{"id":"C2023A00081","name":"Treasury Laws Amendment (Housing Measures No. 1) Act 2023","slug":"treasury-laws-amendment-housing-measures-no-1-act-2023","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"81 of 2023","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":436384,"registerId":"C2023A00081-fast-fetch-1775953596872","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Treasury Laws Amendment (Housing Measures No. 1) Act 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms of Australia](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury Laws Amendment (Housing Measures No. 1) Act 2023\n\n \n\nNo. 81, 2023\n\n \n\n \n\n \n\n \n\n \n\nAn Act to amend the law relating to the National Housing Finance and Investment Corporation, and to deal with consequential matters arising from the enactment of the Housing Australia Future Fund Act 2023, and for other purposes\n\n \n\n \n\nContents\n\n1 Short title\n\n2 Commencement\n\n3 Schedules\n\nSchedule 1—Housing Australia\n\nPart 1—Main amendments\n\nNational Housing Finance and Investment Corporation Act 2018\n\nPart 2—Consequential amendments\n\nAdministrative Decisions (Judicial Review) Act 1977\n\nFreedom of Information Act 1982\n\nPart 3—Saving provision\n\nSchedule 2—Housing Australia functions\n\nPart 1—Main amendments\n\nHousing Australia Act 2018\n\nPart 2—Consequential amendments\n\nHousing Australia Act 2018\n\nSchedule 3—Extension of Commonwealth guarantee\n\nHousing Australia Act 2018\n\nSchedule 4—Consequential matters arising from the Housing Australia Future Fund Act 2023\n\nAboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018\n\nCOAG Reform Fund Act 2008\n\nDisabilityCare Australia Fund Act 2013\n\nDisaster Ready Fund Act 2019\n\nFuture Drought Fund Act 2019\n\nFuture Fund Act 2006\n\nHousing Australia Act 2018\n\nMedical Research Future Fund Act 2015\n\n![Commonwealth Coat of Arms of Australia](image.002.png)\n\n \n\n \n\nTreasury Laws Amendment (Housing Measures No. 1) Act 2023\n\nNo. 81, 2023\n\n \n\n \n\n \n\nAn Act to amend the law relating to the National Housing Finance and Investment Corporation, and to deal with consequential matters arising from the enactment of the Housing Australia Future Fund Act 2023, and for other purposes\n\n[Assented to 28 September 2023]\n\nThe Parliament of Australia enacts:\n\n1  Short title\n\n  This Act is the Treasury Laws Amendment (Housing Measures No. 1) Act 2023.\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- Provisions Commencement Date/Details\n- 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 28 September 2023\n- 2. Schedule 1 The day after the end of the period of 14 days beginning on the day this Act receives the Royal Assent. 12 October 2023\n- 3. Schedule 2, Part 1 Immediately after the commencement of the provisions covered by table item 2. 12 October 2023\n- 4. Schedule 2, Part 2 The later of:(a) immediately after the commencement of the provisions covered by table item 2; and(b) immediately after the commencement of the provisions covered by table item 6.However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. 1 November 2023(paragraph (b) applies)\n- 5. Schedule 3 Immediately after the commencement of the provisions covered by table item 2. 12 October 2023\n- 6. Schedule 4 At the same time as the Housing Australia Future Fund Act 2023 commences.However, the provisions do not commence at all if the Housing Australia Future Fund Act 2023 does not commence. 1 November 2023\n\n\nNote: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n3  Schedules\n\n  Legislation 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\nSchedule 1—Housing Australia\n\nPart 1—Main amendments\n\nNational Housing Finance and Investment Corporation Act 2018\n\n1  Title\n\nOmit “the National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\n2  Section 1\n\nOmit “National Housing Finance and Investment Corporation Act 2018”, substitute “Housing Australia Act 2018”.\n\nNote: This item amends the short title of the Act. If another amendment of the Act is described by reference to the Act’s previous short title, that other amendment has effect after the commencement of this item as an amendment of the Act under its amended short title (see section 10 of the Acts Interpretation Act 1901).\n\n3  Section 3\n\nOmit “the National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\n4  Section 4 (paragraph beginning “The National Housing Finance and Investment Corporation”)\n\nOmit “The National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\n5  Section 4 (paragraph beginning “The NHFIC performs”)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n6  Section 4 (paragraph beginning “The Board of”)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n7  Section 4 (paragraph beginning “The Board of”)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n8  Section 4 (paragraph beginning “The Chief Executive Officer”)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n9  Section 4 (paragraph beginning “The Chief Executive Officer”)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n10  Section 4 (paragraph beginning “The Board must”)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n11  Section 4 (paragraph beginning “The NHFIC may”)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n12  Section 5 (definition of Board)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n13  Section 5 (definition of CEO)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n14  Section 5 (definition of NHFIC)\n\nRepeal the definition.