{"id":"tas:act-1985-059","name":"Tasmanian Public Finance Corporation Act 1985","slug":"tasmanian-public-finance-corporation-act-1985","collection":"act","jurisdiction":"tas","status":"in_force","isInForce":true,"actNumber":"59 of 1985","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":109899,"registerId":"tas-act-1985-059-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part I","sectionType":"part","heading":"Preliminary","content":"# Part I Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"### 1 Short title\n\n> This Act may be cited as the [Tasmanian Public Finance Corporation Act 1985](/view/html/inforce/2026-04-12/act-1985-059) .","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"### 2 Commencement\n\n> > (1)  This section and [section 1](#GS1@EN) shall commence on the day on which this Act receives the Royal Assent.\n> \n> > (2)  Except as provided in [subsection (1)](#GS2@Gs1@EN) , this Act shall commence on such day as may be fixed by proclamation.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"### 3 Interpretation\n\n> *\\[Section 3 Subsection (1) amended by No. 50 of 1987, s. 37 \\]**\\[Section 3 Subsection (1) amended by No. 40 of 1991, s. 22 \\]**\\[Section 3 Subsection (1) amended by No. 4 of 1995, s. 4 \\]**\\[Section 3 Subsection (1) amended by No. 30 of 1995, s. 3 and Sched. 1 \\]**\\[Section 3 Subsection (1) amended by No. 52 of 1995, s. 3 and Sched. 1 \\]*\n> \n> > (1)  In this Act, unless the contrary intention appears –\n> > \n> > > ***the Corporation*** means the Tasmanian Public Finance Corporation established under [Part II](#HPII@EN) ;\n> > \n> > > ***loan*** means any form of financial accommodation (not being a grant) and \"lend\" and \"borrow\" have corresponding meanings;\n> > \n> > > ***local government authority*** means a council;\n> > \n> > > ***the Minister responsible***, in relation to a State authority, means the Minister having the administration of the Act by or under which the State authority is constituted;\n> > \n> > > ***participating authority*** means –\n> > > \n> > > > > (a) a State authority; or\n> > > > \n> > > > > (b) [*\\[Section 3 Subsection (1) amended by No. 16 of 1997, Sched. 1, Applied:30 Jul 1997\\]*](/view/html/inforce/1997-07-30/act-1997-016#JS1@Ja19@GC1@Hpa@EN) a local government authority that has made arrangements to borrow money from, or to deposit money with, the Corporation; or\n> > > > \n> > > > > (c) [*\\[Section 3 Subsection (1) amended by No. 16 of 1997, Sched. 1, Applied:30 Jul 1997\\]*](/view/html/inforce/1997-07-30/act-1997-016#JS1@Ja19@GC1@Hpb@EN) [*\\[Section 3 Subsection (1) amended by No. 41 of 2005, Sched. 1, Applied:31 Dec 2005\\]*](/view/html/inforce/2005-12-31/act-2005-041#JS1@Ja6@GC1@EN) [*\\[Section 3 Subsection (1) amended by No. 52 of 2008, Sched. 1, Applied:16 Jun 2009\\]*](/view/html/inforce/2009-06-16/act-2008-052#JS1@Ja12@GC1@Hpa@EN) the Tasmanian Ports Corporation Pty. Ltd. (ACN 114 161 938) while all the shares in that corporation are held in trust for the Crown; or\n> > > > \n> > > > > (d) [*\\[Section 3 Subsection (1) amended by No. 52 of 2008, Sched. 1, Applied:16 Jun 2009\\]*](/view/html/inforce/2009-06-16/act-2008-052#JS1@Ja12@GC1@Hpb@EN) [*\\[Section 3 Subsection (1) amended by No. 46 of 2009, Sched. 1, Applied:27 Oct 2009\\]*](/view/html/inforce/2009-10-27/act-2009-046#JS1@Ja1@GC1@Hpa@EN) [*\\[Section 3 Subsection (1) amended by No. 51 of 2012, Sched. 2, Applied:01 Jul 2013\\]*](/view/html/inforce/2013-07-01/act-2012-051#JS2@Ja5@GC1@EN) the Corporation, or a subsidiary of the Corporation, within the meaning of the [Water and Sewerage Corporation Act 2012](/view/html/inforce/2026-04-12/act-2012-051) ; or\n> > > > \n> > > > > (e) [*\\[Section 3 Subsection (1) amended by No. 46 of 2009, Sched. 1, Applied:27 Oct 2009\\]*](/view/html/inforce/2009-10-27/act-2009-046#JS1@Ja1@GC1@Hpb@EN) [*\\[Section 3 Subsection (1) amended by No. 8 of 2011, Sched. 1, Applied:01 Jul 2011\\]*](/view/html/inforce/2011-07-01/act-2011-008#JS1@Ja4@GC1@Hpa@EN) a company formed under [section 5](/view/html/inforce/2026-04-12/act-2009-046#GS5@EN) of the [Rail Company Act 2009](/view/html/inforce/2026-04-12/act-2009-046) while all the shares in that company are held in trust for the Crown, or a subsidiary of that company while all the shares in that subsidiary are held by that company; or\n> > > > \n> > > > > (f) [*\\[Section 3 Subsection (1) amended by No. 8 of 2011, Sched. 1, Applied:01 Jul 2011\\]*](/view/html/inforce/2011-07-01/act-2011-008#JS1@Ja4@GC1@Hpb@EN) Tasmanian Irrigation Pty Ltd (ACN 133 148 384) while all the shares in that corporation are held in trust for the Crown;\n> > \n> > > ***security*** includes any document evidencing indebtedness;\n> > \n> > > ***State authority*** means –\n> > > \n> > > > > (a) a body corporate which, or of which the governing authority, wholly or partly comprises –\n> > > > > \n> > > > > > > (i) a Minister; or\n> > > > > > \n> > > > > > > (ii) a person or persons appointed by the Governor, a Minister, or another State authority or a person or persons holding office by virtue of being a member or members of another State authority; or\n> > > > \n> > > > > (b) [*\\[Section 3 Subsection (1) amended by No. 16 of 1997, Sched. 1, Applied:30 Jul 1997\\]*](/view/html/inforce/1997-07-30/act-1997-016#JS1@Ja19@GC1@Hpc@EN) a body corporate which is financed wholly or in part out of public funds.