26Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account

26 Transfers from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account

(1) If a designated Minister decides that one or more grants should be made under subsection 18(1) during a financial year beginning on or after 1 July 2023, the designated Minister may, during the financial year, request the Finance Minister to transfer a specified amount (which must equal the total amount of the grants) from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account.

Note: For a grant to a State or Territory, see section 29 (channelling State/Territory grants through the Federation Reform Fund).

(2) A designated Minister must not make more than one request under subsection (1) in relation to a particular subsection 18(1) grant. (3) To avoid doubt, a designated Minister may make 2 or more requests under subsection (1) during a financial year. Transfer (4) If: (a) during a financial year, a designated Minister requests the Finance Minister under subsection (1) to transfer an amount from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account; and (b) the Finance Minister is satisfied that the transfer will not: (i) if the financial year is the financial year beginning on 1 July 2023—contravene section 36 (annual limit); or (ii) if the financial year is a financial year beginning on or after 1 July 2024—cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 29 and 33 during the financial year to exceed the designated annual amount for the financial year; the Finance Minister must, in writing, direct that a specified amount (which must equal the requested amount) is to be: (c) debited from the Housing Australia Future Fund Special Account; and (d) credited to the Housing Australia Future Fund Payments Special Account; on a specified day during the financial year. (5) A direction under subsection (4) is not a legislative instrument. (6) If the Finance Minister personally gives a direction under subsection (4) in response to a request made by a designated Minister, the Finance Minister must give a copy of the direction to: (a) the Treasurer; and (b) the Housing Minister; and (c) if the designated Minister is not the Housing Minister—the designated Minister. (7) If a delegate of the Finance Minister gives a direction under subsection (4) in response to a request made by a designated Minister, the delegate must give a copy of the direction to: (a) the Treasury Department; and (b) the Department, or an Executive Agency, administered by the designated Minister. Credits to the Housing Australia Future Fund Special Account where grants cannot be made (8) If: (a) a designated Minister requests the Finance Minister under subsection (1) to transfer an amount from the Housing Australia Future Fund Special Account to the Housing Australia Future Fund Payments Special Account; and (b) as a result of the request, an amount has been credited to the Housing Australia Future Fund Payments Special Account under paragraph (4)(d); and (c) one or more of the grants to which the request relates cannot be made; an amount equal to the total amount of the grants that cannot be made is to be: (d) debited from the Housing Australia Future Fund Payments Special Account; and (e) credited to the Housing Australia Future Fund Special Account.