\n\n15  Part 2 (heading)\n\nRepeal the heading, substitute:\n\nPart 2—Housing Australia\n\n16  Subsection 7(1)\n\nRepeal the subsection, substitute:\n\n (1) The body corporate that was established by this subsection as previously in force by the name National Housing Finance and Investment Corporation continues in existence as Housing Australia.\n\nNote 1: Subsection 25B(1) of the Acts Interpretation Act 1901 provides that a body whose name is altered by an Act continues in existence under the new name so that its identity is not affected.\n\nNote 2: The Public Governance, Performance and Accountability Act 2013 applies to Housing Australia. That Act deals with matters relating to Commonwealth entities, including reporting and the use and management of public resources.\n\n17  Subsection 7(2)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n18  Subsection 7(3)\n\nOmit “The NHFIC’s”, substitute “Housing Australia’s”.\n\n19  Section 8 (heading)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n20  Subsection 8(1)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n21  Subsections 8(2) and (3)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n22  Section 9 (heading)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n23  Subsection 9(1)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n24  Subsection 9(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n25  Subsection 9(2) (note)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n26  Subsection 10(1)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n27  Subsection 10(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n28  Section 11 (heading)\n\nOmit “NHFIC”, substitute “Housing Australia”.\n\n29  Section 11\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n30  Subsection 12(1)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n31  Subsection 12(3)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n32  Paragraph 13(a)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n33  Paragraph 13(d)\n\nOmit “NHFIC’s”, substitute “Housing Australia’s”.\n\n34  Section 15\n\nRepeal the section, substitute:\n\n15  Establishment of the Board\n\n  The body that was established by this section as previously in force and known as the Board of the NHFIC continues in existence as the Board of Housing Australia.\n\n35  Paragraph 16(1)(a)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n36  Paragraph 16(1)(b)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n37  Subsection 16(3)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n38  Paragraph 17(b)\n\nRepeal the paragraph, substitute:\n\n (b) at least 6, and no more than 8, other members.\n\n39  After paragraph 18(2)(c)\n\nInsert:\n\n (ca) housing for Aboriginal or Torres Strait Islander people;\n\n40  Paragraphs 27(1)(c) and (d)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n41  Section 35\n\nOmit “the National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\n42  Subsection 36(1)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n43  Subsection 45(1)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n44  Subsection 45(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n45  Subsection 45(3)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n46  Subsection 45(3)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n47  Subsection 46(1)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n48  Subsection 46(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n49  Subsection 47(1)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n50  Division 1 of Part 5 (heading)\n\nRepeal the heading, substitute:\n\nDivision 1—Housing Australia Special Account\n\n51  Section 47A (heading)\n\nOmit “National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\n52  Subsection 47A(1)\n\nRepeal the subsection, substitute:\n\n (1) The special account established by this section as previously in force is continued in existence under the name Housing Australia Special Account (the Account).\n\nNote: The special account was originally named the National Housing Finance and Investment Corporation Special Account.\n\n53  Section 47B\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n54  Subsection 47C(1)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n55  Subsection 47C(2)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n56  Subsection 47C(2) (note)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n57  Subsection 47C(3)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n58  Division 2 of Part 5 (heading)\n\nRepeal the heading, substitute:\n\nDivision 2—Housing Australia’s money\n\n59  Sections 48 and 48A\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n60  Subsections 49(1), (2) and (3)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n61  Subsection 49(4)\n\nOmit “The NHFIC’s”, substitute “Housing Australia’s”.\n\n62  Subsection 49(5)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n63  Subsection 50(1)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n64  Subsection 50(2)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n65  Subsection 50(3)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n66  Subsection 50(4)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n67  Paragraphs 50(4)(a) and (b)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n68  Subsection 50(5)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n69  Subsection 51(1)\n\nOmit “the NHFIC” (wherever occurring), substitute “Housing Australia”.\n\n70  Subsection 52(1)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n71  Subsection 52(1) (note)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n72  Subsection 52(2)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n73  Section 53 (heading)\n\nOmit “NHFIC”, substitute “Housing Australia”.