\n> > > > \n> > > > > (c)\n> > > > \n> > > > > (d)\n> > > > \n> > > > > (e) [*\\[Section 3 Subsection (1) amended by No. 16 of 1997, Sched. 1, Applied:30 Jul 1997\\]*](/view/html/inforce/1997-07-30/act-1997-016#JS1@Ja19@GC1@Hpd@EN)\n> \n> > (2)  *\\[Section 3 Subsection (2) omitted by No. 4 of 1995, s. 4 \\]*.  .  .  .  .  .  .  .","sortOrder":3},{"sectionNumber":"3A","sectionType":"section","heading":"Application of Act to certain persons","content":"### 3A Application of Act to certain persons\n\n> *\\[Section 3A Inserted by No. 39 of 1993, s. 24 and Sched. 2 \\]*\n> \n> > (1)  This Act, except [sections 16](#GS16@EN) and [18](#GS18@EN) , applies to a person who, in the opinion of the Corporation, is directly or indirectly connected with the provision of financial accommodation for a shipping service to and from Tasmania managed or operated, or to be managed or operated, by a company formed and incorporated pursuant to [section 5 of the](/view/html/inforce/2026-04-12/act-1993-039#GS5@EN) [TT-Line Arrangements Act 1993](/view/html/inforce/2026-04-12/act-1993-039) as if that person were a State authority.\n> \n> > (2)  The terms and conditions (including, in particular, terms and conditions as to principal, interest, administrative charges, other charges and fees) of a loan provided under this Act to a person referred to in [subsection (1)](#GS3A@Gs1@EN) are the terms and conditions determined by the Corporation with the approval of the Treasurer.\n> \n> > (3)  The Treasurer must not approve terms and conditions under [subsection (2)](#GS3A@Gs2@EN) unless the Treasurer has first consulted with the Minister to whom the administration of the [TT-Line Arrangements Act 1993](/view/html/inforce/2026-04-12/act-1993-039) is for the time being assigned.","sortOrder":4},{"sectionNumber":"Part II","sectionType":"part","heading":"Establishment, Composition, &C., of the Corporation","content":"# Part II Establishment, Composition, &C., of the Corporation","sortOrder":5},{"sectionNumber":"4","sectionType":"section","heading":"Establishment of the Corporation","content":"### 4 Establishment of the Corporation\n\n> *\\[Section 4 Amended by No. 52 of 1995, s. 3 and Sched. 1 \\]*There is established by this Act the Tasmanian Public Finance Corporation.","sortOrder":6},{"sectionNumber":"5.","sectionType":"section","heading":null,"content":"### 5.\n\n*\\[Section 5 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":7},{"sectionNumber":"5A.","sectionType":"section","heading":null,"content":"### 5A.\n\n*\\[Section 5A Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":8},{"sectionNumber":"6.","sectionType":"section","heading":null,"content":"### 6.\n\n*\\[Section 6 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":9},{"sectionNumber":"7.","sectionType":"section","heading":null,"content":"### 7.\n\n*\\[Section 7 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":10},{"sectionNumber":"8.","sectionType":"section","heading":null,"content":"### 8.\n\n*\\[Section 8 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":11},{"sectionNumber":"9.","sectionType":"section","heading":null,"content":"### 9.\n\n*\\[Section 9 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":12},{"sectionNumber":"10.","sectionType":"section","heading":null,"content":"### 10.\n\n*\\[Section 10 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":13},{"sectionNumber":"Part III","sectionType":"part","heading":"Operations of the Corporation","content":"# Part III Operations of the Corporation","sortOrder":14},{"sectionNumber":"11","sectionType":"section","heading":"Functions and powers of the Corporation","content":"### 11 Functions and powers of the Corporation\n\n> *\\[Section 11 Subsection (2) amended by No. 52 of 1995, s. 3 and Sched. 1 \\]*\n> \n> > (1)  *\\[Section 11 Subsection (1) amended by No. 4 of 1995, s. 10 \\]*The functions of the Corporation are –\n> > \n> > > > (a) to develop and implement borrowing and investment programmes for the benefit of participating authorities; and\n> > > \n> > > > (b) to engage in such other activities relating to the finances of the Government of the State or participating authorities as are contemplated by this Act or approved by the Treasurer.\n> \n> > (2)  *\\[Section 11 Subsection (2) amended by No. 4 of 1995, s. 10 \\]*For the purposes of this Act, and notwithstanding the [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) , the Corporation may, but only if it has the approval of the Treasurer –\n> > \n> > > > (a) borrow money within or outside Australia;\n> > > \n> > > > (b) lend money to participating authorities;\n> > > \n> > > > (c) accept money on deposit or loan from the Treasurer or a participating authority;\n> > > \n> > > > (d) [*\\[Section 11 Subsection (2) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000\\]*](/view/html/inforce/2000-01-01/act-1999-074#JS2@Ja54@GC1@Hpa@EN) place on deposit with the Treasurer or an authorised deposit-taking institution money held by the Corporation;\n> > > \n> > > > (e) invest money held by the Corporation;\n> > > \n> > > > (f) issue, sell, purchase, pay-off, re-purchase, redeem, convert, or otherwise deal in or with securities;\n> > > \n> > > > (g) .  .  .  .  .  .  .  .  \n> > > \n> > > > (h) [*\\[Section 11 Subsection (2) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000\\]*](/view/html/inforce/2000-01-01/act-1999-074#JS2@Ja54@GC1@Hpb@EN) appoint an authorised deposit-taking institution or other person to act as underwriter, manager, trustee, or agent in connection with any transaction within or outside Australia;\n> > > \n> > > > (i) enter into contracts of guarantee;\n> > > \n> > > > (j) .  .  .  .  .  .  .  .  \n> > > \n> > > > (ja) enter into any agreement or arrangement for the purpose of returning a gain, avoiding a loss, or with a view to avoiding a loss by reference to currency obligations, currency exchange rate movement or interest rate movement; or\n> > > \n> > > > (jb) enter into any agreement or arrangement for the purposes of managing or varying financial returns or financial or currency risks (including but not limited to risks arising from currency exchange rates or interest rates); or\n> > > \n> > > > (k) enter into any agreement or arrangement of a kind not previously mentioned in this subsection or acquire or incur any other rights or liabilities; or\n> > > \n> > > > (l) .  .  .  .  .  .  .  .  \n> \n> > (3)  *\\[Section 11 Subsection (3) omitted by No. 4 of 1995, s. 10 \\]*.  .  .  .  .  .  .  .","sortOrder":15},{"sectionNumber":"12","sectionType":"section","heading":"Limitation on functions and powers","content":"### 12 Limitation on functions and powers\n\n> *\\[Section 12 Substituted by No. 52 of 1995, s. 3 and Sched. 1 \\]*In performing and exercising its functions and powers, and in meeting its objectives, under this or any other Act, the Corporation must have due regard to the appropriate levels of financial risk.","sortOrder":16},{"sectionNumber":"13.","sectionType":"section","heading":null,"content":"### 13.\n\n*\\[Section 13 Substituted by No. 52 of 1995, s. 3 and Sched. 1 \\]* [*\\[Section 13 Repealed by No. 15 of 2001, Sched. 2, Applied:01 Jul 2001\\]*](/view/html/inforce/2001-07-01/act-2001-015#JS2@Ja18@GC1@EN)","sortOrder":17},{"sectionNumber":"13A.","sectionType":"section","heading":null,"content":"### 13A.\n\n*\\[Section 13A Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":18},{"sectionNumber":"14.","sectionType":"section","heading":null,"content":"### 14.\n\n*\\[Section 14 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":19},{"sectionNumber":"15","sectionType":"section","heading":"Government guarantee","content":"### 15 Government guarantee\n\n> > (1)  [*\\[Section 15 Subsection (1) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019\\]*](/view/html/inforce/2019-07-01/act-2017-004#JS1@Ja124@GC1@Hpa@EN) *\\[Section 15 Subsection (1) amended by No. 4 of 1995, s. 14 and Sched. 1 \\]*Liabilities incurred or assumed by the Corporation in pursuance of this Act are guaranteed by the State, and any liability of the Crown arising by virtue of this subsection shall be a charge on the Public Account, and shall be payable out of the Public Account without further appropriation than this section.\n> \n> > (2)  [*\\[Section 15 Subsection (2) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019\\]*](/view/html/inforce/2019-07-01/act-2017-004#JS1@Ja124@GC1@Hpb@EN) *\\[Section 15 Subsection (2) amended by No. 4 of 1995, s. 14 and Sched. 1 \\]*Where an amount is paid by the State under the guarantee created by [subsection (1)](#GS15@Gs1@EN) , the Corporation is liable to pay an amount equal to that amount to the Treasurer, for credit of the Public Account, by such instalments, at such times, and with such interest, as the Treasurer determines.","sortOrder":20},{"sectionNumber":"15A","sectionType":"section","heading":"Government guarantee of certain borrowings","content":"### 15A Government guarantee of certain borrowings\n\n> [*\\[Section 15A Inserted by No. 22 of 2023, s. 5, Applied:01 Jul 2023\\]*](/view/html/inforce/2023-07-01/act-2023-022#GS5@EN)\n> \n> > (1)  In this section –\n> > \n> > > ***relevant organisation*** means an organisation or entity referred to in [Schedule 1](#JS1@EN) .\n> \n> > (2)  One or more amounts borrowed by a relevant organisation from the Corporation is guaranteed by the State up to, and not in excess of, such amount, in total, as is determined by the Treasurer as the maximum amount guaranteed under this section in respect of the relevant organisation.\n> \n> > (3)  For the purposes of [subsection (2)](#GS15A@Gs2@EN) , an amount borrowed by a relevant organisation from the Corporation includes each of the following:\n> > \n> > > > (a) the amount borrowed by the relevant organisation from the Corporation;\n> > > \n> > > > (b) the interest payable by the Corporation in respect of the amount borrowed by the relevant organisation;\n> > > \n> > > > (c) any charges payable to the Corporation, by the relevant organisation, in respect of the amount borrowed;\n> > > \n> > > > (d) any expenses that are incurred by the Corporation in relation to the amount borrowed by the relevant organisation.\n> \n> > (4)  This section only applies in respect of an amount borrowed by a relevant organisation from the Corporation if the Corporation has exercised all of its rights and remedies under all securities held in respect of the amount borrowed by the relevant organisation.\n> \n> > (5)  A payment by the State to the Corporation under this section –\n> > \n> > > > (a) is a charge on the Public Account; and\n> > > \n> > > > (b) is payable out of the Public Account without further appropriation than this section.