{"id":"F2024L01130","name":"Public Governance, Performance and Accountability (Investment) Authorisation 2024","slug":"public-governance-performance-and-accountability-investment-authorisation-2024","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442568,"registerId":"F2024L01130-fast-fetch-1775957541490","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Public Governance, Performance and Accountability (Investment) Authorisation 2024","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-keywords: \"[SEC=OFFICIAL]\"\n---\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nPublic Governance, Performance and Accountability (Investment) Authorisation 2024\n\nI, Katy Gallagher, Minister for Finance, make the following authorisation.\n\nDated  5 September 2024\n\nKaty Gallagher\n\nMinister for Finance\n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Preliminary\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Schedules\n\n5 Definitions\n\nPart 2—The Australian Broadcasting Corporation\n\n6 Authorisation for the Australian Broadcasting Corporation\n\nPart 3—The Export Finance and Insurance Corporation\n\n7 Authorisation for the Export Finance and Insurance Corporation\n\nPart 4—The Grains Research and Development Corporation\n\n8 Authorisation for the Grains Research and Development Corporation\n\nPart 5—The Rural Industries Research and Development Corporation\n\n9 Authorisation for the Rural Industries Research and Development Corporation\n\nPart 6—The Commonwealth Scientific and Industrial Research Organisation\n\n10 Authorisation for the Commonwealth Scientific and Industrial Research Organisation\n\nPart 7—The Civil Aviation Safety Authority\n\n11 Authorisation for the Civil Aviation Safety Authority\n\nPart 8—Australian Hearing Services\n\n12 Authorisation for Australian Hearing Services\n\nPart 9—The Australian Nuclear Science and Technology Organisation\n\n13 Authorisation for the Australian Nuclear Science and Technology Organisation\n\nPart 10—Airservices Australia\n\n14 Authorisation for Airservices Australia\n\nPart 11—Housing Australia\n\n15 Authorisation for Housing Australia\n\nSchedule 1—Repeals\n\nPublic Governance, Performance and Accountability (Investment) Authorisation 2014\n\n \n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Public Governance, Performance and Accountability (Investment) Authorisation 2024.\n\n2  Commencement\n\n (1) Each provision of this instrument 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- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered. 12 September 2024\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under subparagraph 59(1)(b)(iii) of the Public Governance, Performance and Accountability Act 2013.\n\n4  Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5  Definitions\n\n  In this instrument:\n\napproved bank means a person that carries on the business of banking in Australia:\n\n (a) the operations of which are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory; and\n\n (b) the business of which has a Standard and Poor’s long‑term rating of:\n\n (i) for a Part other than Part 3—A‑ (or the Moody’s or Fitch’s equivalent) or better; and\n\n (ii) for Part 3—BBB‑ (or the Moody’s or Fitch’s equivalent) or better.\n\napproved entity means an entity that operates inside or outside Australia and has a Standard and Poor’s long‑term rating of AA‑ (or the Moody’s or Fitch’s equivalent) or better.\n\ndematerialised security means a dematerialised security that is deposited in the Austraclear System.\n\nNote: Information about the Austraclear System could in 2024 be viewed on the Australian Securities Exchange’s website (https://www.asx.com.au).\n\nsecurities:\n\n (a) means debentures, bonds, promissory notes, commercial paper, bills of exchange, certificates of deposit and fixed and floating rate notes issued under a senior debt program, and their dematerialised security equivalents; but\n\n (b) does not include any instrument or document that is in the nature of equity, subordinate debt or hybrid equity.\n\nsenior debt program means a program under which debt:\n\n (a) is issued and ranked ahead of other debt; and\n\n (b) has priority if debt has to be redeemed in cases of liquidation.\n\nPart 2—The Australian Broadcasting Corporation\n\n \n\n6  Authorisation for the Australian Broadcasting Corporation\n\n (1) The Australian Broadcasting Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.\n\n (2) The Corporation may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);\n\n (c) certificates of deposit with an approved bank;\n\n (d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).\n\n (3) Investments must be:\n\n (a) in the name of the Corporation; and\n\n (b) denominated in Australian currency.\n\nPart 3—The Export Finance and Insurance Corporation\n\n \n\n7  Authorisation for the Export Finance and Insurance Corporation\n\n (1) The Export Finance and Insurance Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.\n\n (2) The Corporation may invest money in one or more of the following ways:\n\n (a) in securities issued by an approved bank;\n\n (b) on deposit with, or in securities issued or guaranteed by, an approved entity.\n\n (3) Investments must be in the name of the Corporation.\n\n (4) Subsections (5) to (7) apply if an investment:\n\n (a) is covered by paragraph (2)(a) (securities issued by an approved bank); and\n\n (b) has a Standard and Poor’s long‑term rating lower than A‑ (or the Moody’s or Fitch’s equivalent).\n\n (5) The investment, together with any other such investments of the Corporation in the approved bank, must not exceed 10% of the total investments of the Corporation.