Keystart Act 2024 (Western Australia)

The Keystart Act 2024 establishes Keystart as a standalone statutory corporation to provide and facilitate housing-related financial assistance in Western Australia, and simultaneously repeals the Country Housing Act 1998 (s 6; s 32). Mechanically, the Act:

creates Keystart as a body corporate with perpetual succession, able to sue and be sued and to trade under approved trading names (s 6(1)-(3));
sets out a suite of functions focused on housing finance and related activities (s 9(1)), and confers broad powers to carry out those functions (s 10);
requires Ministerial and Treasurer approvals for the types of financial assistance products Keystart may offer, the eligibility criteria for beneficiaries, and any policy or calculation used to set interest rates for those products (s 15(1)(a)-(c));
places governance and staff-management arrangements with a board, including powers to engage and discipline staff (s 11), and requires minimum standards and codes of conduct to be prepared in consultation with the Public Sector Commissioner (s 12-14);
prescribes bank account and investment arrangements under Treasurer oversight, including Treasurer approval of bank accounts (s 21), a prohibition on overdrafts without prior Treasurer approval (s 23), and an obligation to invest in accordance with Treasurer guidelines (s 24);
authorises collection and use of credit reporting information for Keystart’s functions (s 28), and creates a statutory pathway to disclose information to Housing Australia and Commonwealth agencies administering the Help to Buy program, with express immunity from civil or criminal liability and non‑breach characterisation (s 28A);
provides transitional machinery to transfer assets, liabilities, contracts and records from "expiring entities" to Keystart by Ministerial transfer order (Pt 7 Div 3, especially s 38-43), and deems legacy products approved for a transitional period (s 51);

CrestWestern Australia

Keystart Act 2024

Western Australia

Keystart Act 2024

Contents

Part 1 — Preliminary

Short title 2
Commencement 2
Object of Act 2
Terms used 2
Relationship to GTE Act 3

Part 2 — Keystart

Division 1 — Establishment

Corporation established 4
Keystart not agent of State 4
Keystart and officers not part of Public Service 4

Division 2 — Functions and powers

Functions of Keystart 4
Powers of corporation 7

Division 3 — Staff

Staff 9
Minimum standards for staff management 9
Reports to Public Sector Commissioner 10
Codes of conduct 10

Part 3 — Financial assistance

Approval required for financial assistance products and related matters 12
Provision of financial assistance under financial assistance products 12
Certain matters not a significant transaction or significant initiative 12
Publication of interest rates for financial assistance products 13

Part 4 — Bank accounts and investments

Terms used 14
Application of this Part 14
Bank accounts of Keystart 14
Operation of bank accounts 14
Bank accounts not to be overdrawn except with Treasurer’s approval 15
Investment of funds 15

Part 5 — Miscellaneous

Delegation 16
Approvals 17
Audit and risk management committees 17
Collection, use and disclosure of credit reporting information 17

28A. Disclosure of information to assist with Commonwealth Help to Buy program 18

Providing financial assistance to relatives of directors or chief executive officer 19
Regulations 19
Review of Act 20

Part 6 — Repeal

Country Housing Act 1998 repealed 21

Part 7 — Transitional provisions

Division 1 — Preliminary

Terms used 22

Division 2 — Early operations

Relationship to GTE Act before operational start date 22
Board of directors before operational start date 23
Expiry of Division 23

Division 3 — Transfer orders

Terms used 23
Minister may make transfer orders 24
Consequences of transfer orders 25
Completion of transactions for this Division 27
Effect of arrangements internal to transferors 27
Delivery and access to records 28
Registration of documents 29
Correction of errors in transfer orders 30
Effect of this Division on existing rights and obligations 30
Authorised disclosure of information 31

Division 4 — Transitional provisions for repeal of Country Housing Act 1998

Winding‑up Country Housing Authority 32
Closing Country Housing Account 32

Division 5 — Other transitional provisions

Bank accounts 33
Transferred investments continue 33
Approval of financial assistance products of expiring entities 34
First statement of expectations for Keystart 34
First annual performance statement for Keystart 35
Draft record keeping plan for State records 35
Transferring directors 35
First chief executive officer 36
Transitional regulations 37

Part 8 — Consequential amendments

Division 1 — Constitution Acts Amendment Act 1899 amended

Act amended 39
Schedule V amended 39

Division 2 — Financial Management Act 2006 amended

Act amended 39
Schedule 1 amended 39

Division 3 — Government Trading Enterprises Act 2023 amended

Act amended 39
Section 3 amended 40

Division 4 — Procurement Act 2020 amended

Act amended 40
Section 5 amended 40

Division 5 — Public Sector Management Act 1994 amended

Act amended 40
Schedule 1 amended 41
Schedule 2 amended 41

Division 6 — State Enterprises (Commonwealth Tax Equivalents) (Application) Regulations 1997 amended

Regulations amended 41
Regulation 3 amended 41

Division 7 — Statutory Corporations (Liability of Directors) Act 1996 amended

Act amended 41
Schedule 1 amended 42

Division 8 — Western Australian Jobs Act 2017 amended

Act amended 42
Section 3 amended 42

Notes

Compilation table 43

Defined terms

Western Australia

Keystart Act 2024

An Act —

to establish Keystart; and
to repeal the Country Housing Act 1998; and
to make consequential amendments to various written laws; and
for related purposes.

Part 1 — Preliminary

1. Short title

This is the Keystart Act 2024.

2. Commencement

This Act comes into operation as follows —

(a) Part 1 (but only sections 1 and 2) — on the day on which this Act receives the Royal Assent (assent day);

(b) the following provisions — on the day after assent day —

(i) sections 3, 4 and 5;

(ii) Part 2 (other than sections 12, 13 and 14);

(iii) Part 5;

(iv) Part 7 (other than section 47);

(v) Part 8 Divisions 1 (other than section 59(2)), 3, 4 and 5 (other than section 68);

3. Object of Act

The object of this Act is to establish a corporation that is to facilitate home ownership, and assistance with housing, for persons in Western Australia, including persons in regional and rural areas, who may not be able to obtain financial assistance from non‑government providers.

4. Terms used

In this Act —

financial assistance product means an arrangement to provide a type of financial assistance, subject to eligibility requirements for the beneficiary of the assistance;

GTE Act means the Government Trading Enterprises Act 2023;

Keystart means the body established under section 6;

staff means staff of Keystart.

5. Relationship to GTE Act

The GTE Act is to be read with this Act as if they formed a single Act.

Part 2 — Keystart

Division 1 — Establishment

6. Corporation established

(1) Keystart is established as a body corporate with perpetual succession.

(2) Proceedings may be taken by or against Keystart in its corporate name.

(3) Keystart may use, and operate under, 1 or more of the following types of trading names approved by the Minister —

(a) an abbreviation or adaptation of its corporate name;

(b) a name other than its corporate name.

7. Keystart not agent of State

Keystart is not an agent of the State and does not have the status, immunities and privileges of the State.

8. Keystart and officers not part of Public Service

(1) Keystart is not, and is not to become, a public sector body under the Public Sector Management Act 1994.

(2) Neither the chief executive officer, nor any member of staff, is to be included in the Senior Executive Service provided for by the Public Sector Management Act 1994.

Division 2 — Functions and powers

9. Functions of Keystart

(1) Keystart has the following functions —

(a) using approved financial assistance products, to provide financial assistance to persons in this State who —

(i) are seeking to buy, build or alter a home, or buy land, in Western Australia for an eligible purpose; and

(ii) may not be able to obtain lending or other financial assistance from non‑government providers;

(b) to provide approved financial assistance for approved housing projects;

(d) to manage, participate in or otherwise assist with approved schemes that support home ownership or housing for Western Australians;

(e) to promote or market financial assistance products and schemes that support home ownership and housing for Western Australians;

(f) to use its expertise and resources to facilitate, manage, participate in or provide any of the following matters in relation to housing —

(i) research;

(ii) education and counselling;

(iii) consultative or advisory services;

(iv) initiatives that support communities or industries;

(g) to use its assets in any way it considers appropriate that —

(i) does not negatively affect the proper performance of Keystart’s functions; and

(ii) is consistent with Keystart’s purpose;

(h) to assess eligibility applicable to the provision of financial assistance by Keystart;

(i) to administer loan contracts, securities and other financial arrangements associated with the provision of financial assistance by Keystart;

(j) to perform any other function connected to housing prescribed by the regulations for the purposes of this section;

(k) to do anything it considers conducive or incidental to the performance of any of its functions.

(2) For the purposes of subsection (1) —

(a) each of the following is an eligible purpose for persons to buy, build or alter a home, or buy land —

(i) living in a home;

(ii) providing housing for persons in their care;

(iii) providing housing for their employees;

(iv) another purpose approved by the Minister and the Treasurer;

and

(b) a financial assistance product, financial assistance, a housing project or a scheme is approved if approved by the Minister and the Treasurer; and

(c) a housing project is taken to be approved if it is within a class of housing project approved by the Minister and the Treasurer.

(3) In performing its functions, Keystart is to endeavour to —

(a) avoid directly competing with non‑government providers of financial assistance by ensuring that the financial assistance provided by Keystart addresses access and affordability barriers in the non‑government lending market; and

(b) support its customers to transition to non‑government providers of financial assistance once the customers are able to do so.

(4) The provision of financial assistance by Keystart —

(a) is not limited to lending money and may include, for example —

(i) providing a discount, guarantee, grant or subsidy; or

(ii) participating in, or facilitating, a shared equity arrangement; or

(iii) assisting with a deposit for a purchase;

and

(b) is not limited to any standard terms and conditions used by non‑government providers of financial assistance.

(5) This section does not limit the functions of Keystart under any other written law.

