29Channelling State/Territory grants through the Federation Reform Fund

29 Channelling State/Territory grants through the Federation Reform Fund

(1) If a designated Minister decides that a grant of financial assistance should be made to a State or Territory under subsection 18(3) during a financial year beginning on or after 1 July 2023, the designated Minister may request the Finance Minister to transfer a specified amount (which must equal the amount of the grant) from the Housing Australia Future Fund Special Account to the Federation Reform Fund. (2) If a designated Minister requests the Finance Minister under subsection (1) to transfer an amount from the Housing Australia Future Fund Special Account to the Federation Reform Fund, the Finance Minister must, by writing, direct that, on a specified day, a specified amount (which must equal the requested amount) is to be: (a) debited from the Housing Australia Future Fund Special Account; and (b) credited to the Federation Reform Fund. (3) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making the grant. (4) If the financial year is the financial year beginning on 1 July 2023, the Finance Minister must not give a direction under subsection (2) if doing so would contravene section 36 (annual limit). (4A) If the financial year is a financial year beginning on or after 1 July 2024, the Finance Minister must not give a direction under subsection (2) if doing so would cause the total amount debited from the Housing Australia Future Fund Special Account under this section and sections 26 and 33 during the financial year to exceed the designated annual amount for the financial year. (5) Two or more directions under subsection (2) may be set out in the same document. (6) A direction under subsection (2) is not a legislative instrument. (7) If the Finance Minister personally gives a direction under subsection (2) 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. (8) If a delegate of the Finance Minister gives a direction under subsection (2) 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.