\n> \n> > (6)  If the State is required to make a payment to the Corporation under this section in respect of an amount borrowed by a relevant organisation –\n> > \n> > > > (a) the amount so paid by the State under this section is a debt due and owing, by the relevant organisation, to the State; and\n> > > \n> > > > (b) in addition to any other action that may be taken by the State in respect of that debt, the Treasurer may enter into an agreement with the relevant organisation for the repayment of the debt, on such terms and conditions, and in such manner, as may be determined by the Treasurer.","sortOrder":21},{"sectionNumber":"16","sectionType":"section","heading":"Borrowing of money from, &c., the Corporation by State authorities","content":"### 16 Borrowing of money from, &c., the Corporation by State authorities\n\n> *\\[Section 16 Substituted by No. 4 of 1995, s. 12 \\]*\n> \n> > (1)  Notwithstanding any other Act, a State authority –\n> > \n> > > > (a) may borrow money from the Corporation, and, if the Treasurer by notice published in the *Gazette* so directs, must, in accordance with the notice, borrow money from the Corporation and not from any other person; and\n> > > \n> > > > (b) may and, if the Treasurer by notice published in the *Gazette* so directs, must deposit with or lend to the Corporation money of the State authority that is not immediately required for the purposes of the State authority; and\n> > > \n> > > > (c) may allow the Corporation to conduct debt management or any other activity of the type described in [section 11](#GS11@EN) [(2)](#GS11@Gs2@EN) on behalf of the State authority.\n> \n> > (2)  The terms and conditions of any transaction or activity undertaken under [subsection (1)](#GS16@Gs1@EN) are to be as agreed between the Corporation and the State authority and in accordance with any guidelines issued by the Treasurer.\n> \n> > (3)  The Treasurer may issue guidelines relating to transactions or activities undertaken under [subsection (1)](#GS16@Gs1@EN) .","sortOrder":22},{"sectionNumber":"16A","sectionType":"section","heading":"Transactions with local government authorities","content":"### 16A Transactions with local government authorities\n\n> *\\[Section 16A Inserted by No. 4 of 1995, s. 12 \\]*\n> \n> > (1)  Notwithstanding any other Act, a local government authority may –\n> > \n> > > > (a) borrow money from; and\n> > > \n> > > > (b) deposit money with; and\n> > > \n> > > > (c) lend money to –\n> > \n> > the Corporation on such terms and conditions as may be agreed between the Corporation and the local government authority.\n> \n> > (2)  A local government authority is not liable to pay a guarantee fee in respect of monies borrowed from the Corporation for the purposes of discharging or defeasing an existing liability.\n> \n> > (3)  In respect of a borrowing by a local government authority not referred to in [subsection (2)](#GS16A@Gs2@EN) , the Treasurer may give directions for the purposes of –\n> > \n> > > > (a) assessing the amount of a guarantee fee in relation to the assessed value of the benefit to be obtained by the local government authority in respect of the borrowing; and\n> > > \n> > > > (b) determining the manner in which and the times at which the guarantee fee is to be paid.","sortOrder":23},{"sectionNumber":"17","sectionType":"section","heading":"Treasurer may deposit money with the Corporation","content":"### 17 Treasurer may deposit money with the Corporation\n\n> *\\[Section 17 Amended by No. 4 of 1995, s. 14 and Sched. 1 \\]*[*\\[Section 17 Amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019\\]*](/view/html/inforce/2019-07-01/act-2017-004#JS1@Ja124@GC2@EN) Notwithstanding the [Financial Management Act 2016](/view/html/inforce/2026-04-12/act-2016-042) , any money under the control of the Treasurer may be deposited with or lent to the Corporation by the Treasurer upon such terms and conditions as the Treasurer may determine.","sortOrder":24},{"sectionNumber":"18","sectionType":"section","heading":"Treasurer may re-arrange finances of State authorities","content":"### 18 Treasurer may re-arrange finances of State authorities\n\n> > (1)  The Treasurer may, if he thinks fit, after consultation with the Minister responsible for a State authority that has borrowed money from a source other than the Treasurer or the Government of the State, by notice published in the *Gazette* –\n> > \n> > > > (a) transfer to the Corporation the liabilities of the State authority in respect of the loan; and\n> > > \n> > > > (b) direct that the money outstanding under the loan shall be regarded for all purposes as having been borrowed by the State authority from the Corporation upon terms and conditions specified in the notice.