10. Powers of corporation

(1) In this section —

acquire, real or personal property, includes to take —

(a) by way of a lease, licence, easement or bailment; or

(b) in any other manner in which an interest in property may be acquired;

business arrangement means a company, partnership, trust, joint venture or arrangement for sharing profits;

company has the meaning given in the Corporations Act 2001 (Commonwealth) section 9;

dispose of, real or personal property, includes to dispose of —

(a) by way of a lease, licence, easement, or bailment; or

(b) in any other manner in which an interest in property may be disposed of;

participate in, a business arrangement, includes —

(a) to form, promote, establish, enter into, manage, dissolve or wind up a business arrangement; and

(b) to do things incidental to the things mentioned in paragraph (a).

(2) Keystart has all the powers it needs to perform its functions under this Act or any other written law.

(3) Without limiting subsection (2), Keystart may do any of the following for the purpose of performing its functions under this Act or any other written law —

(a) enter into any contract or other arrangement;

(b) impose fees and charges for services Keystart provides in the performance of its functions under this Act;

(d) acquire, hold, manage or dispose of securities, including mortgages and the associated debts;

(e) make a loan, or otherwise provide financial assistance, to a person;

(f) give guarantees, indemnities and undertakings;

(g) obtain any licence, permit or other authority;

(h) develop and turn to account any technology, software or other intellectual property and apply for, hold, exploit and dispose of any patent, patent rights, copyright or similar rights;

(i) make donations or gifts;

(j) accept any gift, devise or bequest if it is absolute or subject to conditions which are within the functions of Keystart;

(k) act as agent for a person;

(l) appoint agents or engage persons under contracts for services to provide professional, technical or other assistance to Keystart;

(m) participate in a business arrangement and acquire, hold and dispose of shares, units or other interests in or relating to a business arrangement.

Division 3 — Staff

11. Staff

(1) The power to engage and manage staff is vested in the board.

(2) The power conferred by subsection (1) includes the power to —

(a) determine remuneration and other terms and conditions of service; and

(b) remove, suspend and discipline staff.

12. Minimum standards for staff management

(1) In this section —

management includes recruitment, selection, appointment, transfer, secondment, performance management, redeployment, discipline and termination of employment.

(2) The board must, after consultation with the Public Sector Commissioner, prepare and issue an instrument (a management standard) setting out minimum standards of merit, equity and probity applicable to the management of staff.

(3) In complying with subsection (2), the board is to have regard to the principles set out in the Public Sector Management Act 1994 section 8(1).

(4) The Public Sector Commissioner may, at any time, recommend to the board any amendment that the Commissioner considers should be made to a management standard.

(5) The board may, after consultation with the Public Sector Commissioner —

(a) amend a management standard; or

(b) revoke a management standard and substitute a new management standard.

(6) However, consultation with the Public Sector Commissioner is not required if the amendment or substitution is made to implement a recommendation made under subsection (4).

13. Reports to Public Sector Commissioner

(1) The Public Sector Commissioner may, in writing, require the board to —

(a) report to the Commissioner on the observance of the management standards in force under section 12, as specified by the Commissioner; and

(b) make the reports at such times as specified by the Commissioner (but not more often than half‑yearly).

(2) The board must comply with a requirement made under subsection (1).

(3) The Public Sector Commissioner may at any time report to the Minister on the content or observance of the management standards in force under section 12.

14. Codes of conduct

(1) The board must, after consultation with the Public Sector Commissioner, prepare and issue a code or codes of conduct setting out minimum standards of conduct and integrity to be observed by members of staff and the chief executive officer.

(2) In complying with subsection (1), the board is to have regard to the principles set out in the Public Sector Management Act 1994 section 9.

(3) The board may, after consultation with the Public Sector Commissioner —

(a) amend a code of conduct; or

(b) revoke a code of conduct and substitute a new code of conduct.

Part 3 — Financial assistance

15. Approval required for financial assistance products and related matters

(1) Keystart may offer a financial assistance product to a person only if —

(a) the product is of a type approved by the Minister and the Treasurer; and

(b) the eligibility requirements applicable to the product are approved by the Minister and the Treasurer; and

(2) If an approval of eligibility requirements by the Minister and the Treasurer provides for a mechanism for setting or adjusting the eligibility requirements, Keystart may set or adjust the eligibility requirements in accordance with the mechanism without further approval by the Minister and the Treasurer.

(3) The terms and conditions of a financial assistance product are determined by Keystart.

16. Provision of financial assistance under financial assistance products

Keystart may provide financial assistance under a financial assistance product only if Keystart is satisfied the beneficiary of the assistance meets, or substantially meets, the eligibility requirements applicable to the product.

17. Certain matters not a significant transaction or significant initiative

(1) Any of the following transactions entered into by Keystart in the performance of its functions is not a significant transaction for Keystart for the purposes of the GTE Act Part 7 Division 3 Subdivision 3 —

(a) a contract or other arrangement about providing financial assistance as mentioned in section 9(1)(a) or (b);

(b) a contract or other arrangement to build or develop a housing project;

(c) a contract or other arrangement to manage, participate in or otherwise assist with a scheme that supports home ownership or housing for Western Australians.

(2) Keystart seeking or obtaining an approval under this Act is not a significant initiative for the purposes of the GTE Act Part 7 Division 3 Subdivision 4.

18. Publication of interest rates for financial assistance products

Keystart must publish the current interest rates for the financial assistance products offered by it on a website maintained by Keystart.

Part 4 — Bank accounts and investments

19. Terms used

In this Part —

approved bank account means a bank account approved by the Treasurer under section 21(1);

bank has the meaning given in the Financial Management Act 2006 section 3;

bank account means an account maintained at a bank.

20. Application of this Part

(1) This Part applies in relation to bank accounts maintained by Keystart.

(2) The GTE Act Part 8 Division 2 does not apply to Keystart or the bank accounts maintained under this Part.

21. Bank accounts of Keystart

(1) Keystart must, subject to the approval of the Treasurer, establish and maintain bank accounts for the purposes of its operations.

(2) Keystart must operate an approved bank account in accordance with any conditions to which the Treasurer’s approval is subject.

(3) If the Treasurer revokes approval for an approved bank account, Keystart must wind up and close the account in an orderly fashion as soon as practicable after the approval is revoked.

22. Operation of bank accounts

Keystart must credit all money received, and debit all money expended, to an approved bank account.

23. Bank accounts not to be overdrawn except with Treasurer’s approval

(1) Except with, and in accordance with, the prior approval of the Treasurer, Keystart must not cause or permit an approved bank account to be overdrawn.

(2) If the Treasurer approves an approved bank account to be overdrawn, the overdraft is subject to the conditions determined by the Treasurer.

24. Investment of funds

(1) Subject to subsection (3), Keystart’s funds that are not immediately required for the performance of its functions may be invested as the board determines.

(2) The Treasurer may issue general written guidance (guidelines) about the investment of Keystart’s funds.

(3) The board must ensure it invests funds in a manner that is consistent with the guidelines.

(4) The GTE Act section 130 does not apply in relation to Keystart.

Part 5 — Miscellaneous

25. Delegation

(1) Keystart may delegate to any of the following any power or duty of Keystart under another provision of this Act or under another written law —

(a) 1 or more directors;

(b) the chief executive officer;

(d) a committee appointed by the board under the GTE Act section 26.

(2) A delegation under subsection (1) must be in writing executed by Keystart.

(3) The board may, by resolution, delegate to any of the following any power or duty of the board under another provision of this Act —

(a) 1 or more directors;

(b) the chief executive officer;

(4) A person or committee to whom a power or duty is delegated under this section cannot delegate that power or duty unless expressly authorised by the instrument of delegation.

(5) A person exercising or performing a power or duty that has been delegated to the person under this section, or as authorised by a further delegation permitted under subsection (4), is taken to do so in accordance with the terms of the delegation unless the contrary is shown.

(6) Nothing in this section limits the ability of Keystart or the board to perform a function through an officer or agent.

(7) This section does not apply to the execution of documents.

26. Approvals

(1) This section applies to an approval granted under this Act.

(2) The approval may be —

(a) subject to conditions determined by the person who granted the approval; and

(b) varied by the person who granted the approval; and

27. Audit and risk management committees

(1) This section applies if, under the GTE Act section 26, the board appoints 2 committees to separately assist the board in performing its audit and its risk management functions.

(2) The board is taken to comply with the requirement under the GTE Act section 27(1).

(3) The GTE Act section 27(2) and (3) apply to both committees separately.

28. Collection, use and disclosure of credit reporting information

(1) In this section —

credit reporting body has the meaning given in the Privacy Act 1988 (Commonwealth) section 6;

credit reporting information has the meaning given in the Privacy Act 1988 (Commonwealth) section 6.

(2) Keystart may collect, hold and use credit reporting information for the purpose of performing its functions.

(3) If requested by Keystart, a credit reporting body must provide Keystart with credit reporting information about an individual.

(4) A credit reporting body is authorised to collect the credit reporting information that Keystart discloses to the body for the purpose of Keystart performing its functions.

28A. Disclosure of information to assist with Commonwealth Help to Buy program

(1) In this section —

Help to Buy program has the meaning given in the Help to Buy Act 2024 (Commonwealth) section 5;

Housing Australia has the same meaning as in the Housing Australia Act 2018 (Commonwealth).

(2) Keystart is authorised to disclose to Housing Australia, or another agency or authority of the Commonwealth involved in the administration of the Help to Buy program, the following information obtained in the administration of this Act —

(a) information about whether a person is seeking, or has been provided, financial assistance in connection with this Act;

(b) information about that assistance.

(3) If a disclosure of information is authorised under this section —

(a) no civil or criminal liability is incurred in respect of the disclosure; and

(b) the disclosure is not to be regarded as —

(i) a breach of any duty of confidentiality or secrecy imposed by law; or

(ii) a breach of professional ethics or standards or any principles of conduct applicable to a person’s employment; or

(iii) unprofessional conduct.

