{"id":"C2008A00155","name":"Nation-building Funds (Consequential Amendments) Act 2008","slug":"nation-building-funds-consequential-amendments-act-2008","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"155 of 2008","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":8091,"registerId":"commonwealth-C2008A00155-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Nation-building Funds (Consequential Amendments) Act 2008","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nNation‑building Funds (Consequential Amendments) Act 2008\n\n \n\nNo. 155, 2008\n\n \n\n \n\n \n\n \n\n \n\nAn Act to deal with consequential matters arising from the enactment of the Nation‑building Funds Act 2008, and for other purposes\n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 Schedule(s)\n\nSchedule 1—Repeal\n\nHigher Education Endowment Fund Act 2007\n\nSchedule 2—Amendments\n\nFuture Fund Act 2006\n\nIncome Tax Assessment Act 1997\n\nTelecommunications (Consumer Protection and Service Standards) Act 1999\n\nTelstra Corporation Act 1991\n\nSchedule 3—Transitional and application provisions etc.\n\n \n\n![](image.001.png)\n\n \n\n \n\nNation-building Funds (Consequential Amendments) Act 2008\n\nNo. 155, 2008\n\n \n\n \n\n \n\nAn Act to deal with consequential matters arising from the enactment of the Nation‑building Funds Act 2008, and for other purposes\n\n[Assented to 18 December 2008]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act may be cited as the Nation‑building Funds (Consequential Amendments) Act 2008.\n\n2  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 \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provision(s) Commencement Date/Details\n- 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 18 December 2008\n- 2. Schedules 1 to 3 At the same time as section 3 of the Nation‑building Funds Act 2008 commences. 1 January 2009\n\n\nNote: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.\n\n (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.\n\n3  Schedule(s)\n\n  Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\n\n\n\nSchedule 1—Repeal\n\n \n\nHigher Education Endowment Fund Act 2007\n\n1  The whole of the Act\n\nRepeal the Act.\n\n\n\n\nSchedule 2—Amendments\n\n \n\nFuture Fund Act 2006\n\n1  Section 4 (note)\n\nOmit “the Higher Education Endowment Fund Act 2007”, substitute “the Nation‑building Funds Act 2008”.\n\n2  Section 5\n\nInsert:\n\nacquire includes acquire by way of issue.\n\n3  Section 5\n\nInsert:\n\nBuilding Australia Fund means the Building Australia Fund established by section 12 of the Nation‑building Funds Act 2008.\n\n4  Section 5\n\nInsert:\n\nBuilding Australia Fund Special Account means the Building Australia Fund Special Account established by section 13 of the Nation‑building Funds Act 2008.\n\n5  Section 5\n\nInsert:\n\nCommunications Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n6  Section 5\n\nInsert:\n\nEducation Investment Fund means the Education Investment Fund established by section 131 of the Nation‑building Funds Act 2008.\n\n7  Section 5\n\nInsert:\n\nEducation Investment Fund Special Account means the Education Investment Fund Special Account established by section 132 of the Nation‑building Funds Act 2008.\n\n8  Section 5 (definition of Education Minister)\n\nRepeal the definition, substitute:\n\nEducation Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n9  Section 5\n\nInsert:\n\nEnergy Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n10  Section 5\n\nInsert:\n\nHealth and Hospitals Fund means the Health and Hospitals Fund established by section 214 of the Nation‑building Funds Act 2008.\n\n11  Section 5\n\nInsert:\n\nHealth and Hospitals Fund Special Account means the Health and Hospitals Fund Special Account established by section 215 of the Nation‑building Funds Act 2008.\n\n12  Section 5\n\nInsert:\n\nHealth Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n13  Section 5 (definition of Higher Education Endowment Fund)\n\nRepeal the definition.\n\n14  Section 5 (definition of Higher Education Endowment Fund investment function)\n\nRepeal the definition.\n\n15  Section 5 (definition of Higher Education Endowment Fund matter)\n\nRepeal the definition.\n\n16  Section 5 (definition of Higher Education Endowment Fund Special Account)\n\nRepeal the definition.