\n> \n> > (2)  The Treasurer may, after consultation with the Minister responsible for a State authority, vary any terms and conditions applying in relation to the State authority by virtue of a notice under [subsection (1)](#GS18@Gs1@EN) .","sortOrder":25},{"sectionNumber":"Part IIIA","sectionType":"part","heading":"Mersey Community Hospital Fund","content":"# Part IIIA Mersey Community Hospital Fund","sortOrder":26},{"sectionNumber":"18A","sectionType":"section","heading":"Interpretation of Part","content":"### 18A Interpretation of Part\n\n> [*\\[Section 18A Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN) In this Part –\n> \n> > ***dividend*** means a dividend payable, or paid, into the Public Account from the Fund in accordance with this Part;\n> \n> > ***Fund*** means the Mersey Community Hospital Fund referred to in [section 18D(1)](#GS18D@Gs1@EN) .","sortOrder":27},{"sectionNumber":"18B","sectionType":"section","heading":"When Part takes effect","content":"### 18B When Part takes effect\n\n> [*\\[Section 18B Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN) This Part takes effect on the day on which the State receives $730.4 million from the Commonwealth in relation to the transfer of ownership of the Mersey Community Hospital from the Commonwealth to the State.","sortOrder":28},{"sectionNumber":"18C","sectionType":"section","heading":"Equity contribution","content":"### 18C Equity contribution\n\n> [*\\[Section 18C Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN)\n> \n> > (1)  No later than 30 days after the day on which this Part takes effect, the Treasurer must make an equity contribution to the Corporation.\n> \n> > (2)  The equity contribution –\n> > \n> > > > (a) is to be the amount of $730.4 million; and\n> > > \n> > > > (b) may be made before or after the commencement of this Part.","sortOrder":29},{"sectionNumber":"18D","sectionType":"section","heading":"Mersey Community Hospital Fund","content":"### 18D Mersey Community Hospital Fund\n\n> [*\\[Section 18D Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN)\n> \n> > (1)  The equity contribution referred to in [section 18C(1)](#GS18C@Gs1@EN) , and any returns, and capital gains or losses, that accrue in relation to the equity contribution, comprise the Mersey Community Hospital Fund (***the Fund***).\n> \n> > (2)  The Corporation is to invest, in accordance with the guidelines, in relation to investment, comprised in Treasurer's Instructions for the purposes of the [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) , so much of the amount standing from time to time in the Fund as is not required, at the time of the investment, to be paid out of the Fund as a dividend under this Part.\n> \n> > (3)  For the purposes of this Part, the Treasurer may issue under section 114 of the [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) Treasurer's instructions so as to –\n> > \n> > > > (a) provide guidelines relating to the determination, calculation and payment of dividends, within the meaning of this Part, and any other matter connected with such dividends; or\n> > > \n> > > > (b) apply, to dividends, within the meaning of this Part, guidelines made under that section in relation to dividends, or special dividends, within the meaning of that Act.","sortOrder":30},{"sectionNumber":"18E","sectionType":"section","heading":"Dividends from Mersey Community Hospital Fund","content":"### 18E Dividends from Mersey Community Hospital Fund\n\n> [*\\[Section 18E Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN)\n> \n> > (1)  The Corporation is to pay into the Public Account, no later than 15 June in each financial year in which this Part is, for all or part of the year, in effect, a dividend for the financial year.\n> \n> > (2)  The amount of the dividend for a financial year is the amount of the dividend, for the financial year, determined in accordance with [section 18F](#GS18F@EN) .\n> \n> > (3)  [Subsection (1)](#GS18E@Gs1@EN) does not apply in relation to the 2016-2017 financial year.\n> \n> > (4)  The purpose of the payment of a dividend under [subsection (1)](#GS18E@Gs1@EN) is to ensure the ongoing funding of the Mersey Community Hospital.\n> \n> > (5)  The dividend is to be paid out of the Fund.\n> \n> > (6)  [Division 2 of Part 11 of the](/view/html/inforce/2026-04-12/act-1995-022#HP11@HD2@EN) [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) does not apply in relation to a dividend under this Part.\n> \n> > (7)  Subject to [subsection (6)](#GS18E@Gs6@EN) , nothing in this Part is to be taken to affect the application to the Corporation of [Division 2 of Part 11 of the](/view/html/inforce/2026-04-12/act-1995-022#HP11@HD2@EN) [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) .","sortOrder":31},{"sectionNumber":"18F","sectionType":"section","heading":"Determination of amount of dividend","content":"### 18F Determination of amount of dividend\n\n> [*\\[Section 18F Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN)\n> \n> > (1)  For the 2017-2018 financial year, the amount of the dividend is $78 142 500.\n> \n> > (2)  The amount of the dividend for each financial year after the 2017-2018 financial year is the amount of the dividend for the immediately previous financial year, as increased by 3.5%.\n> \n> > (3)  Despite [subsections (1)](#GS18F@Gs1@EN) and [(2)](#GS18F@Gs2@EN) , if the amount in the Fund is insufficient to pay all of the amount of the dividend calculated in accordance with [subsection (2)](#GS18F@Gs2@EN) in relation to a financial year, the amount of the dividend for that financial year is the amount equal to all of the remaining amount in the Fund.