[Section 28A inserted: No. 22 of 2025 s. 20.]

29. Providing financial assistance to relatives of directors or chief executive officer

(1) In this section —

relative, of a director or the chief executive officer —

(a) means a relative of the director or chief executive officer, or of a spouse or de facto partner of the director or chief executive officer; but

(b) does not include a spouse or de facto partner of the director or the chief executive officer.

(2) The GTE Act section 65 does not apply to the extent it prohibits Keystart from providing a financial assistance product to a relative of a director or the chief executive officer if the product is provided —

(a) in the performance of the function mentioned in section 9(1)(a); and

(b) on terms and conditions substantially similar to those that Keystart uses when providing that financial assistance product to other persons.

Note for this subsection:

The GTE Act section 65 prohibits Keystart providing financial accommodation to a director, chief executive officer or their relatives.

30. Regulations

The Governor may make regulations prescribing all matters that are required or permitted by this Act to be prescribed, or are necessary or convenient to be prescribed for giving effect to this Act.

31. Review of Act

(1) The Minister must review the operation and effectiveness of this Act, and prepare a report based on the review —

(a) as soon as practicable after the 5th anniversary of the day on which this section comes into operation; and

(b) after that, at intervals of not more than 5 years.

(2) The review must address the following —

(a) the effectiveness of the operations of Keystart;

(b) the need for the continuation of the functions of Keystart;

(3) The Minister must cause the report to be laid before each House of Parliament as soon as practicable after it is prepared, but not later than 12 months after the 5th anniversary or the expiry of the period of 5 years, as the case may be.

Part 6 — Repeal

32. Country Housing Act 1998 repealed

The Country Housing Act 1998 is repealed.

Part 7 — Transitional provisions

Division 1 — Preliminary

33. Terms used

In this Part —

Country Housing Authority means the Country Housing Authority established under the Country Housing Act 1998 section 4;

expiring entity means any of the following entities —

(a) the Country Housing Authority;

(b) The Trustee for Keystart Housing Scheme Trust (ABN 37 391 744 714);

(d) Keystart Scheme Management Pty Ltd (ABN 83 120 164 847);

(e) a subsidiary of an entity mentioned in paragraphs (a) to (d);

operational start date means the day on which section 15 comes into operation;

transfer order has the meaning given in section 38(1).

Division 2 — Early operations

34. Relationship to GTE Act before operational start date

Despite section 5 and the GTE Act section 5, the following provisions of the GTE Act do not apply before the operational start date —

(a) sections 12, 13, 14, 15, 17, 18, 19, 20, 24, 25, 27, 28 and 29;

(b) Parts 4 and 6;

(d) sections 90 and 91;

(e) Part 7 Divisions 3 and 6;

(f) Part 8 (other than section 143).

35. Board of directors before operational start date

(1) Until the operational start date —

(a) the board consists of 3 members; and

(b) the members of the board are appointed by the Minister; and

(d) a meeting of the board must be held if requested by 2 or more directors; and

(e) the quorum for a meeting of the board is 2 directors.

(2) Without limiting the GTE Act section 11, the board is to administer Keystart’s day‑to‑day operations until the operational start date.

(3) This section does not limit the Interpretation Act 1984 section 25.

36. Expiry of Division

This Division expires on the day before the operational start date, at the end of the day.

Division 3 — Transfer orders

37. Terms used

In this Division —

asset —

(a) means any legal or equitable estate or interest (whether present or future, whether vested or contingent and whether personal or assignable) in real or personal property of any description; and

(b) includes any money, security, chose in action or document;

business day means a day other than a Saturday, a Sunday or a public holiday;

liability means any liability, duty or obligation whether actual, contingent or prospective, liquidated or unliquidated, and whether owed alone or jointly, or jointly and severally with any other person;

subsidiary has the meaning given in the GTE Act section 4.

38. Minister may make transfer orders

(1) The Minister may, by order (a transfer order) published in the Gazette, specify all or any of the following —

(a) the assets or liabilities that are to be transferred from an expiring entity to Keystart, as specified in the order;

(b) the proceedings in which Keystart is to be substituted for an expiring entity as a party;

(c) the agreements or instruments relating to anything transferred that are to have effect as if a reference to an expiring entity were a reference to Keystart in the agreement or instrument, unless otherwise expressly specified in the order;

(d) the time (the transfer time) at which a matter mentioned in paragraphs (a) to (c) is to happen.

(2) A transfer order may also deal with any matter that is incidental or supplementary to a matter mentioned in subsection (1)(a) to (d).

(3) The transfer time for a transfer order must be after the day on which the order is published in the Gazette.

(4) If the transfer time for a transfer order is specified by reference to when a thing is done, the Minister must ensure that notice of the time when the thing is done is published in the Gazette.

(5) A person or thing may be specified in a transfer order by describing the person or thing as a member of a class.

(6) A transfer order may specify persons or things by reference to schedules that —

(a) need not be published in the Gazette; but

(b) must be available for public inspection on business days at the place and between the times specified in the transfer order for 6 months after the day on which the transfer order is published in the Gazette.

(7) A person or thing specified in a schedule for a transfer order is taken to be specified in the transfer order.

(8) Before a transfer order is made specifying anything by reference to a schedule, the Minister must consult each relevant official to whom a copy of the schedule must be given under section 43(2) about the form and content of the schedule for the purpose of facilitating the recording and registration of instruments or documents as required by section 43(3)(b).

(9) The Minister may, by order published in the Gazette, amend a transfer order or a schedule for a transfer order, but only —

(a) before the transfer time for the order; and

(b) with the consent of the transferee.

(10) The Minister’s power to make a transfer order under this section expires 2 years after the commencement of this section.

39. Consequences of transfer orders

(1) In this section —

specified, in relation to a thing and a transfer order, means the thing as specified in the transfer order.

(2) A transfer order has effect at the transfer time for the order as follows —

(a) a specified asset is transferred to, and becomes an asset of, Keystart;

(b) a specified liability is transferred to, and becomes a liability of, Keystart;

(d) a specified agreement or instrument has effect as if a reference to an expiring entity were a reference to Keystart unless otherwise specified in the transfer order;

(e) any proceedings or remedy that might have been commenced by, or available against or to, an expiring entity in relation to an asset or liability transferred by paragraph (a) or (b) may be commenced by, or are available against or to, Keystart;

(f) anything relating to an asset or liability transferred by paragraph (a) or (b) that was done or omitted to be done by, to or in respect of an expiring entity before the transfer and is of any effect is taken to have been done or omitted to be done by, to or in respect of Keystart.

(3) The transfer of an asset, right or liability under this Division —

(a) happens by operation of this section without the need for any conveyance, transfer, assignment or assurance, or any prior notice or further act; and

(b) is exempt from any tax, duty, levy, charge or fee that would otherwise be imposed or recoverable under a written law; and

(4) The exemption in subsection (3)(b) extends to anything done (including a transaction entered into or an instrument or document of any kind made, executed, lodged or given) to give effect to, or in connection with, the transfer of an asset, right or liability under this Division.

(5) The Minister may certify in writing that —

(a) a specified thing occurred by operation of this Division; or

(b) a specified thing was done under this Division, or to give effect to this Division, or for a purpose connected with or arising out of giving effect to this Division.

(6) For all purposes and in all proceedings, a certificate under subsection (5) is sufficient evidence of the matters it certifies unless the contrary is shown.

40. Completion of transactions for this Division

If a transfer order cannot to any extent have the effect sought to be achieved by this Division (whether because a matter is governed otherwise than by a law of this State or for any other reason), the Minister, Keystart and the relevant expiring entity must each take all practicable steps to achieve that effect as soon as possible after the transfer time for the order.

41. Effect of arrangements internal to transferors

(1) An instrument that provides for arrangements between different parts of an expiring entity’s business or undertaking may be specified in a transfer order as if it created contractual rights and liabilities.

(2) An instrument specified as described in subsection (1) is to be regarded as if its provisions were contractual provisions between different legal entities.

(3) A contractual right or liability that is to be regarded as arising because of subsection (2) is transferable under this Division.

42. Delivery and access to records

(1) In this section —

personal information has the meaning given in the Freedom of Information Act 1992 Glossary clause 1;

record includes a register, minute, receipt, book of account or another document (however compiled, recorded or stored);

relevant record, in relation to a transfer order, means a record relating to an asset, liability, agreement, instrument or proceeding specified in the transfer order.

(2) The Minister may give an expiring entity under a transfer order a direction (whether in the transfer order or otherwise in writing) as to which relevant records, or classes of relevant records, in the possession or control of the expiring entity must be delivered to or shared with, or be able to be accessed by, Keystart under the transfer order.

(3) The expiring entity must deliver to or share with Keystart, or enable Keystart to have access to, relevant records in accordance with the direction.

(4) The expiring entity and Keystart must make arrangements for the delivery or sharing of, or access to, relevant records in accordance with the direction.

(5) This section is declared to be a Corporations legislation displacement provision for the purposes of the Corporations Act 2001 (Commonwealth) section 5G in relation to the Corporations legislation generally.

(6) This section authorises the transfer of personal information, including authorising an expiring entity to transfer the information, and Keystart to collect the information, in accordance with the direction mentioned in subsection (2).

43. Registration of documents

(1) In this section —

relevant official means any of the following —

(a) the Minister administering the Land Administration Act 1997;

(b) the Registrar of Deeds and Transfers under the Registration of Deeds Act 1856;

(d) any other person authorised by a written law to record and give effect to the registration of instruments or documents relating to transactions affecting any estate or interest in land or any other property.

(2) The Minister must ensure that a copy of each of the following instruments is given to each relevant official —

(a) a transfer order and any schedule for it;

(b) any order made under section 38(9) amending a transfer order or any schedule for it;

(d) any notice published under section 38(4) in respect of the transfer time in relation to a transfer order.