\n\n74  Subsection 53(1)\n\nOmit “The NHFIC”, substitute “Housing Australia”.\n\n75  Subsection 53(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n76  Subsection 55(2)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n77  Paragraphs 56(a) and (b)\n\nOmit “the NHFIC”, substitute “Housing Australia”.\n\n78  Paragraph 56(c)\n\nOmit “the NHFIC’s”, substitute “Housing Australia’s”.\n\n79  Subsection 57A(1)\n\nOmit “the National Housing Finance and Investment Corporation’s”, substitute “Housing Australia’s”.\n\n80  Paragraph 57A(1)(a)\n\nAfter “is issued”, insert “by the NHFIC”.\n\nPart 2—Consequential amendments\n\nAdministrative Decisions (Judicial Review) Act 1977\n\n81  Paragraph (zd) of Schedule 2\n\nRepeal the paragraph, substitute:\n\n (zd) decisions relating to the activities of Housing Australia under the Housing Australia Act 2018.\n\nFreedom of Information Act 1982\n\n82  Division 1 of Part II of Schedule 2 (item dealing with the National Housing Finance and Investment Corporation)\n\nOmit “National Housing Finance and Investment Corporation”, substitute “Housing Australia”.\n\nPart 3—Saving provision\n\n83  Saving of appointments\n\n(1) This Schedule does not affect an appointment of the Chair of the Board, a member of the Board, or the Chief Executive Officer under the National Housing Finance and Investment Corporation Act 2018 that is in force immediately before the commencement of this item.\n\n(2) Subitem (1) does not prevent the termination of an appointment.\n\n(3) Subitem (1) does not limit section 25B of the Acts Interpretation Act 1901.\n\nSchedule 2—Housing Australia functions\n\nPart 1—Main amendments\n\nHousing Australia Act 2018\n\n1  Paragraph 3(c)\n\nOmit “finance, grants or investments”, substitute “finance or grants”.\n\n2  Section 4\n\nOmit “loans, investments and grants”, substitute “loans and grants”.\n\n3  Section 5\n\nInsert:\n\ncapacity building function: see subsection 8(1C).\n\ncompany means a body corporate.\n\nconstitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.\n\nentity includes:\n\n (a) a company; and\n\n (b) a trust; and\n\n (c) a partnership.\n\nfinancing function: see subsection 8(1A).\n\nguarantee function: see subsection 8(1B).\n\n4  Paragraphs 8(1)(a) to (cb)\n\nRepeal the paragraphs, substitute:\n\n (a) the financing function; and\n\n (b) the guarantee function; and\n\n (c) the capacity building function; and\n\n5  After subsection 8(1)\n\nInsert:\n\nFinancing function\n\n (1A) Housing Australia’s financing function is to make loans and grants to:\n\n (a) constitutional corporations, where this:\n\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n\n (ii) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business; and\n\n (b) States and Territories, where this:\n\n (i) is for the purpose of improving, directly or indirectly, housing outcomes; and\n\n (ii) is provided by way of a grant of financial assistance to the State or Territory; and\n\n (c) entities, where this is for the purpose of improving, directly or indirectly, housing outcomes:\n\n (i) in a Territory; or\n\n (ii) for Aboriginal or Torres Strait Islander people; or\n\n (iii) for members of the Australian Defence Force; or\n\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n\nGuarantee function\n\n (1B) Housing Australia’s guarantee function is to issue guarantees to constitutional corporations, where this:\n\n (a) is for the purpose of improving housing outcomes; and\n\n (b) assists the constitutional corporation in the performance or development of its activities, functions, relationships or business.\n\nCapacity building function\n\n (1C) Housing Australia’s capacity building function is to provide business advisory services and other assistance in capacity building to:\n\n (a) registered community housing providers that are constitutional corporations, where this:\n\n (i) is for the purpose of improving housing outcomes; and\n\n (ii) assists the registered community housing provider in the performance or development of its activities, functions, relationships or business; and\n\n (b) registered community housing providers, where this is for the purpose of improving housing outcomes:\n\n (i) in a Territory; or\n\n (ii) for Aboriginal or Torres Strait Islander people; or\n\n (iii) for members of the Australian Defence Force; or\n\n (iv) for aliens (within the meaning of paragraph 51(xix) of the Constitution).\n\n6  Subsection 8(2)\n\nRepeal the subsection.\n\n7  Before subsection 8(3)\n\nInsert:\n\nObligation to act properly, efficiently and effectively\n\n8  Section 10\n\nRepeal the section, substitute:\n\n10  Financing, guarantee and capacity building functions\n\n (1) This section applies in relation to Housing Australia’s financing function, guarantee function and capacity building function.\n\nApplications\n\n (2) An entity may apply to Housing Australia for any of the following in circumstances where the Investment Mandate provides that Housing Australia must consider such an application:\n\n (a) the making of a loan or grant;\n\n (b) the issuing of a guarantee;\n\n (c) for assistance in capacity building.\n\n (3) Housing Australia must consider the application:\n\n (a) within the timeframe specified in the Investment Mandate (if any); and\n\n (b) in accordance with the decision‑making criteria and limits specified in the Investment Mandate.\n\n (4) Housing Australia may only make loans and grants to, issue guarantees to or provide assistance in capacity building to, an entity in the performance of its functions mentioned in subsection (1) if the entity has applied to Housing Australia for the loan, grant, guarantee or assistance in capacity building under subsection (2).