\n> \n> > (4)  This Part ceases to be in effect when the amount of the dividend for a financial year is the amount calculated in accordance with [subsection (3)](#GS18F@Gs3@EN) .","sortOrder":32},{"sectionNumber":"18G","sectionType":"section","heading":"Amount of dividend is to be appropriated for Mersey Community Hospital","content":"### 18G Amount of dividend is to be appropriated for Mersey Community Hospital\n\n> [*\\[Section 18G Inserted by No. 25 of 2017, s. 4, Applied:30 Jun 2017\\]*](/view/html/inforce/2017-06-30/act-2017-025#GS4@EN)\n> \n> > (1)  In this section –\n> > \n> > > ***Appropriation Bill*** means a Bill for an Act which authorises the issue and application of any money from the Public Account to meet –\n> > > \n> > > > > (a) the cost of the ordinary annual services of the Government; or\n> > > > \n> > > > > (b) expenditure on public works or the acquisition of any property required for public purposes;\n> > \n> > > ***relevant Appropriation Bill*** means an Appropriation Bill which includes an amount to be appropriated in relation to the funding of the Mersey Community Hospital, whether or not the amount is specifically identified in that Bill to be for that purpose.\n> \n> > (2)  The Minister who introduces into the House of Assembly a relevant Appropriation Bill for a financial year in which a dividend is to be paid into the Public Account in accordance with [section 18E(1)](#GS18E@Gs1@EN) is to specify, in the papers that are tabled in the House of Assembly in connection with the Bill, the amount, included in an appropriation in the Bill, that is for the purpose of funding the Mersey Community Hospital, which amount is to be not less than the amount of the dividend.","sortOrder":33},{"sectionNumber":"Part IV","sectionType":"part","heading":"Miscellaneous","content":"# Part IV Miscellaneous","sortOrder":34},{"sectionNumber":"19.","sectionType":"section","heading":null,"content":"### 19.\n\n*\\[Section 19 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":35},{"sectionNumber":"20.","sectionType":"section","heading":null,"content":"### 20.\n\n*\\[Section 20 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":36},{"sectionNumber":"21","sectionType":"section","heading":"State authorities to provide certain information","content":"### 21 State authorities to provide certain information\n\n> *\\[Section 21 Amended by No. 4 of 1995, s. 14 and Sched. 3 \\]*A State authority shall, if so required by the Treasurer, furnish the Board with information relating to the financial affairs of the State authority.","sortOrder":37},{"sectionNumber":"22.","sectionType":"section","heading":null,"content":"### 22.\n\n*\\[Section 22 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":38},{"sectionNumber":"23","sectionType":"section","heading":"Certificates of compliance with this Act","content":"### 23 Certificates of compliance with this Act\n\n> > (1)  *\\[Section 23 Subsection (1) amended by No. 4 of 1995, s. 14 and Sched. 3 \\]*The Treasurer may, if he is so satisfied, certify that anything done by the Board has been done in pursuance of this Act.\n> \n> > (2)  In any legal proceedings, an apparently genuine document purporting to be a certificate under [subsection (1)](#GS23@Gs1@EN) shall be accepted as proof of the matters stated in the certificate in the absence of proof to the contrary.","sortOrder":39},{"sectionNumber":"24","sectionType":"section","heading":"Amendment of Schedule 1","content":"### 24 Amendment of Schedule 1\n\n> *\\[Section 24 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*\n> \n> > (1)  The Treasurer, by order, may amend [Schedule 1](#JS1@EN) by doing any one or more of the following:\n> > \n> > > > (a) inserting a new organisation or entity;\n> > > \n> > > > (b) omitting an organisation or entity;\n> > > \n> > > > (c) omitting an organisation, or entity, and substituting another organisation or entity.\n> \n> > (2)  The provisions of section 47(3), (3A), (4), (5), (6) and (7) of the [Acts Interpretation Act 1931](/view/html/inforce/2026-04-12/act-1931-059) apply to an order under this section as if the order were regulations within the meaning of that Act.\n> \n> > (3)  For the avoidance of doubt, an order under this section –\n> > \n> > > > (a) is a statutory rule within the meaning of the *Rules Publication Act 1953*; and\n> > > \n> > > > (b) is not subordinate legislation within the meaning of the *Subordinate Legislation Act 1992*.","sortOrder":40},{"sectionNumber":"25.","sectionType":"section","heading":null,"content":"### 25.\n\n*\\[Section 25 Repealed by No. 40 of 1991, s. 24 \\]*","sortOrder":41},{"sectionNumber":"26.","sectionType":"section","heading":null,"content":"### 26.\n\n*\\[Section 26 Repealed by No. 52 of 1995, s. 3 and Sched. 1 \\]*","sortOrder":42},{"sectionNumber":"SCHEDULE 1 - Relevant Organisa","sectionType":"part","heading":"SCHEDULE 1 - Relevant Organisations","content":"# SCHEDULE 1 - Relevant Organisa SCHEDULE 1 - Relevant Organisations\n\n[*\\[Schedule 1 Inserted by No. 22 of 2023, s. 6, Applied:01 Jul 2023\\]*](/view/html/inforce/2023-07-01/act-2023-022#GS6@EN)\n\n[Section 15A(1)](#GS15A@Gs1@EN)\n\n> **1.**   A Government Business Enterprise within the meaning of the [Government Business Enterprises Act 1995](/view/html/inforce/2026-04-12/act-1995-022) .\n\n> **2.**   A company formed under the [Electricity Companies Act 1997](/view/html/inforce/2026-04-12/act-1997-069) .\n\n> **3.**   The Company as defined in the [Irrigation Company Act 2011](/view/html/inforce/2026-04-12/act-2011-012) .\n\n> **4.**   The Company as defined in the [Metro Tasmania Act 1997](/view/html/inforce/2026-04-12/act-1997-078) .\n\n> **5.**   The Company as defined in the [Racing (Tasracing Pty Ltd) Act 2009](/view/html/inforce/2026-04-12/act-2009-030) .\n\n> **6.**   The Company formed under the [Rail Company Act 2009](/view/html/inforce/2026-04-12/act-2009-046) .