(3) A relevant official must —

(a) take notice of this Division, a transfer order and any other instrument relating to a transfer order that is referred to in subsection (2); and

(b) record and register in the appropriate manner the instruments or documents necessary to show the effect of this Division and a transfer order.

44. Correction of errors in transfer orders

(1) The Minister may, by order published in the Gazette, make any provision that is necessary to correct any error in a transfer order or a schedule for a transfer order.

(2) An order made under subsection (1) may be expressed to take effect on and after the transfer time.

(3) To the extent that a provision of an order made under subsection (1) takes effect before the order is published in the Gazette, section 39 does not, as a result of that provision, operate so as to —

(a) affect in a manner prejudicial to any person (other than the State, the transferor or transferee, or a Minister, officer or agency of the State) the rights of that person existing before publication; or

(b) impose liabilities on any person (other than the State, the transferor or transferee, or a Minister, officer or agency of the State) in respect of anything done or omitted to be done before publication.

45. Effect of this Division on existing rights and obligations

The operation of this Division, including anything done or omitted to be done under or for the purposes of this Division, is not to be regarded as —

(a) a breach of confidence or any other civil wrong; or

(b) a breach of a contract or instrument, including (without limitation) a provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities; or

(d) giving rise to a right or remedy of a party to a contract or instrument, or causing or permitting the termination of, or exercise of rights under, a contract or instrument; or

(e) an event of default under a contract or instrument; or

(f) causing a contract or instrument to be void or otherwise unenforceable; or

(g) releasing, or allowing the release of, any surety or other obligee from the whole or part of an obligation.

46. Authorised disclosure of information

(1) This section applies to the following entities —

(a) the Government;

(b) Keystart;

(d) a person acting on behalf of a body referred to in paragraphs (a) to (c).

(2) If an entity discloses information or documents in good faith for the purpose of complying with or enabling the requirements of a transfer order —

(a) no civil or criminal liability is incurred in respect of the disclosure; and

(b) the disclosure is not to be regarded as a breach of any duty of confidentiality or secrecy imposed by law; and

(3) Subsection (2) does not extend to the manner in which a thing is done if it is done in a manner contrary to a duty to exercise reasonable care and diligence.

Division 4 — Transitional provisions for repeal of Country Housing Act 1998

47. Winding‑up Country Housing Authority

(1) On the repeal of the Country Housing Act 1998 —

(a) the Country Housing Authority is abolished; and

(b) the members of the Country Housing Authority go out of office; and

(2) No compensation is payable because of subsection (1).

(3) Despite the repeal of the Country Housing Act 1998 —

(a) an indemnity given to an approved lender under section 34 of that Act continues on its terms and conditions as approved by the Treasurer; and

(b) an undecided application for financial assistance made under section 23, 26, 28 or 29 of that Act must be decided by Keystart under that Act as if it were not repealed.

(4) If Keystart approves an application for financial assistance under subsection (3)(b), the provision of that financial assistance is taken to be authorised by this Act.

48. Closing Country Housing Account

(1) In this section —

agency special purpose account means an account referred to in the Financial Management Act 2006 section 16(1);

Country Housing Account means the agency special purpose account called the Country Housing Account established under the Financial Management Act 2006 section 16.

(2) If, under a transfer order, all money standing to the credit of the Country Housing Account must be credited to a bank account of Keystart, the Country Housing Account is to be closed as directed in the transfer order.

Division 5 — Other transitional provisions

49. Bank accounts

(1) In this section —

bank has the meaning given in the Financial Management Act 2006 section 3;

bank account means an account maintained at a bank.

(2) This section applies if —

(a) a bank account (an original account) is operated by an expiring entity; and

(b) either —

(i) Keystart replaces the expiring entity as the holder of the original account; or

(ii) the original account is closed for the purpose of Keystart establishing a bank account (the replacement account) to replace the original account.

(3) An original account for which Keystart replaces the expiring entity as account holder, or a replacement account, is taken to be established and maintained with the approval of the Treasurer under section 21(1).

50. Transferred investments continue

(1) In this section —

transferred investment means an investment of funds —

(a) made by an expiring entity; and

(b) transferred to Keystart under a transfer order or other arrangement.

(2) A transferred investment is subject to section 24.

51. Approval of financial assistance products of expiring entities

(1) In this section —

end date, for an expiring entity, means the day on which the expiring entity is abolished, wound up or otherwise ceases operations;

legacy product means a financial assistance product offered by an expiring entity to its customers before the end date for the expiring entity.

(2) A legacy product is taken to be approved by the Minister and the Treasurer for the purposes of section 15(1)(a).

(3) The eligibility requirements applicable to a legacy product are taken to be approved by the Minister and the Treasurer for the purposes of section 15(1)(b).

(4) Any policy or calculation used to set interest rates for a legacy product is taken to be approved by the Minister and the Treasurer for the purposes of section 15(1)(c).

52. First statement of expectations for Keystart

(1) This section applies in relation to the first statement of expectations for Keystart prepared under the GTE Act Part 6 Division 2.

(2) Despite the GTE Act section 69(2), the first statement period for Keystart begins on the operational start date instead of the day on which Keystart is established.

53. First annual performance statement for Keystart

(1) This section applies in relation to the first annual performance statement for Keystart prepared under the GTE Act Part 6 Division 3.

(2) Despite the GTE Act section 75(1) and (2), Keystart is not required to adopt an annual performance statement until the first budget year beginning after the operational start date.

Example for this section:

If the operational start date is 1 July 2025, Keystart would not be required to adopt an annual performance statement until the budget year 2026‑2027.

54. Draft record keeping plan for State records

(1) In this section —

Director of State Records means the Director of State Records referred to in the State Records Act 2000 section 70(1);

record keeping plan has the meaning given in the State Records Act 2000 section 3(1).

(2) Despite the State Records Act 2000 section 21(a), Keystart must submit its draft record keeping plan to the Director of State Records within 6 months after the operational start date.

55. Transferring directors

(1) In this section —

director includes a member of the Country Housing Authority.

(2) This section applies if —

(a) a person is to be appointed (the new appointment) as a member of the board; and

(b) immediately before the new appointment the person held office (the expiring appointment) as a director of an expiring entity.

(3) The terms and conditions of the new appointment are determined by the Minister.

(4) This section does not apply in relation to any appointment of the person as a member of the board after the end of the new appointment.

(5) From the operational start date, the GTE Act sections 17 to 20 do not apply in relation to the new appointment.

56. First chief executive officer

(1) This section applies if —

(a) a person is to be appointed (the new appointment) as chief executive officer of Keystart; and

(b) immediately before the new appointment the person held office (the expiring appointment) as the chief executive officer of an expiring entity.

(2) The person is appointed by, and may be removed by, the board.

(3) The terms and conditions of the new appointment are determined by the board.

(4) The powers in subsections (2) and (3), other than the power to determine remuneration, can only be exercised with the approval of the Minister.

(5) The GTE Act sections 37, 38 and 39 do not apply in relation to the new appointment.

(6) This section does not apply in relation to any appointment of the person as chief executive officer of Keystart after the end of the new appointment.

57. Transitional regulations

(1) In this section —

publication day, for transitional regulations, means the day on which those transitional regulations are published in accordance with the Interpretation Act 1984 section 41(1)(a);

specified, in relation to transitional regulations, means specified or described in those transitional regulations;

transitional matter —

(a) means a matter of a transitional nature that arises as a result of —

(i) the enactment of this Act; or

(ii) the repeal of the Country Housing Act 1998; or

(iii) an amendment made under Part 8;

and

(b) includes a saving or application matter;

transitional regulations means regulations referred to in subsection (2).

(2) If there is not sufficient provision in this Act for dealing with a transitional matter, regulations under this Act may prescribe all matters that are required or necessary or convenient to be prescribed for dealing with the matter.

(3) Transitional regulations may provide that specified provisions of a written law —

(a) do not apply to or in relation to a specified matter; or

(b) apply with specified modifications to or in relation to any matter.

(4) If transitional regulations provide that a specified state of affairs is taken to have existed, or not to have existed, on and after a day that is earlier than publication day but not earlier than the day on which this section comes into operation, the transitional regulations have effect according to their terms.

(5) If transitional regulations contain a provision referred to in subsection (4), the provision does not operate so as —

(a) to affect in a manner prejudicial to any person (other than the State or an authority of the State) the rights of that person existing before publication day; or

(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before publication day.

Part 8 — Consequential amendments

Division 1 — Constitution Acts Amendment Act 1899 amended

58. Act amended

This Division amends the Constitution Acts Amendment Act 1899.

59. Schedule V amended

(1) In Schedule V Part 3 after the item for The Keep Australia Beautiful Council (W.A.) insert:

The board of Keystart established under the Keystart Act 2024.

(2) In Schedule V Part 3 delete the item for the Country Housing Authority.

Division 2 — Financial Management Act 2006 amended

60. Act amended

This Division amends the Financial Management Act 2006.

61. Schedule 1 amended

In Schedule 1 delete “Country Housing Authority”.

Division 3 — Government Trading Enterprises Act 2023 amended

62. Act amended

This Division amends the Government Trading Enterprises Act 2023.

63. Section 3 amended

In section 3(1) in the definition of GTE after paragraph (a) insert:

(aa) the Keystart Act 2024 section 6;

Division 4 — Procurement Act 2020 amended

64. Act amended

This Division amends the Procurement Act 2020.

65. Section 5 amended

Delete section 5(2)(a) and insert:

(a) a body established by or under any of the following provisions —

(i) the Electricity Corporations Act 2005 section 4;

(ii) the Keystart Act 2024 section 6;

(iii) the Port Authorities Act 1999 section 4;

(iv) the Water Corporations Act 1995 section 4;

(v) the Western Australian Land Authority Act 1992 section 5;

(aa) a subsidiary of a body mentioned in paragraph (a);

Division 5 — Public Sector Management Act 1994 amended

66. Act amended

This Division amends the Public Sector Management Act 1994.

