Treasury Laws Amendment (Housing Measures No. 1) Act 2023

To understand the operation of the Act, one must grasp several core legal and financial concepts established or modified by the instrument.

Continuation of Corporate Identity

Under Schedule 1 Part 1 Item 16, the corporate entity previously known as the National Housing Finance and Investment Corporation (NHFIC) is declared to continue in existence under the name Housing Australia. This transition relies on s 25B(1) of the Acts Interpretation Act 1901 (Cth), which ensures that an alteration of a corporate name does not affect its identity, assets, liabilities, or existing legal proceedings. This is a critical continuity concept for commercial lenders and partners who hold existing agreements with the entity.

The Three Functional Divisions

The Act abandons the previous, more open-ended functional definitions of the NHFIC in favour of three highly defined categories under s 8(1) of the Housing Australia Act 2018:

• The Financing Function (s 8(1A)): This function is restricted to making loans and grants. The Act explicitly removes the word "investments" from this definition. Financing must be directed to constitutional corporations to improve housing outcomes, to States and Territories as financial assistance grants, or to other entities targeting specific federal cohorts such as residents of Territories, Aboriginal or Torres Strait Islander people, members of the Australian Defence Force (ADF), or aliens.
• The Guarantee Function (s 8(1B)): Housing Australia may issue guarantees to constitutional corporations for the purpose of improving housing outcomes and assisting those corporations in developing their activities or business.
• The Capacity Building Function (s 8(1C)): This function involves providing business advisory services and technical assistance to registered community housing providers (CHPs). If the CHP is a constitutional corporation, the assistance is general. If the CHP is not a constitutional corporation, the capacity building must specifically target housing outcomes in Territories, or for Indigenous people, ADF members, or aliens.

Constitutional Anchors

The Act makes explicit reference to federal constitutional heads of power. By defining beneficiaries in terms of "constitutional corporations" (s 51(xx) of the Constitution), "aliens" (s 51(xix)), "members of the Australian Defence Force" (the defence power under s 51(vi)), "Territory" (s 122), and "Aboriginal or Torres Strait Islander people" (the race power under s 51(xxvi)), the legislature has constructed "safety valves" to ensure that federal spending on housing remains within the bounds of Commonwealth legislative competence. This is a direct response to high court jurisprudence limiting the executive's spending power.

The Statutory Application Gateway

Section 10 of the Act is rewritten to establish a formal application gateway. Housing Australia is legally prohibited from providing loans, grants, guarantees, or capacity-building assistance unless an entity has formally applied for it under s 10(2). This application must be considered in accordance with the criteria, limits, and timeframes specified in the Investment Mandate (s 10(3)).

Inter-Fund Financial Pipelines

Schedule 4 introduces complex funding mechanics. It establishes a pathway for the "nominated Minister" to direct that funds be debited from the Future Fund Account and credited to the Housing Australia Future Fund Special Account (Schedule 4 Item 32, inserting s 84(4AB) of the Future Fund Act 2006). This capital is then channelled into the Housing Australia Special Account under s 47C of the Housing Australia Act 2018 to fund payments for acute, social, and affordable housing.

The Act directly impacts a broad range of public and private actors, altering their rights, obligations, operational boundaries, and compliance risks.

Housing Australia (The Corporate Entity)

The Board and executive of Housing Australia face immediate operational adjustments. The Board is expanded to include between six and eight members, plus the Chair and CEO (Schedule 1 Part 1 Item 38). At least one of these members must possess specific expertise in "housing for Aboriginal or Torres Strait Islander people" (Schedule 1 Part 1 Item 39, inserting s 18(2)(ca)). The Board must also adapt to a tighter statutory framework that removes its ability to make direct "investments" (such as taking equity positions), confining its commercial tools to loans, grants, and guarantees.

Constitutional Corporations and Community Housing Providers

Private and non-profit housing developers, builders, and registered community housing providers (CHPs) are heavily affected. To access the financing, guarantee, or capacity-building functions of Housing Australia, these entities must generally satisfy the definition of a "constitutional corporation" (s 5). If they are unincorporated associations, sole traders, or partnerships that do not qualify as constitutional corporations, they are excluded from mainstream funding and capacity building. They can only access assistance if they fall under the narrow cohort-specific categories (e.g. providing housing in a Territory, or for Indigenous peoples, ADF members, or aliens).