\n\nTerms and conditions\n\n (5) The terms and conditions on which the loan, grant, guarantee or assistance in capacity building is provided must be set out in a written agreement between Housing Australia and the entity.\n\n (6) The entity must comply with the terms and conditions.\n\nPayments under the agreements\n\n (7) If, under the terms and conditions set out in the written agreement, an amount is payable to Housing Australia:\n\n (a) the amount is a debt due by the entity to Housing Australia; and\n\n (b) the amount is recoverable by action in a court of competent jurisdiction.\n\n9  Subparagraphs 13(b)(i) and (c)(i)\n\nOmit “loans, investments and grants”, substitute “loans and grants”.\n\n10  Paragraph 13(d)\n\nOmit “investments”, substitute “loans”.\n\n11  Section 14\n\nOmit “loan, investment or grant” (wherever occurring), substitute “loan or grant”.\n\n12  Paragraph 47C(2)(a)\n\nOmit “function mentioned in paragraph 8(1)(a)”, substitute “financing function”.\n\n12A  At the end of section 48\n\nAdd:\n\n (3) The Investment Mandate may include a direction that the Board must, for the purposes of subsections (1) and (2), disregard liabilities or loans of a specified type.\n\n13  Subsection 48A(2)\n\nOmit “function under paragraph 8(1)(ca)”, substitute “guarantee function”.\n\n14  Subparagraph 56(b)(ii)\n\nOmit “Commonwealth;”, substitute “Commonwealth.”.\n\n15  Paragraph 56(c)\n\nRepeal the paragraph.\n\n16  After section 57A\n\nInsert:\n\n57B  Review of financing function\n\n (1) The Minister must cause a review of the NHIF (within the meaning of the National Housing Finance and Investment Corporation Investment Mandate Direction 2018) to be commenced within 3 months after the end of:\n\n (a) the period beginning on the day Schedule 2 to the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 commences and ending 12 months after that day; and\n\n (b) each subsequent 12 month period.\n\n (2) The persons undertaking the review must give the Minister a written report of the review within 3 months of the commencement of the review.\n\n (3) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.\n\nPart 2—Consequential amendments\n\nHousing Australia Act 2018\n\n17  Subsection 47C(2A)\n\nOmit “functions mentioned in paragraphs 8(1)(a) and (2)(a)”, substitute “financing function”.\n\nSchedule 3—Extension of Commonwealth guarantee\n\n \n\nHousing Australia Act 2018\n\n1  Subsection 51(2)\n\nOmit “1 July 2023”, substitute “1 July 2028”.\n\nSchedule 4—Consequential matters arising from the Housing Australia Future Fund Act 2023\n\n \n\nAboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018\n\n1  After subparagraph 16(a)(ia)\n\nInsert:\n\n (iaa) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n2  After subparagraph 16(b)(ia)\n\nInsert:\n\n (iaa) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n3  After subparagraph 16(c)(ia)\n\nInsert:\n\n (iaa) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\nCOAG Reform Fund Act 2008\n\n4  Subsection 5(2) (before note 3)\n\nInsert:\n\nNote 2AD: An amount originating in the Housing Australia Future Fund may be transferred to the COAG Reform Fund—see the Housing Australia Future Fund Act 2023.\n\n5  Before paragraph 7(1)(d)\n\nInsert:\n\n (bad) the grant is not covered by section 30 of the Housing Australia Future Fund Act 2023; and\n\n6  Subsection 7(3) (before note 3)\n\nInsert:\n\nNote 1AD: The provision referred to in paragraph (1)(bad) deals with the channelling, through the COAG Reform Fund, of State/Territory grants payments from the Housing Australia Future Fund established by the Housing Australia Future Fund Act 2023. For terms and conditions of those grants, see the Housing Australia Future Fund Act 2023.\n\nDisabilityCare Australia Fund Act 2013\n\n7  After subparagraph 16(a)(ia)\n\nInsert:\n\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n8  After subparagraph 16(b)(ia)\n\nInsert:\n\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n9  After subparagraph 16(c)(ia)\n\nInsert:\n\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\nDisaster Ready Fund Act 2019\n\n10  After subparagraph 16(a)(i)\n\nInsert:\n\n (ia) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n11  After subparagraph 16(b)(i)\n\nInsert:\n\n (ia) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n12  After subparagraph 16(c)(i)\n\nInsert:\n\n (ia) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\nFuture Drought Fund Act 2019\n\n13  After subparagraph 17(a)(iia)\n\nInsert:\n\n (iib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n14  After subparagraph 17(b)(iia)\n\nInsert:\n\n (iib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n15  After subparagraph 17(c)(iia)\n\nInsert:\n\n (iib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\nFuture Fund Act 2006\n\n16  Section 4 (note)\n\nBefore “the Medical Research Future Fund Act 2015”, insert “the Housing Australia Future Fund Act 2023,”.\n\n17  Section 5\n\nInsert:\n\nHousing Australia Future Fund means the Housing Australia Future Fund established by section 9 of the Housing Australia Future Fund Act 2023.\n\nHousing Australia Future Fund Special Account means the Housing Australia Future Fund Special Account established by section 10 of the Housing Australia Future Fund Act 2023.\n\nHousing Minister has the same meaning as in the Housing Australia Future Fund Act 2023.\n\nSocial Services Minister has the same meaning as in the Housing Australia Future Fund Act 2023.