67. Schedule 1 amended

At the end of Schedule 1 insert:

22	Keystart established by the Keystart Act 2024

68. Schedule 2 amended

Delete Schedule 2 item 4A.

Division 6 — State Enterprises (Commonwealth Tax Equivalents) (Application) Regulations 1997 amended

69. Regulations amended

This Division amends the State Enterprises (Commonwealth Tax Equivalents) (Application) Regulations 1997.

70. Regulation 3 amended

In regulation 3 in the Table after the item for the Western Australian Treasury Corporation insert:

Keystart established under the Keystart Act 2024	The day on which the Keystart Act 2024 section 15 comes into operation

Division 7 — Statutory Corporations (Liability of Directors) Act 1996 amended

71. Act amended

This Division amends the Statutory Corporations (Liability of Directors) Act 1996.

72. Schedule 1 amended

In Schedule 1 delete the item for the Country Housing Authority.

Division 8 — Western Australian Jobs Act 2017 amended

73. Act amended

This Division amends the Western Australian Jobs Act 2017.

74. Section 3 amended

In section 3(1) in the definition of government trading entity:

(a) after paragraph (a) insert:

(aa) Keystart established under the Keystart Act 2024 section 6;

(b) in paragraph (e) after “(a),” insert:

(aa),

View image in the official source

Notes

This is a compilation of the Keystart Act 2024 and includes amendments made by other written laws. For provisions that have come into operation see the compilation table.

Compilation table

Short title	Number and year	Assent	Commencement
Keystart Act 2024	44 of 2024	13 Nov 2024	Part 1 (but only s. 1 and 2): 13 Nov 2024 (see s. 2(a)); s. 3-5, Pt. 2 (other than s. 12‑14), Pt. 5, Pt. 7 (other than s. 47), Pt. 8 Div. 1 (other than s. 59(2)), 3, 4 and 5 (other than s. 68): 14 Nov 2024 (see s. 2(b)); s. 12‑14, Pt. 3 and 4, s. 47 and Pt. 8 Div. 8: 1 Jul 2025 (see s. 2(c) and SL 2025/87 cl. 2(a)); Pt. 8 Div. 6: 2 Jul 2025 (see s. 2(c) and SL 2025/87 cl. 2(b)); Pt. 6, s. 59(2), Pt. 8 Div. 2, s. 68 and Pt. 8 Div. 7: 19 Mar 2026 (see s. 2(c) and SL 2026/28 cl. 2)
Help to Buy (Commonwealth Powers) Act 2025 Pt. 4 Div. 3	22 of 2025	19 Dec 2025	19 Dec 2025 (see s. 2)

Defined terms

[This is a list of terms defined and the provisions where they are defined. The list is not part of the law.]

Defined term Provision(s)

acquire 10(1)

agency special purpose account 48(1)

approved bank account 19

assent day 2

asset 37

bank 19, 49(1)

bank account 19, 49(1)

business arrangement 10(1)

business day 37

company 10(1)

Country Housing Account 48(1)

Country Housing Authority 33

credit reporting body 28(1)

credit reporting information 28(1)

director 55(1)

Director of State Records 54(1)

dispose of 10(1)

end date 51(1)

expiring appointment 55(2), 56(1)

expiring entity 33

financial assistance product 4

GTE Act 4

guidelines 24(2)

Help to Buy program 28A(1)

Housing Australia 28A(1)

Keystart 4

legacy product 51(1)

liability 37

management 12(1)

management standard 12(2)

new appointment 55(2), 56(1)

operational start date 33

original account 49(2)

participate in 10(1)

personal information 42(1)

publication day 57(1)

record 42(1)

record keeping plan 54(1)

relative 29(1)

relevant official 43(1)

relevant record 42(1)

replacement account 49(2)

specified 39(1), 57(1)

staff 4

subsidiary 37

transfer order 33, 38(1)

transferred investment 50(1)

transfer time 38(1)

transitional matter 57(1)

transitional regulations 57(1)

This work is licensed under a Creative Commons Attribution 4.0 International Licence (CC BY 4.0). To view relevant information and for a link to a copy of the licence, visit www.legislation.wa.gov.au.

By Authority: ROGER JACOBS, Acting Government Printer

Western Australia

Keystart Act 2024

Western Australia

Keystart Act 2024

Contents

Part 1 — Preliminary

Short title 2
Commencement 2
Object of Act 2
Terms used 2
Relationship to GTE Act 3

Part 2 — Keystart

Division 1 — Establishment

Corporation established 4
Keystart not agent of State 4
Keystart and officers not part of Public Service 4

Division 2 — Functions and powers

Functions of Keystart 4
Powers of corporation 7

Division 3 — Staff

Staff 9
Minimum standards for staff management 9
Reports to Public Sector Commissioner 10
Codes of conduct 10

Part 3 — Financial assistance

Approval required for financial assistance products and related matters 12
Provision of financial assistance under financial assistance products 12
Certain matters not a significant transaction or significant initiative 12
Publication of interest rates for financial assistance products 13

Part 4 — Bank accounts and investments

Terms used 14
Application of this Part 14
Bank accounts of Keystart 14
Operation of bank accounts 14
Bank accounts not to be overdrawn except with Treasurer’s approval 15
Investment of funds 15

Part 5 — Miscellaneous

Delegation 16
Approvals 17
Audit and risk management committees 17

The Act organises its legal architecture around a small set of recurring concepts and mechanisms.

Keystart as a statutory corporation: Keystart is a separate legal person, not an agent of the State and not entitled to State immunities (s 6(1)-(2); s 7). It is also explicitly not a public sector body under the Public Sector Management Act 1994 and its officers are excluded from the Senior Executive Service (s 8). Those choices affect remuneration, employment entitlements and administrative accountability pathways.
Financial assistance product: defined in s 4 and central to the scheme. It is an arrangement to provide a type of financial assistance, subject to eligibility requirements. Keystart may only offer products of types approved by the Minister and Treasurer, with approved eligibility and approved interest‑setting policy (s 15(1)). The Act separates product approval (Minister and Treasurer) from product terms (determined by Keystart) , s 15(1)-(3).
Functions and limitations: s 9 lists functions ranging from providing financial assistance to building projects, promoting schemes, providing research and counselling, and administering loan contracts and securities. The provision in s 9(4) expressly notes that "financial assistance" is not limited to lending, and may include discounts, guarantees, subsidies, shared equity arrangements and deposit assistance.
Market positioning duty: s 9(3) requires Keystart to "endeavour to" avoid directly competing with non‑government providers and to support customers’ transition to non‑government providers when possible. This is a statutory behavioural instruction rather than a detailed constraint or operational test.
Ministerial and Treasurer oversight: product types, eligibility requirements and rate‑setting policies require approval by both the Minister and the Treasurer (s 15(1)). Treasurer approval is also required for bank accounts (s 21) and overdrafts (s 23), and the Treasurer may issue general investment guidance for funds (s 24(2)) that the board must follow (s 24(3)).
Financial and operational autonomy: within ministerial approvals the board has broad powers to enter into contracts, hold property, make loans, give guarantees, participate in business arrangements and appoint agents or service providers (s 10(2)-(3)). The board also has the primary power to engage and manage staff (s 11).
Information and privacy mechanisms: s 28 authorises Keystart to collect, hold and use credit reporting information and enables credit reporting bodies to supply it on request, with reciprocal authorisation for credit reporting bodies to collect Keystart‑disclosed information. Section 28A (inserted by a later amending law) authorises disclosure to Commonwealth Help to Buy administrators and grants statutory immunities and non‑breach characterisation for such disclosures.
Transition and transfer: comprehensive transfer orders (s 38) can move assets, liabilities, contracts, proceedings and records from expiring entities to Keystart, with the operation of law effect and an express exemption from tax, duty and other fees for those transfers (s 39(3)). Transfer orders may be scheduled and may be corrected or amended within prescribed limits (s 38(9)-(10); s 44).
Exclusions and integration with GTE Act: s 5 directs that the GTE Act is to be read with this Act as if they formed a single Act. However, s 34 lists specific GTE Act provisions that do not apply before the operational start date, and Part 8 inserts Keystart into GTE and other legislative schedules (Pt 8 Divs 3-8).

These concepts combine to create a corporation with operational discretion within a framework of Ministerial/Treasurer approvals, constrained duties on market conduct, statutory authority on data collection and transfer, and transitional mechanisms to absorb legacy entities and products.