\n\n17  Section 5\n\nInsert:\n\nInfrastructure Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n18  Section 5\n\nInsert:\n\nResearch Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n19  Section 5\n\nInsert:\n\nWater Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n20  Section 13\n\nAfter “Schedules 1, 2”, insert “, 2A”.\n\n21  Section 13 (after note 2)\n\nInsert:\n\nNote 2A: Schedule 2A is about transfers of amounts from the Future Fund to the Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund.\n\n22  Subsection 28(5)\n\nRepeal the subsection, substitute:\n\n (5) Neither of the following Acts:\n\n (a) this Act;\n\n (b) the Nation‑building Funds Act 2008;\n\nprevents the same person from being engaged as an investment manager under 2 or more of the following provisions:\n\n (c) subsection (1) of this section;\n\n (d) subsection 45(1) of the Nation‑building Funds Act 2008;\n\n (e) subsection 164(1) of the Nation‑building Funds Act 2008;\n\n (f) subsection 239(1) of the Nation‑building Funds Act 2008.\n\n23  Section 33 (note)\n\nOmit “the Higher Education Endowment Fund Act 2007”, substitute “the Nation‑building Funds Act 2008”.\n\n24  Paragraph 35(b)\n\nRepeal the paragraph, substitute:\n\n (b) such other functions as are conferred on the Board by:\n\n (i) this Act; or\n\n (ii) the Nation‑building Funds Act 2008;\n\n25  Subsection 55(3)\n\nRepeal the subsection, substitute:\n\n (3) Subsections (1) and (2) do not apply to the operations of the Board under the Nation‑building Funds Act 2008.\n\n26  Section 60 (at the end of the penalty)\n\nAdd “or 2,000 penalty units, or both”.\n\n27  Section 61 (at the end of the penalty)\n\nAdd “or 2,000 penalty units, or both”.\n\n28  Section 62 (at the end of the penalty)\n\nAdd “or 2,000 penalty units, or both”.\n\n29  Paragraph 63(1)(b)\n\nRepeal the paragraph, substitute:\n\n (b) the Nation‑building Funds Act 2008;\n\n30  Paragraph 63(2)(aa)\n\nRepeal the paragraph, substitute:\n\n (aa) the Nation‑building Funds Act 2008; or\n\n31  Subparagraph 65(b)(ii)\n\nRepeal the subparagraph, substitute:\n\n (ii) after making an independent assessment of the information or advice, having regard to the Board member’s knowledge of the Board and the complexity of the structure and operations of the Board; and\n\n32  Paragraph 81(1)(h)\n\nOmit “and”.\n\nNote: The following heading to subsection 81(1) is inserted “Board, Agency and Future Fund”.\n\n33  Paragraphs 81(1)(i) to (n)\n\nRepeal the paragraphs.\n\n34  After subsection 81(1)\n\nInsert:\n\nBuilding Australia Fund\n\n (1A) A report under subsection (1) for a financial year must include a report of:\n\n (a) the performance of the investments of the Building Australia Fund; and\n\n (b) the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 18(1)(i) of the Nation‑building Funds Act 2008; and\n\n (c) the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(d) of the Nation‑building Funds Act 2008; and\n\n (d) the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(e) of the Nation‑building Funds Act 2008; and\n\n (e) the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(f) of the Nation‑building Funds Act 2008; and\n\n (f) the total amount debited from the Building Australia Fund Special Account for the purpose mentioned in paragraph 20(g) of the Nation‑building Funds Act 2008;\n\nduring the financial year.\n\nEducation Investment Fund\n\n (1B) A report under subsection (1) for a financial year must include a report of:\n\n (a) the performance of the investments of the Education Investment Fund; and\n\n (b) the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 136(1)(i) of the Nation‑building Funds Act 2008; and\n\n (c) the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(d) of the Nation‑building Funds Act 2008; and\n\n (d) the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(e) of the Nation‑building Funds Act 2008; and\n\n (e) the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(f) of the Nation‑building Funds Act 2008; and\n\n (f) the total amount debited from the Education Investment Fund Special Account for the purpose mentioned in paragraph 138(g) of the Nation‑building Funds Act 2008;\n\nduring the financial year.