292WRoyalties for Rejuvenation Fund

292W Royalties for Rejuvenation Fund

292W Royalties for Rejuvenation Fund

(1) There is established in the Special Deposits Account a fund called the Royalties for Rejuvenation Fund (the Rejuvenation Fund).

(2) The object of the Rejuvenation Fund is to alleviate economic impacts in affected coal mining regions caused by a move away from coal mining by supporting other economic diversification in those regions, including by the funding of infrastructure, services, programs and other activities.

(3) The Rejuvenation Fund is to be administered by the Secretary.

(4) There is payable into the Rejuvenation Fund—

(a) money advanced, if any, by the Treasurer for the Rejuvenation Fund, and

(b) money appropriated, if any, by Parliament for the purposes of the Rejuvenation Fund, and

(c) other money directed or authorised to be paid into the Rejuvenation Fund by or under this or another Act or law, and

(d) the proceeds from the investment of money in the Rejuvenation Fund.

(5) There is payable from the Rejuvenation Fund—

(a) money authorised by the Minister to promote the object of the Rejuvenation Fund, but only if the Minister has considered—

(i) written advice about the payment given by the Secretary, including advice as to how the payment complies with the eligibility criteria specified under subsection (6), and

(ii) advice and recommendations given by an Expert Panel, and

(iii) for a payment that relates to an affected coal mining region—advice and recommendations given by an Expert Panel established for the region, and

(iv) the public interest, and

(v) whether the payment would lead to a negative impact on the environment, and

(b) money required to meet the administrative expenses related to the Rejuvenation Fund, and

(c) money authorised or required to be paid from the Rejuvenation Fund by or under this or another Act or law.

(6) Money must not be paid from the Rejuvenation Fund under subsection (5)(a) unless it is paid in accordance with eligibility criteria issued and made publicly available by the Secretary for the purposes of this section.