\n\n> **7.**   The Company formed under the [TT-Line Arrangements Act 1993](/view/html/inforce/2026-04-12/act-1993-039) .\n\n> **8.**   The Corporation as defined in the [Tasmanian Ports Corporation Act 2005](/view/html/inforce/2026-04-12/act-2005-041) .\n\n> **9.**   A subsidiary, within the meaning of the Corporations Act, that is wholly owned by one of the entities specified in item 1, 2, 3, 4, 5, 6, 7 or 8.\n\n> **10.**   The Forest Practices Authority continued under the [Forest Practices Act 1985](/view/html/inforce/2026-04-12/act-1985-048) .\n\n> **11.**   Homes Tasmania, as established by the [Homes Tasmania Act 2022](/view/html/inforce/2026-04-12/act-2022-025) .\n\n> **12.**   Macquarie Point Development Corporation, as established by the [Macquarie Point Development Corporation Act 2012](/view/html/inforce/2026-04-12/act-2012-050) .\n\n> **13.**   Private Forests Tasmania, as established by the [Private Forests Act 1994](/view/html/inforce/2026-04-12/act-1994-028) .\n\n> **14.**   Stadiums Tasmania, as established by the [Stadiums Tasmania Act 2022](/view/html/inforce/2026-04-12/act-2022-007) .\n\n> **15.**   The State Fire Commission, as established by the [Fire Service Act 1979](/view/html/inforce/2026-04-12/act-1979-035) .\n\n> **16.**   Tasmania Development and Resources, as continued by the [Tasmanian Development Act 1983](/view/html/inforce/2026-04-12/act-1983-084) .\n\n> **17.**   TasTAFE, as continued under the [TasTAFE (Skills and Training Business) Act 2021](/view/html/inforce/2026-04-12/act-2021-032) .","sortOrder":43}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has grown significantly beyond its original 1985 purpose of establishing a central borrowing authority. Major expansions include: (1) 1993 addition of TT-Line shipping finance provisions (section 3A); (2) 1995 expansion to include local government authorities and derivative/hedging powers; (3) 1997-2012 progressive addition of specific government businesses (TasPorts, water corporations, TasRail, Tasmanian Irrigation) to the definition of 'participating authority'; (4) 2017 insertion of Part IIIA creating the Mersey Community Hospital Fund — a dedicated investment vehicle for health funding; and (5) 2023 addition of section 15A and Schedule 1 creating a selective guarantee regime for specific named entities. The Act has evolved from a simple borrowing corporation statute into a complex financial management framework spanning infrastructure, health, and local government finance."},"complexity_factors":["Multiple amendment layers — extensive editorial notes showing 20+ amendments since 1985, creating a patchwork of inserted, substituted, and repealed provisions","Nested definitions — 'participating authority' has 6 sub-categories (a)-(f), with some categories referring to other Acts and shareholding structures","Cross-referencing web — frequent references to external legislation including Government Business Enterprises Act 1995, Financial Management Act 2016, Corporations Act, and numerous entity-specific Acts","Conditional powers — Corporation's core functions require Treasurer approval (section 11(2)), creating dual-key decision making","Dual guarantee regimes — two different guarantee mechanisms operate (section 15 for general liabilities, section 15A for specific capped guarantees to Schedule 1 entities)","Repealed sections clutter — numerous repealed sections (5, 5A, 6-10, 13, 13A, 14, 19, 20, 22, 24, 25, 26) remain in the text as placeholders, reducing readability","Special purpose Part IIIA — self-contained regime for Mersey Community Hospital Fund with its own dividend calculation formula (3.5% annual increase) and appropriation linkage rules","Schedule 1 dependency — section 15A guarantee operates by reference to a schedule that can be amended by Treasurer order, creating delegated legislative complexity"],"plain_english_summary":"**What this law does:**\n\nThis Act creates the **Tasmanian Public Finance Corporation** (\"the Corporation\") — a government-owned financial institution that acts as the State's central borrowing and investment manager.\n\n**Who it affects:**\n\n*   **State authorities** — government bodies, government-owned companies, and other public entities that need to borrow money or invest surplus funds\n*   **Local councils** — can borrow from and deposit money with the Corporation\n*   **Specific government businesses** — including TasPorts, TasRail, Metro Tasmania, TasTafe, Homes Tasmania, and others listed in Schedule 1\n*   **The Treasurer** — has extensive powers to direct the Corporation's activities and guarantee its liabilities\n\n**Key functions:**\n\n*   **Borrowing on behalf of the State** — the Corporation can raise money from Australian and international markets (with Treasurer approval)\n*   **Lending to government bodies** — provides loans to participating authorities, often at better rates than commercial banks because of the government guarantee\n*   **Managing investments** — handles surplus funds from government entities\n*   **Financial risk management** — can enter into hedging arrangements (agreements to protect against currency or interest rate fluctuations)\n\n**Special features:**\n\n*   **Government guarantee** — the State guarantees all the Corporation's liabilities, meaning taxpayers ultimately backstop its debts (section 15)\n*   **Mersey Community Hospital Fund** — a special $730.4 million fund established in 2017 to generate investment returns that help fund the Mersey Community Hospital in northern Tasmania\n*   **Limited guarantees for specific borrowers** — since 2023, the State can provide capped guarantees for borrowings by certain organisations listed in Schedule 1 (section 15A)\n\n**Why it matters:**\n\nThis Act is essentially Tasmania's \"government bank.