\n\nHealth and Hospitals Fund\n\n (1C) A report under subsection (1) for a financial year must include a report of:\n\n (a) the performance of the investments of the Health and Hospitals Fund; and\n\n (b) the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 218(1)(e) of the Nation‑building Funds Act 2008; and\n\n (c) the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(d) of the Nation‑building Funds Act 2008; and\n\n (d) the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(e) of the Nation‑building Funds Act 2008; and\n\n (e) the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(f) of the Nation‑building Funds Act 2008; and\n\n (f) the total amount debited from the Health and Hospitals Fund Special Account for the purpose mentioned in paragraph 219(g) of the Nation‑building Funds Act 2008;\n\nduring the financial year.\n\n35  Subsection 81(2)\n\nOmit “and (j) to (n)”.\n\nNote: The following heading to subsection 81(2) is inserted “Benchmarks”.\n\n36  After subsection 81(2)\n\nInsert:\n\n (2A) A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1A)(b) to (f).\n\n (2B) A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1B)(b) to (f).\n\n (2C) A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1C)(b) to (f).\n\nNote: The following heading to subsection 81(3) is inserted “Tabling of report”.\n\n37  Subsection 81(4)\n\nRepeal the subsection, substitute:\n\n (4) As soon as practicable after receiving a report under this section, the nominated Minister must give a copy of the report to the following Ministers:\n\n (a) the Communications Minister;\n\n (b) the Education Minister;\n\n (c) the Energy Minister;\n\n (d) the Health Minister;\n\n (e) the Infrastructure Minister;\n\n (f) the Research Minister;\n\n (g) the Water Minister.\n\n38  After section 83\n\nInsert:\n\n83A  Delegation by the nominated Minister\n\n (1) The nominated Minister may, by writing, delegate any or all of his or her powers under:\n\n (a) section 84; or\n\n (b) Schedule 2A;\n\nto:\n\n (c) the Secretary of a Department; or\n\n (d) an SES employee, or acting SES employee, in a Department.\n\nNote: The expressions SES employee and acting SES employee are defined in section 17AA of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the nominated Minister.\n\n83B  Delegation by the Board\n\n (1) The Board may, by writing, delegate any or all of its powers under:\n\n (a) subsection 28(1) of this Act; or\n\n (b) subsection 45(1) of the Nation‑building Funds Act 2008; or\n\n (c) subsection 164(1) of the Nation‑building Funds Act 2008; or\n\n (d) subsection 239(1) of the Nation‑building Funds Act 2008;\n\nto:\n\n (e) the Chair; or\n\n (f) an SES employee, or acting SES employee, in the Agency.\n\nNote: The expressions SES employee and acting SES employee are defined in section 17AA of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Board.\n\n39  Paragraph 84(1)(b)\n\nRepeal the paragraph, substitute:\n\n (b) none of the following:\n\n (i) another provision of this Act;\n\n (ii) a provision of the Nation‑building Funds Act 2008;\n\n  requires the amount to be credited to:\n\n (iii) the Fund Account; or\n\n (iv) the Building Australia Fund Special Account; or\n\n (v) the Education Investment Fund Special Account; or\n\n (vi) the Health and Hospitals Fund Special Account;\n\n40  Subsections 84(2), (3) and (4)\n\nRepeal the subsections, substitute:\n\nTransfer of amounts to the Building Australia Fund Special Account\n\n (2) If an amount is credited to the Fund Account under subsection (1), the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Building Australia Fund Special Account;\n\non a specified day.\n\nTransfer of amounts to the Education Investment Fund Special Account\n\n (3) If an amount is credited to the Fund Account under subsection (1), the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Education Investment Fund Special Account;\n\non a specified day.\n\nTransfer of amounts to the Health and Hospitals Fund Special Account\n\n (4) If an amount is credited to the Fund Account under subsection (1), the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Health and Hospitals Fund Special Account;\n\non a specified day.\n\nOther provisions\n\n (5) If:\n\n (a) an amount (the first amount) is credited to the Fund account under subsection (1); and\n\n (b) one or more amounts (the transfer amounts) are specified under any or all of subsections (2), (3) and (4) in relation to the first amount;\n\nthe sum of the transfer amounts must not exceed the first amount.\n\n (6) A direction under subsection (2), (3) or (4) is not a legislative instrument.