State and Territory Governments

State and Territory jurisdictions are key beneficiaries of the revised financing function. The Act permits Housing Australia to make grants of financial assistance directly to States and Territories to improve housing outcomes (s 8(1A)(b)). These funds are channelled through the COAG Reform Fund (Schedule 4 Item 4), allowing States and Territories to execute localized housing programs, subject to terms and conditions set out in written agreements under s 10(5).

The Future Fund Board of Guardians

The Future Fund Board faces expanded reporting, administrative, and benchmarking duties. Under Schedule 4 Item 26, the Board must include detailed reporting in its annual reports regarding the performance of the investments of the Housing Australia Future Fund, alongside reporting on the exact amounts debited from the HAFF Special Account for social, affordable, and acute housing initiatives. They must also develop and publish specific benchmarks for these debits (Schedule 4 Item 27, inserting s 81(2DB)).

Specific Target Cohorts

The legislation is structured to direct resources toward specific demographics. Aboriginal and Torres Strait Islander communities, members of the Australian Defence Force, aliens (within the meaning of s 51(xix) of the Constitution), and residents of the Australian Territories are explicitly identified as target cohorts. Entities serving these groups are granted pathways to access funding and capacity-building assistance, regardless of whether the service provider is a constitutional corporation.

The Act reshapes the legal landscape by establishing precise statutory duties for government actors and clear conditional rights and obligations for funding recipients.

Board and Agency Duties

The Board of Housing Australia is subject to a newly emphasized statutory directive. The Act inserts an explicit heading "Obligation to act properly, efficiently and effectively" directly before subsection 8(3) (Schedule 2 Part 1 Item 7). This aligns the Board’s performance requirements with broader public governance standards.

Furthermore, Housing Australia is bound by strict statutory limits regarding how it processes funding requests:

• Duty to Consider Applications (s 10(3)): Housing Australia must consider applications for loans, grants, guarantees, or capacity building within the timeframes and in accordance with the decision-making criteria and limits specified in the Investment Mandate.
• The Negative Duty (s 10(4)): The agency is subject to a strict prohibition. It must not provide any loan, grant, guarantee, or capacity-building assistance to an entity unless that entity has submitted a formal application under s 10(2). This duty eliminates the agency's capacity to provide discretionary, unsolicited, or ad-hoc funding outside the formal application framework.
• Review and Tabling Duties (s 57B): The Minister is under a strict duty to cause an annual review of the National Housing Infrastructure Facility (NHIF) to commence within three months after the end of each twelve-month period following the commencement of Schedule 2. The persons conducting the review must deliver a written report within three months of commencement (s 57B(2)), and the Minister must cause this report to be tabled in each House of Parliament within fifteen sitting days of receipt (s 57B(3)).

Recipient Duties and Rights

Entities that apply for and receive assistance under the Act do not acquire an unconditional right to funding. Instead, their rights and obligations are contractual and statutory:

• Duty to Comply with Terms (s 10(6)): Any entity that enters into a written agreement with Housing Australia for a loan, grant, guarantee, or capacity-building assistance has a statutory duty to comply with the terms and conditions set out in that agreement.
• Creation of a Statutory Debt (s 10(7)): If an agreement specifies that an amount is payable to Housing Australia (such as loan repayments or returned grant funds), that amount is deemed by law to be a debt due to Housing Australia. This debt is recoverable by action in any court of competent jurisdiction. This statutory characterization streamlines debt recovery, removing the need for Housing Australia to prove common law breach elements before establishing a debt.

Unlike regulatory or criminal statutes, the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 does not contain a dedicated schedule of criminal offences, civil penalty provisions, or daily fines. Instead, its enforcement mechanisms are structured around commercial contract law, statutory debt creation, and public sector governance frameworks.

Statutory Debt Recovery

The primary enforcement mechanism against external funding recipients is found in s 10(7). By declaring that any amount payable to Housing Australia under a written agreement is a "debt due" and "recoverable by action in a court of competent jurisdiction", the Act provides the agency with a direct civil litigation pathway. If a community housing provider or constitutional corporation defaults on a loan or breaches a grant condition that requires repayment, Housing Australia can initiate debt recovery proceedings in federal or state courts. The statutory definition of the debt reduces the litigation burden on the agency, as the court must simply determine whether the terms of the written agreement have triggered a payment obligation.