\n\nVeterans’ Affairs Minister has the same meaning as in the Housing Australia Future Fund Act 2023.\n\n18  Section 13 (note 2A)\n\nBefore “the Medical Research Future Fund”, insert “the Housing Australia Future Fund,”.\n\n19  Before paragraph 28(5)(bb)\n\nInsert:\n\n (bac) the Housing Australia Future Fund Act 2023;\n\n20  After paragraph 28(5)(ga)\n\nInsert:\n\n (gb) subsection 52(1) of the Housing Australia Future Fund Act 2023;\n\n21  Section 33 (note)\n\nBefore “the Medical Research Future Fund Act 2015”, insert “the Housing Australia Future Fund Act 2023,”.\n\n22  After subparagraph 35(b)(iiia)\n\nInsert:\n\n (iiib) the Housing Australia Future Fund Act 2023; or\n\n23  After paragraph 55(3)(ba)\n\nInsert:\n\n (bb) the Housing Australia Future Fund Act 2023; and\n\n24  After paragraph 63(1)(ca)\n\nInsert:\n\n (cb) the Housing Australia Future Fund Act 2023; or\n\n25  After paragraph 63(2)(aba)\n\nInsert:\n\n (abb) the Housing Australia Future Fund Act 2023; or\n\n26  After subsection 81(1DA)\n\nInsert:\n\nHousing Australia Future Fund\n\n (1DB) A report under subsection (1) for a period must include a report of the following during the period:\n\n (a) the performance of the investments of the Housing Australia Future Fund;\n\n (b) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 13(d) of the Housing Australia Future Fund Act 2023;\n\n (c) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(d) of the Housing Australia Future Fund Act 2023;\n\n (d) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(e) of the Housing Australia Future Fund Act 2023;\n\n (e) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(f) of the Housing Australia Future Fund Act 2023.\n\n27  After subsection 81(2DA)\n\nInsert:\n\n (2DB) A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1DB)(b) to (e).\n\n28  After paragraph 81(4)(daa)\n\nInsert:\n\n (dab) the Housing Minister;\n\n (dac) the Social Services Minister;\n\n (dad) the Veterans’ Affairs Minister;\n\n29  After paragraph 83B(1)(daa)\n\nInsert:\n\n (dab) subsection 52(1) of the Housing Australia Future Fund Act 2023; or\n\n30  After subparagraph 84(1)(b)(iiaa)\n\nInsert:\n\n (iiab) a provision of the Housing Australia Future Fund Act 2023;\n\n31  After subparagraph 84(1)(b)(viia)\n\nInsert:\n\n (viib) the Housing Australia Future Fund Special Account; or\n\n32  After subsection 84(4AA)\n\nInsert:\n\nTransfer of amounts to the Housing Australia Future Fund Special Account\n\n (4AB) 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 Housing Australia Future Fund Special Account;\n\non a specified day.\n\n33  Paragraph 84(5)(b)\n\nAfter “(4AA),”, insert “(4AB),”.\n\n34  Subsection 84(6)\n\nAfter “(4AA),”, insert “(4AB),”.\n\n35  After subparagraph 2(2)(a)(via) of Schedule 2\n\nInsert:\n\n (vib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n36  After subparagraph 2(2)(b)(via) of Schedule 2\n\nInsert:\n\n (vib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n37  After subparagraph 2(2)(c)(via) of Schedule 2\n\nInsert:\n\n (vib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\n38  Clause 1 of Schedule 2A\n\nBefore “the Medical Research Future Fund”, insert “the Housing Australia Future Fund,”.\n\n39  After clause 5A of Schedule 2A\n\nInsert:\n\n5B  Transfers from the Future Fund to the Housing Australia Future Fund\n\n (1) If an amount is debited from the Housing Australia Future Fund Special Account for a purpose mentioned in section 14 of the Housing Australia Future Fund Act 2023, 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 Housing Australia Future Fund Special Account;\n\non a specified day.\n\n (2) The specified amount must not exceed the amount debited from the Housing Australia Future Fund Special Account as mentioned in subclause (1).\n\n (3) A direction under subclause (1) is not a legislative instrument.\n\nHousing Australia Act 2018\n\n40  Section 47C (heading)\n\nOmit “Purpose”, substitute “Purposes”.\n\n41  Subsection 47C(1)\n\nRepeal the subsection, substitute:\n\n (1) Each of the following is a purpose of the Account:\n\n (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2);\n\n (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).\n\nNote: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n42  After subsection 47C(2)\n\nInsert:\n\n (2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its functions mentioned in paragraphs 8(1)(a) and (2)(a), in relation to any of the following:\n\n (a) acute housing needs;\n\n (b) social housing;\n\n (c) affordable housing.\n\nNote: This subsection confers a function on Housing Australia to apply the payments from the Commonwealth mentioned in paragraph (1)(b). This means the Investment Mandate may include directions about how Housing Australia applies those payments.\n\n (2B) A payment under paragraph (1)(b) must not be made before 1 July 2023.\n\n43  Subsection 47C(3)\n\nOmit “Subsection (2) does”, substitute “Subsections (2) and (2A) do”.