\n\n41  Subparagraph 2(2)(a)(ii) of Schedule 2\n\nRepeal the subparagraph, substitute:\n\n (ii) paragraph 18(1)(j) of the Nation‑building Funds Act 2008; or\n\n (iii) paragraph 136(1)(j) of the Nation‑building Funds Act 2008; or\n\n (iv) paragraph 137(e) of the Nation‑building Funds Act 2008; or\n\n (v) paragraph 218(1)(f) of the Nation‑building Funds Act 2008;\n\n42  Subparagraph 2(2)(b)(ii) of Schedule 2\n\nRepeal the subparagraph, substitute:\n\n (ii) paragraph 18(1)(k) of the Nation‑building Funds Act 2008; or\n\n (iii) paragraph 136(1)(k) of the Nation‑building Funds Act 2008; or\n\n (iv) paragraph 137(f) of the Nation‑building Funds Act 2008; or\n\n (v) paragraph 218(1)(g) of the Nation‑building Funds Act 2008;\n\n43  Subparagraph 2(2)(c)(ii) of Schedule 2\n\nRepeal the subparagraph, substitute:\n\n (ii) a paragraph of subsection 18(1) of the Nation‑building Funds Act 2008; or\n\n (iii) a paragraph of subsection 136(1) of the Nation‑building Funds Act 2008; or\n\n (iv) a paragraph of section 137 of the Nation‑building Funds Act 2008; or\n\n (v) a paragraph of subsection 218(1) of the Nation‑building Funds Act 2008;\n\n44  After Schedule 2\n\nInsert:\n\nSchedule 2A—Inter‑fund transfers\n\nNote: See section 13.\n\n  \n\n \n\n1  Simplified outline\n\n  The following is a simplified outline of this Schedule:\n\n• Amounts may be transferred from the Future Fund to the Building Australia Fund, the Education Investment Fund or the Health and Hospitals Fund.\n\n2  Transfers from the Future Fund to the Building Australia Fund\n\n (1) If an amount is debited from the Building Australia Fund Special Account for a purpose mentioned in section 20 of the Nation‑building Funds Act 2008, the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Building Australia Fund Special Account;\n\non a specified day.\n\n (2) The specified amount must not exceed the amount debited from the Building Australia Fund Special Account as mentioned in subsection (1).\n\n (3) A direction under subsection (1) is not a legislative instrument.\n\n3  Transfers from the Future Fund to the Education Investment Fund\n\n (1) If an amount is debited from the Education Investment Fund Special Account for a purpose mentioned in section 138 of the Nation‑building Funds Act 2008, the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Education Investment Fund Special Account;\n\non a specified day.\n\n (2) The specified amount must not exceed the amount debited from the Education Investment Fund Special Account as mentioned in subsection (1).\n\n (3) A direction under subsection (1) is not a legislative instrument.\n\n4  Transfers from the Future Fund to the Health and Hospitals Fund\n\n (1) If an amount is debited from the Health and Hospitals Fund Special Account for a purpose mentioned in section 219 of the Nation‑building Funds Act 2008, the nominated Minister may, by writing, direct that a specified amount is to be:\n\n (a) debited from the Fund Account; and\n\n (b) credited to the Health and Hospitals Fund Special Account;\n\non a specified day.\n\n (2) The specified amount must not exceed the amount debited from the Health and Hospitals Fund Special Account as mentioned in subsection (1).\n\n (3) A direction under subsection (1) is not a legislative instrument.\n\nIncome Tax Assessment Act 1997\n\n45  Subsection 30‑25(2) (table item 2.2.35)\n\nRepeal the item.\n\n46  Subsection 30‑25(3)\n\nRepeal the subsection.\n\n47  Subsection 30‑315(2) (table item 56A)\n\nRepeal the item.\n\nTelecommunications (Consumer Protection and Service Standards) Act 1999\n\n48  Part 9C\n\nRepeal the Part.\n\n49  Subsection 159B(1)\n\nOmit “(1)”.\n\n50  Subsection 159B(2)\n\nRepeal the subsection.\n\nTelstra Corporation Act 1991\n\n51  Section 3 (definition of Communications Fund)\n\nRepeal the definition.\n\n52  Subsection 3B(3)\n\nOmit “or the Communications Fund”.\n\nNote: The heading to subsection 3B(3) is altered by omitting “and Communications Fund”.\n\n53  Subsection 8AJ(6D)\n\nOmit “or the Communications Fund”.\n\n54  Subsection 8AYB(4)\n\nOmit “or the Communications Fund”.\n\nNote: The heading to subsection 8AYB(4) is altered by omitting “and Communications Fund”.\n\n55  Section 8AYD\n\nOmit “or the Communications Fund”.\n\n56  Subclause 12(4AA) of the Schedule\n\nOmit “or the Communications Fund”.\n\n\n\n\nSchedule 3—Transitional and application provisions etc.\n\n \n\n1  Definition\n\nIn this Schedule:\n\nFuture Fund Board means the Future Fund Board of Guardians.