Public Governance, Performance and Accountability Act 2013 (PGPA Act)

For internal enforcement, Housing Australia is bound by the PGPA Act, as explicitly noted in Note 2 to s 7(1). This means that the Board, the Chief Executive Officer, and other officials of Housing Australia are subject to the duties of officials set out in Division 2 of Part 2-2 of the PGPA Act. These duties include:

• The duty to act with care and diligence (s 25 of the PGPA Act).
• The duty to act in good faith and for a proper purpose (s 26 of the PGPA Act).
• The duty in relation to use of position (s 27 of the PGPA Act).
• The duty in relation to use of information (s 28 of the PGPA Act).

Breaches of these duties by Housing Australia officials can result in civil penalties, termination of employment or Board appointments (Schedule 1 Part 3 Item 83(2) explicitly preserves the power to terminate appointments), or, in cases of dishonest or reckless misuse of position, criminal prosecution under s 29 of the PGPA Act.

Executive Compliance

For interactions between the Future Fund and the HAFF, compliance is managed through ministerial directives. For instance, under Schedule 4 Item 39 (Schedule 2A cl 5B of the Future Fund Act 2006), the nominated Minister may direct that specified amounts be debited from the Future Fund and credited to the HAFF Special Account. These directions are written, non-legislative instruments, and compliance is enforced through standard public service administrative accountability and audit mechanisms.

The Act is a highly integrated piece of legislation that relies on, modifies, and intersects with several other Commonwealth statutes.

┌────────────────────────────────────────────────────────────────────────┐
│               Treasury Laws Amendment (Housing Measures No. 1)        │
│                                  Act 2023                              │
└───────────────────────────────────┬────────────────────────────────────┘
                                    │
         ┌──────────────────────────┼──────────────────────────┐
         ▼                          ▼                          ▼
┌─────────────────┐       ┌──────────────────┐       ┌──────────────────┐
│Housing Australia│       │   Future Fund    │       │   COAG Reform    │
│    Act 2018     │       │     Act 2006     │       │    Fund Act 2008 │
│ (Principal Act  │       │ (Establishes HAFF│       │ (Channels grants │
│  renamed from   │       │   investment &   │       │  to States and   │
│   NHFIC Act)    │       │  transfer rules) │       │   Territories)   │
└────────┬────────┘       └────────┬─────────┘       └──────────────────┘
         │                         │
         │  ┌──────────────────────┘
         ▼  ▼
┌──────────────────┐
│Housing Australia │
│Future Fund Act   │
│       2023       │
│ (Triggers inter- │
│  fund transfers) │
└──────────────────┘

The Housing Australia Act 2018

The primary interaction is with the renamed Housing Australia Act 2018. The amending Act rewrites key portions of this statute, shifting its core functions away from "investments" toward a narrower focus on "loans and grants" and "capacity building". It also updates all internal references within the primary Act from "NHFIC" to "Housing Australia".

The Housing Australia Future Fund Act 2023 (HAFF Act)

This Act acts as a companion to the HAFF Act. Schedule 4 contains extensive amendments designed to facilitate the flow of capital from the HAFF (established by s 9 of the HAFF Act) to Housing Australia. It amends s 47C of the Housing Australia Act 2018 to expand the purposes of the Housing Australia Special Account to include making payments to Housing Australia so that it can execute grants or loans in relation to social housing, affordable housing, and acute housing needs (Schedule 4 Item 41).

The Future Fund Act 2006

The Act inserts several new provisions into the Future Fund Act 2006 to incorporate the HAFF into the broader sovereign fund management framework. It defines the "Housing Australia Future Fund", the "Housing Australia Future Fund Special Account", and the relevant Ministers (Schedule 4 Item 17). It amends s 81 of the Future Fund Act 2006 to mandate that the Future Fund’s annual reports include specific details on the performance of HAFF investments and the exact amounts debited from the HAFF Special Account for housing purposes (Schedule 4 Item 26). It also inserts Schedule 2A Clause 5B, which allows the nominated Minister to direct transfers from the Future Fund Account to the HAFF Special Account.

