160Authorising arrangements for the purposes of crisis resolution

160 Authorising arrangements for the purposes of crisis resolution

Authorising the making of arrangements

(1) If one or more conditions in section 90 are satisfied in relation to a designated entity, the Minister may, by legislative instrument and with the Finance Minister’s written approval, authorise the making of arrangements by the Commonwealth for the purposes of ensuring the continuity of one or more cash distribution services that:

(a) are provided by the designated entity; and

(b) are critical to the availability of cash in Australia.

(2) Without limiting subsection (1), the arrangements may include grants, loans, indemnities, guarantees, warranties, investments of money or equity investments.

Limit on total amounts payable under authorised contracts etc.

(3) The authorisation must specify the amount (if any) the Commonwealth may pay under the authorised arrangements.

(4) The total of all the amounts specified under subsection (3) in authorisations (taking account of any amendments of those authorisations) in relation to the condition or conditions being satisfied must not exceed $400 million.

Note: See also section 71 of the Public Governance, Performance and Accountability Act 2013 (approval of proposed expenditure by a Minister).

Amending specification of amount

(5) The Minister may, by legislative instrument and with the Finance Minister’s written approval, amend an authorisation made under this section, but only to change the specification of an amount under subsection (3), within the limit set out in subsection (4).

Authorisation cannot be revoked

(6) The Minister cannot revoke an authorisation made under this section.

Authorisation or amendment not disallowable

(7) Section 42 (disallowance) of the Legislation Act 2003 does not apply to an authorisation or amendment made under this section.

When authorisation or amendment commences

(8) An authorisation or amendment made under this section commences at the time it is made.

(9) Section 12 of the Legislation Act 2003 does not apply to an authorisation or amendment made under this section.