33CDetermination of designated annual amount

33C Determination of designated annual amount

(1) The responsible Ministers may, by legislative instrument, determine that, for the purposes of paragraph 33B(a), a specified amount is the designated annual amount for: (a) a specified financial year; or (b) a specified financial year and each subsequent financial year.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

(2) A determination under subsection (1) must not have the effect of reducing the designated annual amount for a financial year. (3) A determination under subsection (1) may make provision for and in relation to the indexation of the designated annual amount for a financial year. (4) A determination under subsection (1) must be made before the start of the first financial year to which the amount specified in the determination is applicable. (5) In making a determination under subsection (1), the responsible Ministers must have regard to: (a) the advice given by the Future Fund Board under section 33D in relation to the impact of the making of the determination on the ability of the Future Fund Board to comply with this Act and the Housing Australia Future Fund Investment Mandate; and (b) such other matters (if any) as the responsible Ministers consider relevant. (6) If the responsible Ministers make a determination under subsection (1) (the initial determination), the responsible Ministers must ensure that a determination under subsection (1) is in force at all times after the initial determination is made. (7) If the responsible Ministers vary a determination under subsection (1) to specify a different amount, the variation must be made before the start of the first financial year to which the varied amount is applicable.