Other Sovereign Fund Acts

Schedule 4 amends a suite of other sovereign fund statutes to coordinate financial operations and prevent unintended conflicts regarding investment drawdowns. These include:

• Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018
• DisabilityCare Australia Fund Act 2013
• Disaster Ready Fund Act 2019
• Future Drought Fund Act 2019
• Medical Research Future Fund Act 2015

In each case, these statutes are amended to ensure that transfers or debits related to the HAFF Act are properly recognized and do not breach the operational limits of these other specialized funds.

The COAG Reform Fund Act 2008

Under Schedule 4 Items 4 to 6, the Act amends the COAG Reform Fund Act 2008 to permit HAFF funds destined for State or Territory housing programs to be channelled through the COAG Reform Fund. It inserts s 7(1)(bad) to ensure that these specific housing grants are managed in accordance with the terms and conditions set out under s 30 of the HAFF Act, rather than the general conditions of the COAG Reform Fund.

Administrative Decisions (Judicial Review) Act 1977 (ADJR Act)

The Act amends Schedule 2 of the ADJR Act by repealing paragraph (zd) and substituting a new paragraph (zd) (Schedule 1 Part 2 Item 81). This amendment continues the exemption of decisions relating to the activities of Housing Australia from the requirement to provide a statement of reasons under s 13 of the ADJR Act. While the decisions remain reviewable for jurisdictional error, applicants do not have a statutory right to demand a formal written explanation of the decision under the ADJR Act.

Freedom of Information Act 1982 (FOI Act)

Schedule 1 Part 2 Item 82 amends Schedule 2 of the FOI Act. This updates the agency's name to ensure that the existing exemptions and special provisions that applied to the NHFIC under the FOI Act are seamlessly transferred to Housing Australia.

The Constitution

The Act relies heavily on the division of powers under the Australian Constitution. By explicitly structuring its financing, guarantee, and capacity-building functions around "constitutional corporations" (s 51(xx)), "aliens" (s 51(xix)), "defence" (s 51(vi)), "Territories" (s 122), and "Aboriginal or Torres Strait Islander people" (s 51(xxvi)), the Act seeks to comply with the constitutional spending limits articulated by the High Court in Williams v Commonwealth [2012] HCA 23 and Williams v Commonwealth (No 2) [2014] HCA 23.

The Treasury Laws Amendment (Housing Measures No. 1) Act 2023 is an amending Act, meaning its primary legal function is to alter existing statutes. It was introduced into the House of Representatives on 9 February 2023, passed both chambers, and received Royal Assent on 28 September 2023.

Its own internal commencement history is structured in a multi-stage, sequential timeline set out in s 2(1):

• Sections 1 to 3 (the short title, commencement table, and schedule authority) commenced on the day of Royal Assent: 28 September 2023.
• Schedule 1 (the rebranding of NHFIC to Housing Australia and associated consequential amendments to the ADJR and FOI Acts) commenced on 12 October 2023, being the day after the end of the 14-day period post-Royal Assent.
• Schedule 2 Part 1 (the restructuring of Housing Australia’s functions and the insertion of the s 57B annual review) commenced immediately after Schedule 1, on 12 October 2023.
• Schedule 2 Part 2 (a consequential amendment to s 47C(2A) of the Housing Australia Act 2018) commenced on 1 November 2023. This was the later of the commencement of Schedule 1 and the commencement of Schedule 4. It was designed to align with the commencement of the Housing Australia Future Fund Act 2023.
• Schedule 3 (the extension of the Commonwealth guarantee to 1 July 2028) commenced immediately after Schedule 1, on 12 October 2023.
• Schedule 4 (the HAFF-related consequential amendments across the Future Fund Act and other sovereign funds) commenced on 1 November 2023, at the same time as the Housing Australia Future Fund Act 2023 commenced.

By executing these amendments, the Act altered the legislative history of the National Housing Finance and Investment Corporation Act 2018 by permanently renaming it and stripping it of its original "investment" mandate, replacing it with a highly structured constitutional model.

As of mid-2024, there is no reported judicial litigation directly interpreting the provisions of the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 or the newly amended sections of the Housing Australia Act 2018. This is consistent with the administrative and funding nature of the statute. However, the litigation history of the principles underpinning this Act is highly significant.