The Act creates immediate and downstream effects across several stakeholder groups:

Customers and prospective borrowers: persons in Western Australia seeking to buy, build or alter a home, or buy land for eligible purposes who may not be able to obtain lending from non‑government providers are the primary intended beneficiaries (s 9(1)(a); s 3). Their eligibility is determined by product-specific eligibility requirements approved by the Minister and Treasurer (s 15(1)(b)). Legacy customers of expiring entities are transitioned: legacy products are deemed approved and their eligibility and interest‑setting policies deemed approved for continuity (s 51).
Non‑government lenders and the broader lending market: the Act explicitly requires Keystart to "endeavour to avoid directly competing" with non‑government providers and to support customer transitions to them (s 9(3)). Mechanically, that obligation shapes public provisioning to address "access and affordability barriers" rather than replace private credit offerings, but the Act leaves substantial scope to define products and terms (s 15(3); s 9(4)). Non‑government lenders may therefore face substitution effects depending on how Minister/Treasurer approvals are used.
The State government (Minister and Treasurer): they control key approvals , product types, eligibility criteria and rate‑setting policy (s 15), bank account approvals (s 21), overdraft approvals (s 23) and investment guidance (s 24). The Minister also exercises power to make transfer orders to move assets and liabilities from expiring entities to Keystart (s 38). The Minister is required to review the Act and report on effectiveness at five‑year intervals (s 31).
Keystart’s board and staff: the board has the power to engage and manage staff (s 11), to determine terms and remove staff, and to prepare management standards and codes of conduct after consultation with the Public Sector Commissioner (s 12-14). Keystart is not a public sector body under the Public Sector Management Act 1994 and its officers are not part of the Senior Executive Service (s 8), though the PSC has consultative and reporting roles (s 12(2), s 13).
Expiring entities and their stakeholders: the Country Housing Authority and several Keystart-related trusts and companies are "expiring entities" for transitional purposes (s 33). Transfer orders can move assets, liabilities, contracts and proceedings to Keystart (s 38-39). The repeal of the Country Housing Act 1998 abolishes the Authority but preserves undetermined applications and existing indemnities under transitional rules (s 47).
Credit reporting bodies and Commonwealth agencies: the Act authorises credit reporting bodies to supply credit reporting information to Keystart on request (s 28(3)), and authorises Keystart to disclose information to Housing Australia or other Commonwealth administrators of the Help to Buy program, with immunities (s 28A). Those interactions affect data flows between state and Commonwealth systems.
Third parties to contracts, registrars and record-keepers: transfer orders can change parties to contracts and substitute Keystart in proceedings (s 38(1)-(2); s 39(2)(c)). Registration officials are required to record and register instruments to show these effects (s 43). Transfer orders are declared to be a Corporations legislation displacement provision for record delivery purposes (s 42(5)).
Regulators and procurement processes: Keystart is added into schedules and definitions of multiple Acts (Part 8). For procurement, the Procurement Act 2020 amendments directly list Keystart among bodies to which particular procurement rules may apply (Pt 8 Div 4, s 65). The Financial Management Act and other Acts are amended to remove references to the Country Housing Authority and to add Keystart in relevant schedules (Pt 8 Divs 2, 3, 5, 7, 8).

In short, the Act affects customers of housing finance, private lenders, the Treasurer and Minister, Keystart’s board, staff and suppliers, expiring entities’ counterparties, credit reporting agencies and Commonwealth Help to Buy administrators, and public registrars and procurement systems. The distribution of decision rights is concentrated in the Minister, the Treasurer and Keystart’s board, while operational execution is allocated to Keystart and its staff under board oversight.

The Act allocates powers, duties and rights across the statutory architecture. Below are the main legal obligations and entitlements to note, with section references.

Keystart’s core functions and duties

Provide financial assistance using approved financial assistance products to eligible persons (s 9(1)(a)); provide approved financial assistance for approved housing projects, build or develop projects, manage schemes, promote products and provide research, education and advisory services (s 9(1)(b)-(f)); administer loan contracts and securities (s 9(1)(i)); and otherwise perform functions prescribed by regulation (s 9(1)(j)).
Use assets in ways consistent with its purpose and not negatively affecting the proper performance of its functions (s 9(1)(g)).

Approval and eligibility duties

Keystart may offer a financial assistance product only if the product type, eligibility requirements and any interest-rate policy used for the product have been approved by the Minister and the Treasurer (s 15(1)). If an approved eligibility framework allows internal adjustments, Keystart may apply those adjustments in accordance with the mechanism without further approval (s 15(2)).
Keystart must be satisfied that a beneficiary meets, or substantially meets, eligibility requirements before providing assistance under a product (s 16).

Market conduct obligation

Keystart must endeavour to avoid directly competing with non‑government providers and to support customers’ transition to non‑government providers when able (s 9(3)).

Governance and staffing duties

The board holds the power to engage and manage staff, including remuneration and disciplinary powers (s 11(1)-(2)).
The board must prepare management standards setting minimum standards of merit, equity and probity after consultation with the Public Sector Commissioner (s 12(2)-(3)). The PSC can recommend amendments; the board must consider and may amend standards after consultation (s 12(4)-(5)).
The board must prepare codes of conduct after consultation with the PSC (s 14(1)-(3)).
The board must comply with reporting requirements to the Public Sector Commissioner on observance of management standards when requested (s 13(1)-(2)).

Financial and banking duties

Keystart must establish and maintain approved bank accounts with the Treasurer’s approval and operate them according to any conditions (s 21(1)-(2)).
All money received and expended must be credited to and debited from approved bank accounts (s 22).
Keystart may not permit an approved account to be overdrawn except with the Treasurer’s prior approval and then only on conditions determined by the Treasurer (s 23(1)-(2)).
The board must invest funds not immediately required in a manner consistent with Treasurer-issued guidelines (s 24(1)-(3)).

Powers and rights of Keystart

Keystart has all powers necessary to perform its functions and, without limitation, may enter contracts, impose fees, acquire and dispose of property and securities, make loans and guarantees, obtain licences, develop intellectual property, accept gifts and participate in business arrangements (s 10(2)-(3)(a)-(m)).
Keystart determines terms and conditions of financial assistance products (s 15(3)).

Delegation and approvals

Keystart may delegate powers or duties to directors, the chief executive officer, staff or committees, subject to a written instrument and limits on further sub-delegation (s 25(1)-(5)). Execution of documents is not delegated under this section (s 25(7)).
Approvals granted under the Act may be conditional, varied or revoked by the granting person (s 26).

Information duties and authorisations

Keystart is authorised to collect, hold and use credit reporting information for its functions and can request such information from credit reporting bodies (s 28(2)-(3)). Credit reporting bodies are authorised to collect the credit reporting information Keystart discloses for Keystart’s functions (s 28(4)).
Keystart is authorised to disclose information to Housing Australia or Commonwealth Help to Buy administrators with statutory protection from civil or criminal liability and non‑breach characterisation (s 28A(2)-(3)).

Transitional duties and statutory effects

The Minister may make transfer orders that have the effect of transferring specified assets and liabilities to Keystart and substituting Keystart as party in specified proceedings; such transfers occur by operation of law and are exempt from tax and duty (s 38-39).
Keystart must comply with directions about delivery or access to records under transfer orders (s 42(2)-(4)).

Review and reporting duty

The Minister must review the Act’s operation and effectiveness within five years and every five years thereafter and lay a report before Parliament (s 31).

The Act creates concentrated decision rights with the Minister, the Treasurer and Keystart’s board, while operational cores , product terms, lending decisions and staff management , sit primarily with the board subject to instruments and approvals. The statutory immunities for disclosure to Commonwealth Help to Buy administrators shift legal risk profiles for data sharing (s 28A(3)). The Act also produces discrete rights to seek credit reporting information from bodies and reciprocal authorisations (s 28).

The Keystart Act 2024 does not create a broad new regime of criminal offences or administrative penalties within its text. Its enforcement architecture is instead expressed through administrative controls, conditions and oversight mechanisms.

Administrative controls and conditions

Ministerial and Treasurer approvals function as gating mechanisms. Products, eligibility and interest‑setting policies require joint approval by the Minister and Treasurer before Keystart may offer them (s 15(1)). A failure to obtain those approvals would render the offering of a product unauthorised under the Act, exposing Keystart to legal risk for acting outside statutory authority rather than to a specified penalty within the Act.
Treasurer approvals govern bank accounts and overdrafts: Keystart must not establish bank accounts except with Treasurer approval (s 21(1)) and must not overdraft an approved account without prior Treasurer approval (s 23(1)). The Treasurer may impose conditions on approvals and overdrafts (s 21(2); s 23(2)); the mechanism for enforcement of conditions would typically be administrative, through withdrawal of approval or other financial governance steps.

Reporting, review and PSC oversight

The Public Sector Commissioner has powers to require reports on observance of Keystart’s management standards (s 13(1)-(2)) and may report to the Minister on their content or observance (s 13(3)). That reporting pathway creates an internal compliance pressure, though the Act prescribes reporting rather than specifying sanctions.
The Minister is required to review the Act’s operation and effectiveness every five years (s 31) and lay a report before Parliament (s 31(3)), providing parliamentary oversight.

Delegation and board obligations

Delegations must be in writing (s 25(2)). Actions taken under delegation are taken to be in accordance with the terms of the delegation unless the contrary is shown (s 25(5)). The Act contains no express civil or criminal penalties tied to delegation failure; governance failures would principally attract administrative and reputational consequences, and potential exposure under other laws (for example, general corporate law duties where GTE Act provisions apply).

Information and data protection: statutory immunities

Section 28A gives express protection from civil or criminal liability, and stipulates that disclosure to Housing Australia or Commonwealth Help to Buy administrators is not to be regarded as breach of confidentiality, professional ethics, or unprofessional conduct (s 28A(3)(a)-(b)). Those protections are expressed as substantive non‑liability shields rather than as enforcement obligations.

Transfer orders and legal effect

Transfer orders operate by statute to transfer assets and liabilities and substitute parties in proceedings (s 39(2)-(3)). The Act grants the Minister power to certify matters pertaining to transfers and provides that such certificates are sufficient evidence unless the contrary is shown (s 39(5)-(6)). The statutory operation reduces avenues for contractual rescission or challenges based on assignment restrictions as s 45 clarifies that the Division does not give rise to breaches of contracts or civil wrongs in the context of transfer orders.

Absence of express penal sanctions

The Act contains no express fine, imprisonment or administrative penalty provisions for non‑compliance with the Act’s operative duties. Enforcement therefore sits through the removal of approvals, Treasury controls, administrative oversight by the PSC and Ministerial reporting, and through other general laws that apply to statutory corporations and directors (including those altered by consequential amendments in Part 8). For matters beyond the Act, other laws or contract terms may supply enforcement routes.

Practical consequence

The enforcement model is administrative and structural: compliance is secured through approval gates (Minister/Treasurer), financial controls (Treasurer-approved accounts and investment guidance), governance duties (management standards and PSC reporting), and statutory transfer mechanics that reduce transactional friction. Parties should therefore plan for loss of approvals and remedial administrative action rather than expect specific statutory penalties inside the Act.