\n\n2  Transitional—annual report to deal with Higher Education Endowment Fund matters\n\nScope\n\n(1) This item applies to the report under section 81 of the Future Fund Act 2006 for the financial year beginning on 1 July 2008.\n\nHigher Education Endowment Fund Matters\n\n(2) The report must include a report of:\n\n (a) the performance of the investments of the Higher Education Endowment Fund; and\n\n (b) the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(1)(f) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (c) the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(d) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (d) the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(e) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (e) the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(f) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (f) the total amount debited from the Higher Education Endowment Fund Special Account for the purpose mentioned in paragraph 16(4)(g) of the repealed Higher Education Endowment Fund Act 2007;\n\nduring the period:\n\n (g) beginning on 1 July 2008; and\n\n (h) ending immediately before the commencement of this item.\n\n(3) The report must include a benchmark in relation to the amounts referred to in paragraphs (2)(b) to (f).\n\n3  Transitional—borrowing\n\nScope\n\n(1) This item applies if:\n\n (a) the Future Fund Board borrowed money for a purpose in connection with the Higher Education Endowment Fund before the commencement of this item; and\n\n (b) the borrowing was authorised by subsection 29(2) or (3) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (c) the period of the borrowing ends after the commencement of this item.\n\nAuthorisation etc.\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) the Future Fund Board had borrowed the money for a purpose in connection with the Education Investment Fund; and\n\n (b) the borrowing had been authorised by subsection 159(2) or (3), as the case requires, of that Act.\n\n4  Transitional—securities lending arrangement\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, the Future Fund Board entered into a securities lending arrangement under subsection 33(1) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (b) the arrangement was in force immediately before the commencement of this item.\n\nContinuity of arrangement\n\n(2) The Nation‑building Funds Act 2008 has effect as if the arrangement had been entered into by the Future Fund Board under subsection 163(1) of that Act for a purpose in connection with the Education Investment Fund.\n\n5  Transitional—investment manager\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, the Future Fund Board engaged an investment manager under subsection 34(1) of the repealed Higher Education Endowment Fund Act 2007; and\n\n (b) the engagement was in force immediately before the commencement of this item.\n\nContinuity of engagement\n\n(2) The Nation‑building Funds Act 2008 has effect as if the Future Fund Board had engaged the investment manager under subsection 164(1) of that Act for purposes in connection with the Education Investment Fund.\n\n6  Transitional—refund of franking credits\n\nIf:\n\n (a) after the commencement of this item, the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n\n (b) the tax offset is attributable to an investment of the Higher Education Endowment Fund that was held by the Future Fund Board before the commencement of this item;\n\nthe refund is to be credited to the Education Investment Fund Special Account.\n\n7  Transitional—definition of acquire in section 5 of the Future Fund Act 2006\n\nThe amendment made by item 2 of Schedule 2 does not imply that, at a time before the commencement of that item, a reference in the Future Fund Act 2006 to acquire did not include a reference to acquire by way of issue.\n\n8  Application—gifts to the Higher Education Endowment Fund\n\nThe amendments of the Income Tax Assessment Act 1997 made by Schedule 2 apply in relation to gifts made after the commencement of this item.