Constitutional Context: The Williams Decisions

The specific drafting of s 8(1A), (1B), and (1C) is a direct consequence of the landmark High Court decisions in Williams v Commonwealth [2012] HCA 23 (Williams No 1) and Williams v Commonwealth (No 2) [2014] HCA 23 (Williams No 2).

In those cases, the High Court established that the Commonwealth executive does not have an unlimited power to spend public money on matters outside the scope of the legislative powers granted to the Commonwealth Parliament by the Constitution, even if the spending is authorized by an appropriation Act. The Commonwealth must have specific statutory authority, and that statutory authority must be constitutionally grounded under s 51 or another power.

The previous NHFIC framework relied on broader, less constitutionally explicit descriptions of its activities. By rewriting s 8 to explicitly tie financing, guarantees, and capacity building to "constitutional corporations", "Territories", "Aboriginal or Torres Strait Islander people", "members of the Australian Defence Force", and "aliens", the legislature designed the Act to withstand any future constitutional challenge based on the Williams doctrine. Any future litigation challenging a funding grant made by Housing Australia will be tested against these specific constitutional categories.

Judicial Review under the ADJR Act

While Schedule 1 Part 2 Item 81 exempts Housing Australia decisions from the requirement to provide a statement of reasons under s 13 of the ADJR Act, it does not exempt those decisions from judicial review entirely. Under Australian administrative law, decisions made by officers of the Commonwealth remain subject to review for jurisdictional error under s 39B of the Judiciary Act 1903 (Cth) and s 75(v) of the Constitution.

Litigation remains possible if an applicant for a loan or grant can establish that Housing Australia acted with bad faith, denied procedural fairness (where applicable), or made a decision so unreasonable that no reasonable decision-maker could have made it (Associated Provincial Picture Houses Ltd v Wednesbury Corporation [1948] 1 KB 223). However, the lack of a statutory right to a statement of reasons under the ADJR Act serves as a practical barrier to initiating such litigation, as applicants must find other ways to identify reviewable errors.

For legal practitioners, corporate compliance officers, and community housing providers, several operational complexities and "gotchas" are embedded in this Act.

The ADJR "Reasoning Vacuum"

Under Schedule 1 Part 2 Item 81, Housing Australia decisions are added to Schedule 2 of the ADJR Act, which exempts them from the obligation to provide a statement of reasons under s 13. If a community housing provider spends significant capital preparing a complex application for a loan or capacity-building grant and is subsequently rejected, they cannot compel Housing Australia to provide a formal, legally binding statement of reasons explaining the rejection. This lack of transparency limits the applicant's ability to identify whether the agency made an error of law, applied incorrect criteria, or acted outside its mandate, making any subsequent judicial review highly speculative and costly.

Structural Exclusion of Non-Corporate Entities

The financing and guarantee functions are heavily anchored in the "constitutional corporation" definition (s 5). Under s 8(1A)(a) and s 8(1B), loans, grants, and guarantees can only be made to "constitutional corporations" unless they fall under the narrow exception categories in s 8(1A)(c) (such as projects in a Territory, or for Indigenous people, ADF members, or aliens).

If a community housing provider operates as an unincorporated association, a sole trader, or a trust with an individual trustee, they are legally barred from accessing general financing and guarantee programs. Unincorporated organisations must undergo corporate restructuring to become a proprietary company or a public company limited by guarantee under the Corporations Act 2001 (Cth) before they can apply.

The Absolute Application Bar

Under s 10(4), Housing Australia is explicitly prohibited from providing any financial or capacity-building assistance unless the entity has submitted a formal application under s 10(2). There is no statutory mechanism for "emergency funding", "discretionary interim payouts", or "letters of intent" that bypass this rule. If an entity requires urgent bridging finance, Housing Australia cannot provide it on an ad-hoc basis; a formal application must be submitted and processed in accordance with the Investment Mandate.

The Elimination of "Investments"

The deletion of the term "investments" from s 3(c), s 4, s 13, and s 14 of the primary Act marks a structural narrowing of Housing Australia's powers. Previously, the NHFIC could theoretically engage in a wider range of investment activities, including equity joint ventures or hybrid financial instruments. Under the amended Act, its powers are strictly confined to "loans and grants". Entities seeking equity partners, joint-venture equity capital, or co-investment structures from the Commonwealth will find that Housing Australia no longer possesses the statutory power to provide such instruments.