\n\n (6) The investment, together with any other such investments of the Corporation in any approved bank, must not exceed 25% of the total investments of the Corporation.\n\n (7) The investment:\n\n (a) must not have a term longer than 3 years; and\n\n (b) if the investment has a term longer than 6 months—must be able to be traded in the secondary market.\n\nPart 4—The Grains Research and Development Corporation\n\n \n\n8  Authorisation for the Grains Research and Development Corporation\n\n (1) The Grains Research and Development Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.\n\n (2) The Corporation may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);\n\n (c) certificates of deposit with an approved bank;\n\n (d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c);\n\n (e) floating rate notes issued by an approved bank under a senior debt program;\n\n (f) dematerialised securities that are the equivalent of the floating rate notes covered by paragraph (e);\n\n (g) 11 am call deposits with an approved bank.\n\n (3) Investments must be:\n\n (a) in the name of the Corporation; and\n\n (b) denominated in Australian currency.\n\n (4) If an investment is covered by paragraph (2)(e) or (f), the investment, together with any other investments of the Corporation covered by either of those paragraphs, must not exceed 20% of the total investments of the Corporation.\n\nPart 5—The Rural Industries Research and Development Corporation\n\n \n\n9  Authorisation for the Rural Industries Research and Development Corporation\n\n (1) The Rural Industries Research and Development Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.\n\n (2) The Corporation may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a).\n\n (3) Investments must be:\n\n (a) in the name of the Corporation; and\n\n (b) denominated in Australian currency.\n\nPart 6—The Commonwealth Scientific and Industrial Research Organisation\n\n \n\n10  Authorisation for the Commonwealth Scientific and Industrial Research Organisation\n\n (1) The Commonwealth Scientific and Industrial Research Organisation is authorised to invest relevant money for which the Organisation is responsible in accordance with this section.\n\n (2) The Organisation may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);\n\n (c) certificates of deposit with an approved bank;\n\n (d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).\n\n (3) Investments must be:\n\n (a) in the name of the Organisation; and\n\n (b) denominated in Australian currency.\n\nPart 7—The Civil Aviation Safety Authority\n\n \n\n11  Authorisation for the Civil Aviation Safety Authority\n\n (1) The Civil Aviation Safety Authority is authorised to invest relevant money for which the Authority is responsible in accordance with this section.\n\n (2) The Authority may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);\n\n (c) certificates of deposit with an approved bank;\n\n (d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).\n\n (3) Investments must be:\n\n (a) in the name of the Authority; and\n\n (b) denominated in Australian currency.\n\nPart 8—Australian Hearing Services\n\n \n\n12  Authorisation for Australian Hearing Services\n\n (1) Australian Hearing Services is authorised to invest relevant money for which Australian Hearing Services is responsible in accordance with this section.\n\n (2) Australian Hearing Services may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a).\n\n (3) Investments must be:\n\n (a) in the name of Australian Hearing Services; and\n\n (b) denominated in Australian currency.\n\nPart 9—The Australian Nuclear Science and Technology Organisation\n\n \n\n13  Authorisation for the Australian Nuclear Science and Technology Organisation\n\n (1) The Australian Nuclear Science and Technology Organisation is authorised to invest relevant money for which the Organisation is responsible in accordance with this section.\n\n (2) The Organisation may invest in one or more of the following:\n\n (a) bills of exchange accepted or endorsed only by an approved bank;\n\n (b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);\n\n (c) certificates of deposit with an approved bank;\n\n (d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).\n\n (3) Investments must be:\n\n (a) in the name of the Organisation; and\n\n (b) denominated in Australian currency.\n\nPart 10—Airservices Australia\n\n \n\n14  Authorisation for Airservices Australia\n\n (1) Airservices Australia is authorised to invest relevant money for which Airservices Australia is responsible in accordance with this section.\n\n (2) Airservices Australia may invest up to $20 million in one or more of the following:\n\n (a) floating rate notes issued by an approved bank under a senior debt program;\n\n (b) dematerialised securities that are the equivalent of the floating rate notes covered by paragraph (a).\n\n (3) Investments must be:\n\n (a) in the name of Airservices Australia; and\n\n (b) denominated in Australian currency.\n\nPart 11—Housing Australia\n\n \n\n15  Authorisation for Housing Australia\n\n (1) Housing Australia is authorised to invest relevant money for which Housing Australia is responsible in accordance with this section.\n\n (2) Housing Australia may invest money in one or more of the following ways:\n\n (a) in securities issued by an approved bank;\n\n (b) on deposit with, or in securities issued or guaranteed by, an approved entity.\n\n (3) Investments must be in the name of Housing Australia.\n\n (4) Subsections (5) to (7) apply if an investment:\n\n (a) is covered by paragraph (2)(a) (securities issued by an approved bank); and\n\n (b) has a Standard and Poor’s long‑term rating lower than A‑ (or the Moody’s or Fitch’s equivalent).