\n\n9  Transitional—advice given by Infrastructure Australia to the Infrastructure Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, Infrastructure Australia advised the Infrastructure Minister that a payment satisfies the relevant interim BAF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, Infrastructure Australia had advised the Infrastructure Minister, under section 116 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinition\n\n(3) In this item:\n\nInfrastructure Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n10  Transitional—advice given by Infrastructure Australia to the Communications Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, Infrastructure Australia advised the Communications Minister that a payment satisfies the relevant interim BAF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, Infrastructure Australia had advised the Communications Minister, under section 117 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinition\n\n(3) In this item:\n\nCommunications Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n11  Transitional—advice given by Infrastructure Australia to the Energy Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, Infrastructure Australia advised the Energy Minister that a payment satisfies the relevant interim BAF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, Infrastructure Australia had advised the Energy Minister, under section 118 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinition\n\n(3) In this item:\n\nEnergy Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n12  Transitional—advice given by Infrastructure Australia to the Water Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, criteria known as the interim BAF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, Infrastructure Australia advised the Water Minister that a payment satisfies the relevant interim BAF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, Infrastructure Australia had advised the Water Minister, under section 119 of that Act, that the payment satisfies the relevant BAF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinition\n\n(3) In this item:\n\nWater Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n13  Transitional—advice given by the Interim EIF Advisory Board to the Education Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item:\n\n (i) a committee known as the Interim EIF Advisory Board was established under the executive power of the Commonwealth; and\n\n (ii) criteria known as the interim EIF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, the Board advised the Education Minister that a payment satisfies the relevant interim EIF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, the EIF Advisory Board had advised the Education Minister, under paragraph 171(1)(a) of that Act, that the payment satisfies the relevant EIF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinitions\n\n(3) In this item:\n\nEducation Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\nEIF Advisory Board has the same meaning as in the Nation‑building Funds Act 2008.\n\n14  Transitional—advice given by the Interim EIF Advisory Board to the Research Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item:\n\n (i) a committee known as the Interim EIF Advisory Board was established under the executive power of the Commonwealth; and\n\n (ii) criteria known as the interim EIF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, the Board advised the Research Minister that a payment satisfies the relevant interim EIF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, the EIF Advisory Board had advised the Research Minister, under paragraph 171(1)(b) of that Act, that the payment satisfies the relevant EIF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinitions\n\n(3) In this item:\n\nEIF Advisory Board has the same meaning as in the Nation‑building Funds Act 2008.\n\nResearch Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\n15  Transitional—advice given by the Higher Education Endowment Fund Advisory Board\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item, the Higher Education Endowment Fund Advisory Board gave advice about a payment by way of a grant of financial assistance; and\n\n (b) the Board did so under section 41 of the Higher Education Endowment Fund Act 2007; and\n\n (c) in giving that advice, the Board complied with the document that:\n\n (i) is entitled “Higher Education Endowment Fund (HEEF) Application and Assessment Procedures for the 2009 Funding Round”; and\n\n (ii) was attached to the Higher Education Endowment Fund Advisory Board Directions No. 1 of 2008 as in force before the commencement of this item.