\n\nMedical Research Future Fund Act 2015\n\n44  After subparagraph 19(a)(ib)\n\nInsert:\n\n (ic) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n\n45  After subparagraph 19(b)(ib)\n\nInsert:\n\n (ic) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n\n46  After subparagraph 19(c)(ib)\n\nInsert:\n\n (ic) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n\n \n\n \n\n \n\n \n\n[Minister’s second reading speech made in—\n\nHouse of Representatives on 9 February 2023\n\nSenate on 6 March 2023]\n\n \n\n(4/23)\n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"Yes. The Act goes beyond a cosmetic renaming of NHFIC: it expands and clarifies Housing Australia’s statutory remit by creating three discrete functions (financing, guarantee and capacity‑building), broadening eligible recipients to include constitutional corporations and other entities in specified circumstances, and formalising an application/agreement model tied to an Investment Mandate. It also integrates Housing Australia into a new Housing Australia Future Fund architecture by adding transfer and reporting mechanisms across multiple Future Fund and special‑account statutes. Together these changes materially broaden the practical scope and tools available to the agency compared with the earlier NHFIC model (see Schedule 1 renaming items and Schedule 2 new subsections 8(1A)–(1C), new s10 and s57B; Schedule 4 cross‑Act amendments)."},"complexity_factors":["Four schedules with multiple Parts and densely interlinked amendments (Schedules 1–4).","Extensive renaming and textual substitution of the principal body across many provisions (roughly 80 substitution/repeal/insert items in Schedule 1).","Introduction of three distinct statutory functions (financing, guarantee, capacity‑building) with different eligible recipients and conditions (Schedule 2, new subsections 8(1A)–(1C)).","New application/agreement regime with cross‑reference to an external Investment Mandate that contains decision criteria, timeframes and limits (Schedule 2, new s10; item 12 on Investment Mandate powers).","Annual/periodic review obligation for the financing function with mandated tabling in Parliament (Schedule 2, new s57B).","Extension of the Commonwealth guarantee period (Schedule 3) altering contingent‑liability timing.","Large number of consequential cross‑Act amendments to the Future Fund Act 2006 and at least six other funds/Acts, creating multiple cross‑references and reporting/transfer mechanics (Schedule 4, many items).","Conditional and staggered commencement dates, including contingencies tied to the separate Housing Australia Future Fund Act 2023 (Commencement table, s2).","Insertion of new defined terms and repeal of old definitions across the principal Act and connected Acts (Schedule 2 item 3 and Schedule 1 item 14 repealing the NHFIC definition).","Mix of discretionary executive instruments (Investment Mandate, Ministerial directions, and special‑account transfer directions) combined with statutory duties and reporting creates nested governance layers."],"plain_english_summary":"**What this Act does (mechanically)\n\n- Renames the National Housing Finance and Investment Corporation (NHFIC) to \"Housing Australia\" and updates the statute and many internal references to use the new name (Schedule 1, items 1–83).  \n\n- Recasts Housing Australia’s functions. The Act replaces some previous language about \"loans, investments and grants\" with a clearer set of three functions: a financing function (making loans and grants), a guarantee function (issuing guarantees), and a capacity‑building function (providing business advisory and related assistance) (Schedule 2, new subsections 8(1A)–(1C) and related amendments).  \n\n- Sets a formal application-and-agreement process for Housing Australia’s financing, guarantee and capacity‑building support. An entity must apply; Housing Australia must consider applications in accordance with an Investment Mandate; support must be provided under written agreements; and amounts payable to Housing Australia become enforceable debts (Schedule 2, new section 10 and related items).  \n\n- Requires a repeated review of the financing function (an annual-style review cycle with reports to Parliament) (Schedule 2, new section 57B).  \n\n- Extends the period for the Commonwealth guarantee scheme linked to the housing entity from 1 July 2023 to 1 July 2028 (Schedule 3, item 1).  \n\n- Makes a large range of consequential and cross‑Act amendments to other Commonwealth statutes (including the Future Fund Act 2006 and a suite of Future Fund and special‑account statutes) so the new Housing Australia Future Fund and Special Account can interact with existing funds, transfers and reporting arrangements (Schedule 4, multiple items).  \n\n- Staggers commencement dates and ties some provisions to the commencement of the separate Housing Australia Future Fund Act 2023 (Commencement table, section 2).\n\nWho this affects\n\n- Housing Australia itself: institutional identity, governance references, and its Special Account are renamed and re‑specified (Schedule 1, multiple items).  \n\n- Recipients of support: constitutional corporations (i.e. trading corporations under the Constitution), States and Territories, registered community housing providers, and other entities targeted by the Act (including specified cohorts such as Aboriginal and Torres Strait Islander people, members of the ADF, and travellers defined as \"aliens\") are potential recipients of loans, grants, guarantees or capacity‑building assistance (Schedule 2, new subsection 8(1A)–(1C)).  \n\n- Private firms and financial institutions: constitutional corporations may be eligible for loans and guarantees that assist them in activities that improve housing outcomes (Schedule 2, new subsection 8(1A)–(1B)).  \n\n- Commonwealth financial managers and other Future Fund-linked bodies: the Act changes how amounts can move between the new Housing Australia Future Fund Special Account and existing funds, and it expands reporting requirements on Future Fund accounts (Schedule 4, multiple amendments to the Future Fund Act and related Acts).