The Act is expressly designed to sit within the existing government trading entity and public-sector legislative framework and amends multiple statutes to integrate Keystart’s legal status.

Relationship and reading with the GTE Act

Section 5 directs that the Government Trading Enterprises Act 2023 is to be read with the Keystart Act as if they formed a single Act. That creates an integrated regime for governance and accountability where GTE obligations apply unless specifically displaced.
However, the Act temporarily disapplies specific GTE Act provisions before Keystart’s operational start date (s 34). Section 34 lists many GTE Act sections and parts that do not apply before operational start, affecting transitional governance and early operations.

Consequential amendments to other statutes

Part 8 amends numerous Acts to add Keystart to schedules and definitions: for example, Keystart is added to the GTE definition in the GTE Act (Pt 8 Div 3, s 63), to the Procurement Act 2020 (Pt 8 Div 4, s 65) for procurement classification, to the Public Sector Management Act schedules (Pt 8 Div 5, s 67-68), and to other schedules such as the Financial Management Act and the Statutory Corporations (Liability of Directors) Act (Pt 8 Divs 2, 7). These amendments alter rights and duties under those statutes for Keystart (for instance, procurement rules and director liability regimes).

Interaction with privacy and Commonwealth programs

Section 28 authorises collection and use of credit reporting information, using definitions from the Commonwealth Privacy Act 1988 (s 28(1)). That creates an intersection between state agency functions and Commonwealth privacy definitions.
Section 28A authorises disclosure to Housing Australia and other Commonwealth Help to Buy administrators, and expressly states that such disclosure does not attract civil or criminal liability or breach confidentiality duties (s 28A(2)-(3)). That provision creates a statutory carve-out for data sharing across state/Commonwealth administrative programs.

Corporations and registration law displacements

The transfer and record provisions in Pt 7 Div 3 include statements that the delivery and access to records provision is a "Corporations legislation displacement provision" under the Corporations Act 2001 s 5G (s 42(5)). The transfer orders operate by statutory transfer without conveyance or assignment and are exempt from tax and duty (s 39(3)(a)-(b)), with registration officials required to record instruments and register effects (s 43).

Public sector management and PSC functions

Keystart is not a public sector body under the Public Sector Management Act and its staff are not in the Senior Executive Service (s 8). Nevertheless, the Act requires consultation with the Public Sector Commissioner for management standards and codes of conduct (s 12-14), and the PSC may require reports on observance of management standards (s 13). That hybrid relationship situates Keystart outside the formal public sector employment classification but within PSC oversight lines for selected governance matters.

Tax, duty and transaction exemptions

Transfer orders effect transfers by operation of law and exempt such transfers and anything done to effect them from tax, duty, levy or charge under a written law (s 39(3)(b)-(4)). That interacts with State revenue laws by creating specific exemptions for these transition transactions.

Other statutory instruments

The Governor may make regulations under s 30 to prescribe matters necessary to give effect to the Act. Transitional regulations under s 57 may modify the application of other written laws for transitional matters. Those powers provide a mechanism to address conflicts or gaps with other statutes during the transition.

Practical summary

Keystart is integrated into the GTE and broader statutory ecosystem, but the Act carves out specific operational arrangements (approval gates, Treasurer controls, PSC consultative role), transitional transfer mechanisms that displace some corporations law mechanics, and express authorisations for cross-jurisdictional data sharing with Commonwealth programs. Practitioners need to map Keystart’s obligations to parallel regimes in the GTE Act, Procurement Act, Financial Management Act and privacy laws when advising on transactions, governance, data sharing and procurement.

The Act as provided in the text includes its original enactment data, at least one recorded later amendment insertion, and a suite of consequential amendments implemented within Part 8. Key amendment history items identifiable from the source:

Original enactment: Keystart Act 2024, No. 44 of 2024, received assent 13 November 2024. The compilation table sets out the staggered commencement dates for different provisions (compilation table; Pt 1 s 2). The compilation table indicates several commencement phases: initial sections on assent day, many provisions from 14 November 2024, and multiple later commencement dates including 1 July 2025, 2 July 2025 and 19 March 2026 for particular parts (compilation table).
Insertion of s 28A: the text shows that section 28A , authorising disclosure of information to assist with the Commonwealth Help to Buy program , was inserted by "No. 22 of 2025 s. 20" (that insertion note appears immediately after s 28A). The compilation table also references the Help to Buy (Commonwealth Powers) Act 2025 Pt 4 Div 3, No. 22 of 2025, with an assent date of 19 December 2025 and commencement the same day for that Part. Those notes indicate a subsequent amending instrument at Commonwealth/state interface that added s 28A to enable data sharing and protections.
Consequential amendments enacted within the Act: Part 8 contains extensive amendments to other Western Australian statutes to remove the Country Housing Authority from schedules and to add Keystart to schedules and definitions. Notable insertions and deletions include:
- Amending the Constitution Acts Amendment Act 1899 Schedule V to add the board of Keystart and delete the Country Housing Authority (Pt 8 Div 1, s 59).
- Removing the Country Housing Authority from the Financial Management Act 2006 Schedule 1 (Pt 8 Div 2, s 61).
- Adding Keystart to the GTE definition in the Government Trading Enterprises Act 2023 (Pt 8 Div 3, s 63).
- Amending the Procurement Act 2020 to include Keystart among bodies listed in s 5(2) (Pt 8 Div 4, s 65).
- Adding Keystart to Schedule 1 of the Public Sector Management Act 1994 (Pt 8 Div 5, s 67) while deleting a Schedule 2 item (s 68).
- Amending State Enterprises (Commonwealth Tax Equivalents) regulations to include Keystart (Pt 8 Div 6, s 69-70).
- Deleting Country Housing Authority entries in Statutory Corporations (Liability of Directors) Act schedules (Pt 8 Div 7, s 72).
- Amending Western Australian Jobs Act 2017 definitions to insert Keystart (Pt 8 Div 8, s 74).
Transitional amendment mechanics: the Act contains provisions enabling the Minister to make transfer orders (s 38), to correct errors in transfer orders (s 44), and to make transitional regulations (s 57). Section 38(10) limits the Minister’s power to make transfer orders to two years after commencement of that section.
Review requirements: s 31 mandates ministerial review and reporting within five years and at five‑year intervals thereafter, which will trigger formal assessment and potential legislative amendment recommendations.

The compilation table documents specific commencement dates by provision group, which must be used to determine when different amendments and sections took practical effect. Practitioners working with Keystart should check the compilation table and subsequent legislative instruments for later amendments beyond the Act as printed here, noting the explicit insertion of s 28A by a 2025 instrument and the consequential changes listed in Part 8.

The statutory text contains no reported cases or litigation history. There are no judicial determinations referenced in the Act itself. Consequently, there is no litigation history recorded in the source to cite or analyse.

That absence does not foreclose litigation risk; the Act’s structure and specific provisions suggest a set of issues that could give rise to future disputes and therefore should be anticipated by practitioners and clients, as they engage with Keystart or the State. The Act itself creates particular legal mechanics that may generate litigation points of friction:

Substitution in proceedings and transfer orders (s 38(1)(b); s 39(2)(c)). Transfer orders operate by statute to substitute Keystart in specified proceedings. Litigation may arise about whether a given proceeding or party was properly specified or whether the transfer order correctly described the asset, liability or proceeding. Section 39(5) enables the Minister to certify that a specified thing occurred by operation of the Division, and s 39(6) provides that such a certificate is sufficient evidence unless the contrary is shown. This provision creates an evidential hurdle but not an absolute bar to challenge.
Contractual and property effects of transfers (s 39(2); s 41). The Act provides that transfers happen by operation of law without conveyance, assignment or further act and are exempt from tax, duty or fees (s 39(3)(a)-(b)). Disputes could follow where third parties claim assignment restrictions, set-off rights or other contractual consequences. Section 45 expressly declares that the Division’s operation is not to be regarded as a breach of contract or giving rise to remedies; that clause will likely be tested if market participants claim prejudice.
Data sharing and privacy (s 28; s 28A). The Act authorises collection and use of credit reporting information and authorises disclosure to Commonwealth Help to Buy administrators with statutory immunities. Litigation could arise from privacy complaints or from questions about the scope of authorised disclosures and whether they comply with Commonwealth privacy laws. Section 28 explicitly uses definitions from the Commonwealth Privacy Act 1988 and authorises credit reporting bodies to supply information "if requested", which may invite disputes about lawful requests and permissible use.
Delegation and governance duties (s 25; s 11-14). Disputes may arise over whether delegations were validly executed in writing and whether the board complied with its management standards obligations. The cross-cutting interaction with the GTE Act (s 5) and the amendments in Part 8 will affect directors’ duties and liability regimes that could be litigated under other statutes.
Administrative law challenges. Ministerial and Treasurer approvals are central gates under the Act (s 15; s 21; s 23). Decisions to approve or refuse products, eligibility schemes or account approvals could give rise to judicial review challenges on public law grounds if they are within the scope of reviewable decision-making.
Property registration and rectification (s 43; s 44). The Act obliges registration officials to record instruments reflecting transfer orders, and gives the Minister power to correct errors in transfer orders (s 44). Disputes may arise about the adequacy of registration, timing, priority of interests and whether corrected transfer orders may have prejudicial retrospective effects, subject to the safeguards in s 44(3).

Practitioners should therefore treat the Act as containing several deliberate statutory devices intended to streamline transition and state‑sponsored lending, but also as creating touchpoints for litigation over substitution of parties, data sharing, approvals and administrative decisions. Because there is no litigation history in the source, early administrative decisions, Ministerial transfer orders and the first tranche of approvals and operational policies will be the initial loci for potential disputes and judicial clarification.

The Act contains multiple provisions that create practical traps for administration and participants if not actively managed. The following are discrete, source‑grounded points that advisers should check as a matter of priority.