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, the EIF Advisory Board had, under subsection 171(6) of that Act, given advice to the EIF designated Ministers about the payment; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinitions\n\n(3) In this item:\n\nEIF Advisory Board has the same meaning as in the Nation‑building Funds Act 2008.\n\nEIF designated Ministers has the same meaning as in the Nation‑building Funds Act 2008.\n\n16  Transitional—advice given by the Interim HHF Advisory Board to the Health Minister\n\nScope\n\n(1) This item applies if:\n\n (a) before the commencement of this item:\n\n (i) a committee known as the Interim HHF Advisory Board was established under the executive power of the Commonwealth; and\n\n (ii) criteria known as the interim HHF evaluation criteria were published on a Commonwealth website; and\n\n (b) after the publication, but before the commencement of this item, the Board advised the Health Minister that a payment satisfies the interim HHF evaluation criteria.\n\nAdvice\n\n(2) The Nation‑building Funds Act 2008 has effect as if:\n\n (a) immediately after the commencement of this item, the HHF Advisory Board had advised the Health Minister, under paragraph 246(1)(a) of that Act, that the payment satisfies the HHF evaluation criteria; and\n\n (b) any requirements imposed by that Act in relation to that advice had been complied with.\n\nDefinitions\n\n(3) In this item:\n\nHealth Minister has the same meaning as in the Nation‑building Funds Act 2008.\n\nHHF Advisory Board has the same meaning as in the Nation‑building Funds Act 2008.\n\n \n\n \n\n[Minister’s second reading speech made in—\n\nHouse of Representatives on 13 November 2008\n\nSenate on 3 December 2008]\n\n(209/08)\n\n \n","sortOrder":0}],"analysis":{"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"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act shifts and consolidates scope from the repealed Higher Education Endowment Fund to the broader Nation‑building Funds architecture: it repeals the HEEF Act (Schedule 1 item 1), redirects definitions and functions in the Future Fund Act to the new Nation‑building Funds (Schedule 2 items 2–19, 23–24), and creates explicit inter‑fund transfer powers (Schedule 2A). It also removes or alters related tax and telecommunications provisions (Schedule 2 items 45–49), expanding the Future Fund’s statutory interactions and reporting obligations (ss.81(1A)–(1C), Schedule 3 transitional items)."},"complexity_factors":["Wide cross‑Act amendments: changes reach multiple statutes (Future Fund Act 2006, Income Tax Assessment Act 1997, Telecommunications (Consumer Protection and Service Standards) Act 1999, Telstra Corporation Act 1991) and repeal of a standalone Act (Schedule 1, item 1).","New inter‑fund transfer scheme that links accounts and timing rules (Schedule 2A: transfers from the Future Fund to Building Australia Fund, Education Investment Fund, Health and Hospitals Fund, see Schedule 2A items 2–4).","High executive discretion: nominated Minister may direct transfers by writing and directions are explicitly not legislative instruments (Future Fund Act amendments, s.84(2)–(4); Schedule 2A subsections (1) and (3)).","Expanded reporting and benchmarking obligations for the Future Fund Board, requiring reporting of investment performance and amounts debited to each special account (Future Fund Act amendments, ss.81(1A)–(1C), ss.81(2A)–(2C), s.81(4)).","Delegation pathways and supervisory constraints: nominated Minister and Board may delegate powers to Secretaries, SES employees or the Chair, with delegates required to follow directions (ss.83A–83B).","Continuity and transitional complexity: detailed transitional rules preserve prior borrowings, securities lending, investment manager engagements and interim advisory advice (Schedule 3, items 2–16).","Multiple technical edits and removals (definitions, penalties increased, removal of tax items) that require careful concordancing across instruments (e.g. items amending s.5 definitions, penalty amendments at items 26–28, Income Tax items 45–47)."],"plain_english_summary":"This Act implements consequential changes flowing from the Nation‑building Funds Act 2008. It repeals the Higher Education Endowment Fund Act 2007, amends the Future Fund Act 2006 and other statutes, and creates mechanics to move money from the Future Fund into the Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund. It also expands reporting and benchmarking requirements, preserves prior arrangements through transitional rules, and authorises ministerial directions and delegations to administer transfers."