\n\n (5) The investment, together with any other such investments of Housing Australia in the approved bank, must not exceed 10% of the total investments of Housing Australia.\n\n (6) The investment, together with any other such investments of Housing Australia in any approved bank, must not exceed 25% of the total investments of Housing Australia.\n\n (7) The investment:\n\n (a) must not have a term longer than 3 years; and\n\n (b) if the investment has a term longer than 6 months—must be able to be traded in the secondary market.\n\nSchedule 1—Repeals\n\n \n\nPublic Governance, Performance and Accountability (Investment) Authorisation 2014\n\n1  The whole of the instrument\n\nRepeal the instrument.\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"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":true,"description":"The original 2014 instrument has grown to include Housing Australia (Part 11), which did not exist in the earlier version. Additionally, Airservices Australia now has a specific $20 million cap on floating rate notes that appears to be a new or modified limitation. The Export Finance and Insurance Corporation retains its broader investment powers (reflecting its commercial financing role), while most other entities remain restricted to conservative bank bills and deposits. The scope has expanded to cover one additional entity and tightened controls on another."},"complexity_factors":["Repetitive structure with 10 near-identical Parts (2-11), creating visual bulk without proportional complexity","6 defined terms in section 5, including nested definitions ('approved bank' has dual rating thresholds depending on which Part applies)","Conditional logic in Parts 3 and 11 (Export Finance and Housing Australia) with nested subsections (5)-(7) triggering on credit rating thresholds","Cross-references to external rating systems (Standard & Poor's, Moody's, Fitch) and the Austraclear System","Percentage caps (10%, 20%, 25%) and dollar caps ($20 million) creating tiered limitation structures","Dematerialised securities concept requires understanding of electronic settlement systems"],"plain_english_summary":"This instrument authorises ten Australian government agencies to invest surplus cash in specified low‑risk, mostly Australian‑dollar financial products under tailored limits and credit requirements. It updates the 2014 rules, adds Housing Australia, and adjusts permissions to let agencies earn returns while constraining exposure and counterparty risk.\n\nIt affects those agencies, the banks and institutions they deal with, and taxpayers by providing legal authority and safeguards to prevent risky use of public funds."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Schedule 1 repeals the Public Governance, Performance and Accountability (Investment) Authorisation 2014 and replaces it with the 2024 authorisations that specify permitted instruments, credit‑rating thresholds, exposure caps and term/marketability limits for listed Commonwealth entities. The instrument therefore updates the statutory investment authorisations; without the 2014 text included here, the precise substantive differences cannot be determined from this instrument alone."},"complexity_factors":["Entity‑by‑entity structure (Parts 2–11, ss 6–15): largely repetitive authorisations with small, entity‑specific differences (e.g. Airservices $20m cap in s14(2)).","Credit‑rating thresholds and equivalence (Definitions, s5): 'approved bank' and 'approved entity' defined by Standard & Poor’s ratings (with Moody’s/Fitch equivalents).","Differentiated rating rules and exposure caps (Export Finance s7(4)–(7); Housing Australia s15(4)–(7); Grains R&D s8(4)): lower‑rated bank securities subject to 10%/25% exposure limits, term limits and secondary‑market liquidity requirements.","Term and marketability constraints (s7(7), s15(7)): maximum 3‑year term for certain lower‑rated investments and secondary‑market tradability if over 6 months.","Uniform operational constraints (multiple sections, e.g. s6(3), s8(3), s10(3)): investments must be in the entity’s name and denominated in Australian currency.","Use of dematerialised securities and Austraclear (Definitions, s5): allows dematerialised equivalents and references Austraclear system for settlement.","Repeal of prior instrument (Schedule 1): full repeal of the 2014 Authorisation, implying a replacement framework (Schedule 1).","Commencement and legal basis (ss 2–3): commencement timing and authority under PGPA Act s59(1)(b)(iii) govern effect and delegations."],"plain_english_summary":"**This instrument reauthorises specific Commonwealth corporate entities to invest public funds in listed short‑term and bank‑issued debt instruments, dematerialised securities and deposits, and sets credit‑rating, exposure, term and marketability limits.**\n\nIt applies to the named agencies and to approved banks and rated counterparties: agencies make investment decisions within statutory caps and rating rules and must hold investments in their name and in Australian dollars, which allocates business to rated banks and imposes compliance, liquidity and credit‑rating constraints."}},"importantCases":[],"_links":{"self":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024","history":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024/history","analysis":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024/analysis","conflicts":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024/conflicts","importantCases":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024/important-cases","documents":"/api/acts/public-governance-performance-and-accountability-investment-authorisation-2024/documents"}}