Product approval gateway versus product terms

Keystart cannot offer a product unless the product type, eligibility requirements and interest‑setting policy are jointly approved by the Minister and the Treasurer (s 15(1)(a)-(c)). However, once those approvals exist, Keystart determines the product’s terms and conditions (s 15(3)). The "gotcha" is the bifurcation: failure to secure Minister/Treasurer approvals prevents any offering, whereas approval may still leave significant commercial discretion to Keystart. Practitioners must ensure approvals explicitly cover intended product features, pricing floors and variants that Keystart intends to set thereafter.

"Substantially meets" eligibility threshold

Keystart may provide assistance only if satisfied the beneficiary "meets, or substantially meets," eligibility requirements (s 16). The Act does not define "substantially meets". That open standard creates discretion and potential compliance ambiguity in marginal eligibility cases. Establish clear internal policies and recordkeeping to evidence why a person "substantially meets" requirements.

Market‑competition duty without a concrete test

Section 9(3) instructs Keystart to "endeavour to avoid directly competing with non‑government providers" by addressing access and affordability barriers. This is directional rather than precise. What constitutes "direct competition" or sufficient transition support is not defined. Keystart’s policy choices here will shape market effects and may create friction with private lenders, but the Act sets no monitoring metric.

Treasurer control of banking and overdrafts

Keystart must have Treasurer-approved bank accounts and cannot overdraft without prior Treasurer approval; overdrafts are subject to Treasurer-determined conditions (s 21-23). These are hard gating controls: delays or restrictive conditions could hamper liquidity and operational responsiveness. Plans must be made to secure timely Treasurer approvals and to maintain liquidity buffers, as informal overdrawing is not permitted.

Investment guidelines are binding

The Treasurer may issue general written guidance on investments (s 24(2)), and the board must ensure investments are consistent with the guidelines (s 24(3)). The Act thereby externalises investment policy to Treasury while retaining technical investment discretion with the board; non‑compliance may expose Keystart to administrative enforcement even if no specific penalty is in the Act.

Data sharing immunities and privacy risk

Section 28A authorises disclosures to Housing Australia or Commonwealth Help to Buy administrators and states that such disclosures do not give rise to civil or criminal liability or confidentiality breaches (s 28A(3)). This statutory immunity protects communicative acts to the Commonwealth, but does not address potential cross-border privacy obligations under Commonwealth law or the limits of authorised data. Practitioners must ensure data-sharing protocols align with both the statutory authorisation and any applicable Commonwealth privacy obligations.

Transfer orders operate by statute and are largely non-negotiable

Transfer orders can transfer assets, liabilities and proceedings by operation of law without conveyance and are exempt from tax and duty (s 39(3)). Affected counterparties may find their contracting counterparty changed without bilateral consent. Section 45 attempts to blunt arguments that transfers give rise to breach of contract or default, but parties relying on assignment‑related protections should watch transfer order schedules and submissions during the notice window.

Relatives exception to GTE Act prohibition

The Act exempts Keystart from the GTE Act section 65 prohibition against providing financial accommodation to a director or their relatives to the extent it would otherwise prohibit assistance to relatives when the assistance is part of function s 9(1)(a) and on substantially similar terms (s 29(2)). That narrow carve-out permits family members to receive assistance in defined circumstances and may raise perception or governance issues; the board should record decision rationales and ensure terms are substantially similar.

Delegation formalities and execution carve-out

Delegations must be in writing executed by Keystart (s 25(2)), and delegated powers cannot be further delegated unless the instrument expressly permits (s 25(4)). The section expressly disapplies the delegation to the execution of documents (s 25(7)). Failure to follow formal delegation procedures can result in void or challengeable acts.

Timed expiry of transfer power and transitional regulation reach

The Minister’s power to make transfer orders expires two years after commencement of the transfer-order section (s 38(10)). That creates a compressed window for migrating assets and liabilities. Transitional regulations can modify application of other written laws (s 57), but cannot prejudice third parties' rights before publication (s 57(5)). Stakeholders should track the transfer order timetable closely.

GTE integration but with pre-operational carve-outs

Section 5 integrates the GTE Act, yet s 34 lists many GTE provisions that will not apply before the operational start date. That complicates early governance and reporting obligations. Practitioners must map which GTE obligations apply at any point in time.

No express statutory penalties inside the Act

The Act relies on administrative controls rather than specified penalties. Non‑compliance tends to result in withdrawal of approvals, governance remediation, or consequent action under other laws rather than an internal sanction regime.

Addressing these "gotchas" requires clear operational protocols, rigorous documentation of approvals and eligibility determinations, engagement with Treasurer and Ministerial offices early, and careful data‑sharing and record‑maintenance processes in line with the transfer and disclosure provisions.

Compliance with the Keystart Act 2024 requires coordinated legal, governance, financial and operational controls. Below is a practical checklist of steps, tied to statutory provisions, for boards, executives and advisers.

Secure required Ministerial and Treasurer approvals before offering products

For any intended financial assistance product, obtain written approvals from both the Minister and the Treasurer for the product type, the eligibility requirements and the interest‑setting policy before marketing or offering the product (s 15(1)(a)-(c)). Where the approved eligibility framework contains an automatic adjustment mechanism, document the mechanism and apply it strictly (s 15(2)).

Establish governance instruments and liaise with the Public Sector Commissioner

Prepare and issue management standards setting minimum standards of merit, equity and probity after consultation with the Public Sector Commissioner (s 12(2)-(3)). Keep records of consultation and PSC recommendations, and set up a reporting cadence for compliance with PSC reporting requests (s 13(1)-(2)).
Prepare codes of conduct for staff and the CEO in consultation with the PSC (s 14(1)-(2)). Ensure induction and training materials incorporate these codes.

Board decisions and delegation formalities

Ensure all board delegations are in writing and properly executed (s 25(2)), and state explicitly whether further sub‑delegation is permitted (s 25(4)). Avoid informal delegation on significant matters and document the scope and conditions of delegated authority. Remember that execution of documents is not covered by s 25 delegation (s 25(7)), so maintain clear execution practices.

Banking and liquidity management under Treasurer oversight

Apply to the Treasurer for approval of the bank accounts Keystart will maintain, and design account operation procedures to ensure all receipts and payments are credited/debited to approved accounts (s 21(1)-(2); s 22). Do not plan to overdraw accounts without prior Treasurer approval and be prepared to document the necessity and terms required by the Treasurer for any overdraft (s 23).

Investment policy alignment

Where funds are not immediately required, adopt an investment policy consistent with Treasurer-issued written guidance (s 24(2)-(3)). Track and record investment decisions against the guidelines and ensure reporting to the board evidences consistency.

Eligibility decision-making and recordkeeping

For each loan or assistance decision, document eligibility assessments carefully, noting whether the beneficiary "meets" or "substantially meets" eligibility criteria under the relevant approved product (s 16). Develop templates and decision logs to allow auditability and to support possible PSC review or Ministerial queries.

Product terms, disclosure and publication of interest rates

Although the Minister and Treasurer approve product type, eligibility and interest policy, Keystart determines terms and conditions (s 15(3)). Ensure consumer-facing disclosure materially reflects approved policies. Publish current interest rates for offered products on Keystart’s website as required (s 18).

Data access and privacy safeguards

Establish procedures to request credit reporting information in accordance with s 28, ensuring requests are lawful and limited to purposes of performing functions. Draft and implement privacy impact assessments and retention policies for credit reporting information, referencing Commonwealth Privacy Act definitions where relevant (s 28(1), (2)).
If Keystart will disclose information under the Help to Buy pathway, document the legal basis for disclosure under s 28A and ensure internal approvals and records are maintained. Note the statutory immunity in s 28A(3), but also align disclosures with any applicable Commonwealth program requirements.

Transition and transfer-order compliance

If elements of Keystart’s business arise from expiring entities, monitor and engage with the Minister’s transfer order process (s 38). For assets and liabilities specified in a transfer order, ensure prompt compliance with directions on delivery and access to records (s 42(2)-(4)). Maintain clear indexing of transferred contracts, proceedings and encumbrances and coordinate with relevant registration officials (s 43).

Legacy products and customer continuity

For legacy products from expiring entities, rely on s 51 which deems those products, eligibility and interest policy approved for Keystart. However, ensure internal reconciliations of those legacy product terms with Keystart legal documentation and customer communications to prevent mismatches.

Procurement and supplier management

Review procurement processes in light of Procurement Act amendments that list Keystart; engage procurement and legal teams to ensure compliance with applicable procurement rules and schedules (Pt 8 Div 4, s 65).

Reporting, review and statutory reporting

Prepare to respond to PSC reporting requests on management standards and to support Ministerial review processes under s 31. Maintain records to support reviews and produce the required evidence for parliamentary reporting.

Board and executive conflict management

Given the relatives exception in s 29, implement conflict-of-interest protocols that require transparent disclosure and independent verification that any assistance to a relative of a director or the CEO is on terms "substantially similar" to those offered to other customers, and keep contemporaneous rationale for approval.

Legal and operational audit

Commission periodic legal compliance audits focusing on approvals, eligibility determination, Treasurer approvals for bank operations, investment consistency, data sharing and records transferred under transfer orders. Maintain engagement with Treasury, the Minister’s office and the PSC to identify changing expectations or guidance.

Monitor legislative changes and commencement phases

Track commencement dates in the compilation table and any subsequent amending instruments such as the 2025 insertion of s 28A. The operational start date (the day s 15 comes into operation) drives many obligations; ensure internal project plans align with those dates.

Taken together, compliance requires an integrated programme combining approvals management, governance and delegation formalities, Treasurer engagement on banking and investment, rigorous eligibility decision frameworks, robust data governance, and active management of transitional transfers and legacy products. Documentation of approvals, decision rationales and PSC consultations will mitigate enforcement and reputational risks.

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