Commonwealth legislation

Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination moves money from the government's Telstra sale proceeds into a fund for national infrastructure projects.

What it does The legislation transfers the entire remaining balance of the Telstra Sale Special Account (as at 9:00 am on 26 June 2009) into the Building Australia Fund Special Account.

Why this matters When the government sold its shares in Telstra (the former state-owned telecommunications company), the money went into a special holding account. This determination empties that account and puts the funds into the Building Australia Fund, which pays for major infrastructure like roads, railways, and ports.

Who it affects This is an internal government accounting exercise. It doesn't change individual rights or obligations, but it makes the Telstra privatization proceeds available for nation-building projects.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009.

Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009

View image in the official source

Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 20091

Nation-building Funds Act 2008

We, WAYNE SWAN, Treasurer, and LINDSAY TANNER, Minister for Finance and Deregulation, make this Determination under subsection 17(1) of the Nation-building Funds Act 2008.

Dated 9 June 2009

Wayne Swan Lindsay Tanner

Treasurer Minister for Finance and Deregulation

1 Name of Determination

This Determination is the Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009.

2 Commencement

This Determination commences on the day on which it is registered.

Note Section 42 of the Legislative Instruments Act 2003 (which deals with the disallowance of legislative instruments) does not apply to this instrument: see subsection 17(3) of the Nation-building Funds Act 2008.

3 Credit of Telstra Sale Special Account Balance

For subsection 17(1) of the Nation-building Funds Act 2008, an amount equal to the balance of the Telstra Sale Special Account, as at 9.00 am Australian Eastern Standard Time on 26 June 2009, is to be debited from the Telstra Sale Special Account and credited to the Building Australia Fund Special Account.

Note The Telstra Sale Special Account was established under subsection 20(1) of the Financial Management and Accountability Act 1997 by the Financial Management and Accountability Determination 2006/62 - Telstra Sale Special Account Establishment 2006.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009