\" It allows the State to borrow money more cheaply than individual government agencies could on their own, pool investment resources, and manage financial risks centrally. The government guarantee means the Corporation can access capital markets at favourable rates, but it also exposes Tasmanian taxpayers to potential liability if things go wrong."},"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"},"summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"Originally established in 1985 primarily as a central borrowing authority for the Tasmanian Government, the Corporation's scope has broadened over time through amendments to encompass wider treasury management functions, risk management services, and financial advisory roles for a larger range of public sector clients including local government bodies — moving beyond simple debt-raising into a more comprehensive public sector financial services provider."},"complexity_factors":["Specialist financial and treasury management concepts (borrowing programs, hedging, debt issuance) require background knowledge to fully understand","Interaction with multiple other pieces of Tasmanian and Commonwealth legislation (e.g. financial management frameworks, government business enterprise laws)","Governance structure involves a Board, government oversight, and ministerial directions — layered accountability mechanisms","The Act has been amended multiple times since 1985, meaning the current version consolidates changes across decades","Limited publicly available text was provided for full analysis, reducing confidence in assessing all provisions","Concepts like state guarantees, indemnities, and statutory body legal status have technical legal implications"],"plain_english_summary":"The Act creates Tascorp, Tasmania’s government-owned finance corporation that raises debt, lends to state agencies and councils, and manages public-sector financial risks. It centralises borrowing and treasury services so government entities can access cheaper, pooled funding.\n\nThis affects taxpayers (through public finances), local councils and departments (as borrowers), and investors (as lenders). The State’s guarantee of Tascorp debt makes it a very safe borrower, lowering borrowing costs for public services."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"Yes. The Act’s operational scope has been expanded since enactment: Part IIIA (ss18C–18G) creates the Mersey Community Hospital Fund and mandates dividends; section 15A and Schedule 1 (added later) extend a capped State guarantee to a wider set of public entities (listed organisations and their subsidiaries). Definitions of participating authorities were also broadened to include specified local and corporatised entities (s3). These additions extend who may borrow, be guaranteed, and whose financial flows the Corporation manages."},"complexity_factors":["Broad Treasurer discretion to approve, direct and set guidelines for transactions (s11(2), s16(2)–(3), s17, s18).","State guarantee mechanics and Crown charge on the Public Account, plus Corporation repayment obligations (s15(1)–(2)).","New capped guarantee for listed ‘relevant organisations’ with reclaim powers and conditions (s15A(2), (4), (6))."," Dedicated Mersey Fund with a fixed capital injection, mandated escalating dividends and a statutory cessation trigger (ss18C–18F).","Wide operational powers including derivatives and risk-management arrangements (s11(2)(ja), (jb)), raising market and counterparty complexity.","Multiple cross‑references to other statutes and to an external Schedule listing many public entities (Schedule 1; references to Government Business Enterprises Act, TT-Line, Rail Company Act, etc.).","Several repealed and amended provisions in the text increase interpretive difficulty when tracing historical scope and application."],"plain_english_summary":"This Act sets up the Tasmanian Public Finance Corporation to centralise borrowing, lending, investing and debt management for State and other participating authorities. The State guarantees the Corporation’s liabilities (s15); the Treasurer approves major transactions, can direct authorities to borrow from the Corporation (s16) and issues guidelines and fees.\n\nA later addition creates the Mersey Community Hospital Fund ($730.4m equity) with required annual dividends to fund the hospital (ss18C–18G). Section 15A and Schedule 1 extend a capped State guarantee to listed public organisations."}},"importantCases":[],"_links":{"self":"/api/acts/tasmanian-public-finance-corporation-act-1985","history":"/api/acts/tasmanian-public-finance-corporation-act-1985/history","analysis":"/api/acts/tasmanian-public-finance-corporation-act-1985/analysis","conflicts":"/api/acts/tasmanian-public-finance-corporation-act-1985/conflicts","importantCases":"/api/acts/tasmanian-public-finance-corporation-act-1985/important-cases","documents":"/api/acts/tasmanian-public-finance-corporation-act-1985/documents"}}