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: making consequential amendments necessary to establish the Nation-building Funds scheme. While it touches multiple Acts, this is strictly necessary to implement the new fund structure and does not represent scope creep beyond the original intent of supporting the primary Nation-building Funds Act 2008."},"complexity_factors":["Extensive cross-referencing to the Nation-building Funds Act 2008 (requires reading both Acts together to understand the full scheme)","Multiple transitional provisions (16 items) preserving pre-existing decisions, borrowings, and advisory opinions under repealed legislation","Repeal of one Act (Higher Education Endowment Fund Act 2007) while simultaneously inserting new definitions and mechanisms into another (Future Fund Act 2006)","Complex ministerial delegation structure involving 7 different ministers across three new funds","Nested conditional logic in transitional provisions requiring satisfaction of multiple criteria (timing, publication of criteria, specific advice given)","Amendments spanning 5 separate Acts (Future Fund, Income Tax Assessment, Telecommunications, Telstra Corporation, plus the repealed HEEF Act)","Insertion of new Schedule 2A to Future Fund Act creating inter-fund transfer mechanisms with specific monetary caps and timing requirements"],"plain_english_summary":"This legislation is a 'clean-up' Act that makes necessary changes to other laws following the creation of the Nation-building Funds Act 2008. Think of it as the administrative plumbing that connects the new nation-building funds to existing laws.\n\n**What it does:**\n\n*   **Abolishes the Higher Education Endowment Fund (HEEF)** – This fund, created just a year earlier in 2007, is completely repealed and replaced by the new Education Investment Fund.\n*   **Creates three new nation-building funds** – It establishes the legal framework for:\n    *   The **Building Australia Fund** (for infrastructure like roads, rail, and broadband)\n    *   The **Education Investment Fund** (replacing HEEF, for universities and research facilities)\n    *   The **Health and Hospitals Fund** (for health infrastructure)\n*   **Amends the Future Fund Act 2006** – The Future Fund (Australia's sovereign wealth fund) gets new powers to transfer money to these three new funds. It also updates reporting requirements so Parliament can track how these new funds are performing.\n*   **Fixes tax and telecommunications laws** – Removes references to the old HEEF from tax deduction rules and scraps the old 'Communications Fund' from Telstra-related legislation.\n*   **Handles the transition smoothly** – Ensures that investments, loans, and advisory decisions made under the old HEEF system remain valid under the new Education Investment Fund.\n\n**Who it affects:**\n\n*   **Government ministers** – Multiple ministers (Infrastructure, Education, Health, Communications, Energy, Water, and Research) now have defined roles in managing these funds.\n*   **The Future Fund Board** – They now manage investments across four separate funds instead of just two.\n*   **Universities and research institutions** – Their funding shifts from HEEF to the new Education Investment Fund.\n*   **Infrastructure Australia** – Their previous advice about projects remains valid under the new system.\n\n**Why it matters:**\n\nThis Act represents a major restructuring of how Australia saves and spends money on long-term infrastructure. It consolidates several ad-hoc funds into a coherent system, gives the Future Fund broader responsibilities, and ensures there's no legal 'gap' when the old HEEF disappears. Without this legislation, billions of dollars in investments and approved projects would be in legal limbo."}},"importantCases":[],"_links":{"self":"/api/acts/nation-building-funds-consequential-amendments-act-2008","history":"/api/acts/nation-building-funds-consequential-amendments-act-2008/history","analysis":"/api/acts/nation-building-funds-consequential-amendments-act-2008/analysis","conflicts":"/api/acts/nation-building-funds-consequential-amendments-act-2008/conflicts","importantCases":"/api/acts/nation-building-funds-consequential-amendments-act-2008/important-cases","documents":"/api/acts/nation-building-funds-consequential-amendments-act-2008/documents"}}