Housing Australia benefits from s6(2)'s prosecution immunity."}]},"summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The original 2018 Act established a narrower body (the NHFIC) focused primarily on providing low-cost finance to community housing providers and home loan guarantees for first home buyers. The scope has materially expanded through subsequent amendments: the body was renamed Housing Australia, grants for acute housing needs/social housing/affordable housing were added (from 2023), explicit support for single parents and single legal guardians was added as an object, the capacity building function was formalised and expanded to include Indigenous housing contexts, and the Help to Buy shared equity scheme (2024) was grafted onto the agency's functions. The Commonwealth guarantee on Housing Australia's borrowings, while always present, now has an end-date mechanism. Overall the agency has evolved from a relatively focused housing finance intermediary into a broader housing policy delivery vehicle."},"complexity_factors":["Dual legislative framework: the Act must be read alongside the separate Help to Buy Act 2024, with numerous carve-outs and cross-references throughout","Constitutional law underpinning: the functions are carefully structured around specific heads of Commonwealth constitutional power (corporations power, territories power, races power, aliens power), which is not apparent to a lay reader but limits what the agency can do and to whom","Multiple distinct financial mechanisms: loans, grants, guarantees, special accounts, dividends, Commonwealth borrowings, and private market borrowings all operate under different rules","Investment Mandate complexity: a delegated legislative instrument (ministerial direction) does much of the heavy policy lifting, meaning the full operational picture requires reading external instruments","Layered governance structure with interacting obligations between Minister, Board, CEO, and observer roles","Financial cap and transfer mechanisms for the special account add operational complexity","Significant amendments since 2018 have created a patchwork of provisions, including subsections that expressly exclude or modify application to Help to Buy functions","Significant content repetition in the provided text (duplicate sections) suggesting a formatting/compilation issue that adds confusion"],"plain_english_summary":"The Housing Australia Act 2018 establishes Housing Australia (formerly NHFIC) as a specialist federal agency to expand social and affordable housing. It provides low‑cost loans, grants, guarantees, business support to community housing providers, and administers the Help to Buy shared‑equity scheme. It affects first‑home buyers, community housing organisations, state/territory governments, renters and investors. Funded from a $4 billion special account and borrowing (with Commonwealth guarantees), the Board follows a Ministerial Investment Mandate but not directions on specific loan decisions."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/housing-australia-act-2018","history":"/api/acts/housing-australia-act-2018/history","analysis":"/api/acts/housing-australia-act-2018/analysis","conflicts":"/api/acts/housing-australia-act-2018/conflicts","importantCases":"/api/acts/housing-australia-act-2018/important-cases","documents":"/api/acts/housing-australia-act-2018/documents"}}