47CPurposes of the Account

47C Purposes of the Account

(1) Each of the following is a purpose of the Account: (a) to make loans to Housing Australia for Housing Australia to later apply in accordance with subsection (2); (b) to make payments to Housing Australia for Housing Australia to later apply in accordance with subsection (2A).

Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).

(2) Housing Australia may apply such loans: (a) for making loans in the performance of its financing function; or (b) for other purposes as agreed between the Minister and the Finance Minister in accordance with the Investment Mandate.

Note: This subsection confers a function on Housing Australia to apply the loans from the Commonwealth mentioned in subsection (1). This means the Investment Mandate may include directions about how Housing Australia applies those loans.

(2A) Housing Australia may apply such paragraph (1)(b) payments in making grants or loans, in the performance of its financing function, in relation to any of the following: (a) acute housing needs; (b) social housing; (c) affordable housing.

Note: 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.

(2B) A payment under paragraph (1)(b) must not be made before 1 July 2023. (3) Subsections (2) and (2A) do not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of Housing Australia.