\n\nWhy it matters (official purpose and practical effects)\n\n- Officially, the Act implements a rebrand and reframe of NHFIC as \"Housing Australia\" and aligns its statutory powers with a package of new housing finance measures and the newly established Housing Australia Future Fund. The Act aims to give Housing Australia clear statutory authority to deliver loans and grants, to issue guarantees to support private‑sector activity that improves housing outcomes, and to provide capacity‑building assistance to community housing providers (Schedules 1–2).  \n\n- On practical mechanics: the Act broadens the types of counterparties (including constitutional corporations) that can be supported, formalises an application/agreement model for direct support, and embeds parliamentary oversight via periodic reviews and reporting obligations that arise from the Future Fund linkages (Schedule 2, new s10; s57B; Schedule 4 reporting amendments).  \n\nCosts, incentives, trade-offs and implementation risks (mechanical, not political)\n\n- Who pays: financial support (loans, grants, guarantees) is funded from Commonwealth appropriations and from the Housing Australia Special Account/Future Fund arrangements once those accounts are in operation (Schedule 1 and Schedule 4 amendments to special‑account provisions). Costs are borne by the Commonwealth (i.e. taxpayers) in the event of drawdowns or guarantee payouts.  \n\n- Who decides: the Board of Housing Australia and the Minister (through the Investment Mandate and directions) set decision criteria, timeframes and limits that bind Housing Australia’s decision‑making (Schedule 2, new s10; insertion permitting the Investment Mandate to direct disregard of certain liabilities, item 12).  \n\n- Behavioural effects: private constitutional corporations and community housing providers gain access (subject to application and Investment Mandate criteria) to loans, grants, guarantees and advisory assistance. That changes the set of financing options available to them and may alter incentives for private investment in housing projects (Schedule 2, new subsections 8(1A)–(1C) and new s10).  \n\n- Concentrated benefits, diffuse costs: recipients (firms, community housing providers, States/Territories) receive concentrated financial benefit; the cost of guarantees or grant programs is spread across the public. The Act formalises that transfer mechanism.  \n\n- Administrative burden and compliance: applicants must apply; agreements must be in writing with enforceable payment terms; Housing Australia must follow the Investment Mandate and specified timeframes where given. That produces administrative compliance costs for applicants and decision‑making costs for the agency (Schedule 2, new s10(2)–(7)).  \n\n- Discretion and implementation risk: much depends on the Investment Mandate (which sets decision criteria, timing and limits) and on Ministerial directions tied to the Future Fund linkage. Those instruments allocate substantial practical discretion over who gets support and on what terms (Schedule 2, new s10; item 12 re Investment Mandate powers).  \n\n- Interaction with private capital: issuing guarantees to constitutional corporations can lower financing costs for some private developers or financiers, but it also exposes the Commonwealth to underwriting risk. The Act allows guarantees where they \"assist\" a constitutional corporation’s activities in ways that improve housing outcomes (Schedule 2, new s8(1B)).  \n\n- Monitoring and accountability: the Act requires periodic review of the financing function and additional reporting lines tied into Future Fund reporting, which increases parliamentary oversight but also creates ongoing reporting obligations for administrators (Schedule 2, new s57B; Schedule 4 reporting inserts into the Future Fund Act).\n\nKey concrete trade‑offs to watch (mechanisms, not judgments)\n\n- Expanded eligibility vs fiscal exposure: widening recipients (including private constitutional corporations) increases channels for improving housing supply but raises potential Commonwealth contingent liabilities (new guarantee function: Schedule 2, s8(1B)).  \n\n- Targeting vs administrative cost: the requirement to apply and to contract in writing clarifies legal enforceability (debts recoverable in court) but increases the compliance burden on small providers and community housing providers (Schedule 2, new s10(5)–(7)).  \n\n- Ministerial/mandate control vs independent decision‑making: the Investment Mandate and Ministerial directions determine key decision thresholds and timing, concentrating decisional power in executive instruments rather than prescribing exhaustive statutory criteria (Schedule 2, item 12 and new s10(3)).\n\nPractical implementation pointers (section citations)\n\n- Name change and continuity: NHFIC becomes Housing Australia; the corporate identity and prior appointments continue (Schedule 1, items 1–16 and saving provision item 83).  \n- New functions and specified recipients: financing, guarantee and capacity‑building functions are set out in Schedule 2 (new subsections 8(1A)–(1C)).  \n- Application and agreement regime: new section 10 in Schedule 2 sets the application requirement, mandate linkage, written agreements and debt recovery (Schedule 2, new s10).  \n- Annual review requirement for the financing function: Schedule 2, new s57B.  \n- Extension of Commonwealth guarantee window to 1 July 2028: Schedule 3, item 1.  \n- Cross‑Act funding and reporting adjustments to integrate the Housing Australia Future Fund: Schedule 4 (multiple amendments to the Future Fund Act 2006 and other Future Fund statutes).