6 Accountable authority responsible for the special account
Part 2—Special account credits and debits
7 Amounts that may be credited to the special account
8 Purposes of the special account
Part 1—Establishment
1 Name
This instrument is the PGPA Act Determination (Rewiring the Nation Special Account 2023).
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
The whole of this instrument
The later of the day mentioned in paragraph 79(5)(a) of the Act and 1 July 2023.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any version of this instrument published on the Federal Register of Legislation.
3 Authority
This instrument is made under subsection 78(1) of the Act.
4 Definitions
In this instrument:
Act means the Public Governance, Performance and Accountability Act 2013.
the special account means the Rewiring the Nation Special Account 2023 established by this instrument.
5 Establishment of the special account
For paragraph 78(1)(a) of the Act, the Rewiring the Nation Special Account 2023 is established as a special account.
6 Accountable authority responsible for the special account
For paragraph 78(1)(d) of the Act, the accountable authority responsible for the special account is the Secretary of the Department of Climate Change, Energy, the Environment and Water.
Part 2—Special account credits and debits
7 Amounts that may be credited to the special account
For paragraph 78(1)(b) of the Act, the following amounts may be credited to the special account:
(a) an amount appropriated by the Parliament for the purposes of the special account;
(b) an amount received in the course of the performance of functions that relate to one or more purposes of the special account;
(c) the proceeds of an investment of an amount debited from the special account;
(d) an amount received from any person for one or more purposes of the special account.
Note: Subsection 58(5) of the Act requires the proceeds of an investment (within the meaning of that provision) of an amount debited from a special account to be credited to that special account.
8 Purposes of the special account
For paragraph 78(1)(c) of the Act, the purposes of the special account, in relation to which amounts may be debited from the special account, are:
(a) to make investments in relation to:
(i) activities to modernise Australia’s electricity grids;
(ii) activities that contribute to energy system security, reliability, and affordability;
(iii) renewable energy developments and decarbonisation of Australia’s electricity grids;
(iv) large scale storage and associated transmission;
(b) to provide underwriting for activities under paragraph (a), provided the value of the underwriting does not exceed the balance of the special account at any time;
(c) to disburse an amount in connection with joint activities performed for, on behalf of, or together with, a Commonwealth entity, Commonwealth company, government, organisation, body or person in relation to the activities under paragraph (a);
(d) to disburse an amount in connection with an agreement between the Commonwealth and another person, organisation, body or government in relation to the activities under paragraph (a);
(e) to repay an amount where a court order, Act or other law requires or permits the repayment of an amount received; and
(f) to reduce the balance of the special account (and, therefore, the available appropriation for the special account) without making a real or notional payment.