Commonwealth legislation

Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 is essentially a government instruction to deposit $6 billion into the Higher Education Endowment Fund—a permanent investment account designed to generate long-term income for Australian universities.

What it does:

Credits $3 billion to the fund on 22 October 2007
Credits another $2 billion on 22 January 2008
Credits a further $1 billion on 22 January 2008

Who it affects:

Universities: Can apply for grants funded by the investment returns (income) generated by this $6 billion principal
Taxpayers: Establishes a capital endowment (similar to a scholarship fund) rather than spending the money immediately

Why it matters: Rather than one-off spending on buildings or equipment, this creates a perpetual funding source. The government invests the $6 billion, and only the returns are distributed to higher education institutions. This provides a lasting revenue stream for university infrastructure and research instead of temporary budget allocations.

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Current sections

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Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007

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Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007

Higher Education Endowment Fund Act 2007

We, PETER HOWARD COSTELLO, Treasurer, and NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, make this Determination under paragraphs 13 (1) (b) and 14 (1) (a) of the Higher Education Endowment Fund Act 2007.

Dated 12 October 2007

PETER COSTELLO NICK MINCHIN

Treasurer Minister for Finance and Administration

1 Name of Determination

This Determination is the Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007.

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 disallowance of legislative instruments) does not apply to this instrument: see subsections 13 (3) and 14 (2) of the Higher Education Endowment Fund Act 2007.

3 Initial credit

For paragraph 13 (1) (b) of the Higher Education Endowment Fund Act 2007, an amount specified in an item in the table is to be credited to the Fund Account on the date specified in the item.

Item	Amount ($ billion)	Date
1	3.000	22 October 2007
2	2.000	22 January 2008

4 Subsequent credit

For paragraph 14 (1) (a) of the Higher Education Endowment Fund Act 2007, the amount of $1 billion is to be credited to the Fund Account on 22 January 2008.

Source text

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

1 Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007

Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007

Higher Education Endowment Fund Act 2007

Dated 12 October 2007

PETER COSTELLO NICK MINCHIN

Treasurer Minister for Finance and Administration

1 Name of Determination

This Determination is the Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007.

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 disallowance of legislative instruments) does not apply to this instrument: see subsections 13 (3) and 14 (2) of the Higher Education Endowment Fund Act 2007.

3 Initial credit

For paragraph 13 (1) (b) of the Higher Education Endowment Fund Act 2007, an amount specified in an item in the table is to be credited to the Fund Account on the date specified in the item.

Item	Amount ($ billion)	Date
1	3.000	22 October 2007
2	2.000	22 January 2008

4 Subsequent credit

For paragraph 14 (1) (a) of the Higher Education Endowment Fund Act 2007, the amount of $1 billion is to be credited to the Fund Account on 22 January 2008.