\n\nBottom line (mechanical summary)\n\nThis Act (1) renames NHFIC to Housing Australia, (2) narrows some prior terminology (removing \"investments\" from certain clauses) while formally adding a guarantee function and a capacity‑building function, (3) creates an application-and-agreement operating model with Investment Mandate controls, (4) sets up an ongoing review of the financing function, (5) extends the Commonwealth guarantee timeframe, and (6) rewrites multiple Future Fund and special‑account rules so that the new Housing Australia Future Fund and Special Account can interact with existing Commonwealth funds and reporting regimes (Schedules 1–4)."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has grown significantly beyond a simple renaming exercise. While Schedule 1 is largely mechanical (renaming NHFIC to Housing Australia), Schedules 2-4 substantially expand the scope. Schedule 2 transforms Housing Australia from a finance/investment body into a broader housing agency with guarantee and capacity building functions, removes investment powers, and adds grant-making capacity. Schedule 3 extends the Commonwealth guarantee by 5 years. Schedule 4 creates an elaborate intergovernmental financial mechanism linking the Housing Australia Future Fund to multiple existing Future Funds and the COAG Reform Fund. The original NHFIC was established in 2018 primarily to provide cheaper loans to community housing providers; this legislation repurposes it as the delivery vehicle for a $10 billion social housing fund with much broader powers and cross-governmental financial flows."},"complexity_factors":["Extensive cross-referencing: Amends 9 separate Acts including the Future Fund Act 2006, COAG Reform Fund Act 2008, and multiple 'Future Fund' acts (DisabilityCare, Medical Research, Disaster Ready, etc.)","Staged commencement: 6 different commencement dates tied to Royal Assent, other schedules, and contingent on the Housing Australia Future Fund Act 2023 commencing","Nested conditional logic: Schedule 2, item 4 (table item 4) has complex commencement conditions ('later of' two dates, with a 'do not commence at all' fallback)","Mechanical renaming: Over 70 separate items in Schedule 1 performing simple textual substitutions ('NHFIC' to 'Housing Australia'), creating noise that obscures substantive changes","Interlocking statutory framework: Creates dependencies between Housing Australia Act, Housing Australia Future Fund Act, and Future Fund Act that require reading across multiple statutes to understand operation","New defined terms: Introduces 5 new defined terms in section 5 (capacity building function, constitutional corporation, entity, financing function, guarantee function) with constitutional law references","Functional restructuring: Replaces 6 specific function paragraphs with 3 new composite functions (financing, guarantee, capacity building) with detailed eligibility criteria tied to constitutional heads of power"],"plain_english_summary":"**What this legislation does**\n\nThis Act makes three big changes to how the Commonwealth supports housing in Australia:\n\n1. **Rebrands and expands the National Housing Finance and Investment Corporation (NHFIC)** — The body is renamed **\"Housing Australia\"** and given broader powers. Instead of just making loans and investments, it can now also issue **guarantees** (promises to pay if someone else defaults) and provide **capacity building** (business advice and support) to community housing providers.\n\n2. **Changes what Housing Australia can fund** — The organisation can now make **loans and grants** (but not equity investments) to:\n   - Companies (\"constitutional corporations\")\n   - States and Territories\n   - Other entities for housing Aboriginal and Torres Strait Islander people, Defence Force members, or people in Territories\n\n3. **Sets up the machinery for the Housing Australia Future Fund** — This Act makes dozens of technical amendments across multiple existing laws (including the Future Fund Act, various \"Future Fund\" acts, and the COAG Reform Fund Act) to allow money to flow from the new **Housing Australia Future Fund** through to Housing Australia and ultimately to housing projects. It extends the Commonwealth guarantee backing Housing Australia's borrowing from 2023 to **2028**.\n\n**Who it affects**\n\n- **Community housing providers** — Can now get business advice and guarantees, not just loans\n- **State and Territory governments** — Can receive grants channelled through the new Future Fund\n- **Developers and corporations** — Can apply for loans, grants, and guarantees to build housing\n- **Vulnerable groups** — Specific provisions for housing for Indigenous Australians, Defence members, and people in acute housing need\n\n**Why it matters**\n\nThis is the legislative machinery that enables the Albanese Government's signature housing policies — the **Housing Australia Future Fund** (a $10 billion investment fund to build social and affordable housing) and the expanded role of Housing Australia as the national housing delivery vehicle. It shifts the NHFIC from a relatively narrow finance body to a more comprehensive national housing agency with grant-making powers and a broader mandate."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023","history":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023/history","analysis":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023/analysis","conflicts":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023/conflicts","importantCases":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023/important-cases","documents":"/api/acts/treasury-laws-amendment-housing-measures-no-1-act-2023/documents"}}