Automatic Statutory Debt Conversion

Section 10(7) provides that any amount payable to Housing Australia under a written agreement is a debt due and recoverable in court. This means that if a recipient disputes an allegation of non-compliance with grant conditions, Housing Australia does not need to litigate a complex breach of contract claim to establish damages. The statute automatically converts the disputed repayment claim into a liquidated debt. This significantly limits the recipient's ability to raise standard contract law defences, such as arguing that a repayment clause constitutes an unenforceable penalty.

Compliance with the Treasury Laws Amendment (Housing Measures No. 1) Act 2023 requires different actions depending on whether the complying party is an external applicant, the agency itself, or the Future Fund Board.

For Funding Applicants (Community Housing Providers and Developers)

┌────────────────────────────────────────────────────────┐
│               Compliance Pathway for Applicants        │
└───────────────────────────┬────────────────────────────┘
                            │
                            ▼
 1. Check corporate status: Are you a "constitutional    │
    corporation"? (s 5)                                  │
    * Yes: Proceed to step 2.                            │
    * No: Restructure to a corporation OR ensure project │
          strictly serves a target cohort (Territories,  │
          Indigenous, ADF, or aliens).                   │
                            │
                            ▼
 2. Review the active Investment Mandate:                │
    Confirm your project aligns with current windows,     │
    limits, and decision-making criteria.                │
                            │
                            ▼
 3. Submit a formal s 10(2) application:                 │
    Do not rely on informal agreements. Submit formal    │
    paperwork to clear the s 10(4) gateway.              │
                            │
                            ▼
 4. Execute a written s 10(5) agreement:                 │
    Review terms carefully. Note that any default is a   │
    statutory debt under s 10(7).                        │

1. Verify Corporate Eligibility (s 5 & s 8): Before preparing an application, confirm that your entity is a "constitutional corporation" (typically a company limited by guarantee or a proprietary limited company registered under the Corporations Act 2001). If your entity is unincorporated, you must either:
   • Incorporate under the Corporations Act 2001; or
   • Ensure the housing project is strictly confined to one of the target cohorts under s 8(1A)(c) or s 8(1C)(b) (e.g., housing in a Territory or specifically for Aboriginal or Torres Strait Islander people).
2. Monitor the Investment Mandate (s 10(3)): Housing Australia is bound by the active Investment Mandate. Ensure that your application is drafted to comply with the specific "decision-making criteria and limits" set out in the Mandate. If your project falls outside the scope of the Mandate, the agency is statutorily barred from considering it.
3. Formalize All Requests via the s 10 Gateway: Do not rely on informal negotiations, letters of support, or preliminary discussions with Housing Australia staff. You must lodge a formal application under s 10(2) to clear the statutory prohibition in s 10(4).
4. Establish Rigorous Agreement Compliance Frameworks (s 10(5)-(7)): Once an application is approved, ensure your legal and finance teams carefully review the written agreement required by s 10(5). Implement compliance systems to monitor every milestone and condition. Because s 10(7) converts any payable amount into a statutory debt, any material breach of a funding condition that triggers a clawback clause will result in an immediate, legally enforceable debt without the need for a full trial on contract breach.

For Housing Australia (The Agency and Board)

1. Enforce the Application Barrier (s 10(4)): The agency must maintain strict compliance controls to ensure that no loan, grant, guarantee, or capacity-building service is provided without a prior, formal s 10(2) application.
2. Board Composition Audits (s 17 & s 18): The Board must ensure its membership remains within the statutory limit of six to eight members (excluding the Chair and CEO). When vacancies arise, the Board and the Minister must ensure that the collective expertise of the Board includes "housing for Aboriginal or Torres Strait Islander people" (s 18(2)(ca)).
3. Execute Mandatory Annual Reviews (s 57B): The agency and the Minister must establish administrative calendars to ensure that the annual review of the National Housing Infrastructure Facility (NHIF) is commenced within three months after the end of each twelve-month period. Reviewers must be appointed, a written report delivered within three months of commencement, and the report tabled in Parliament within fifteen sitting days of receipt.

For the Future Fund Board of Guardians

1. Separate HAFF Accounting and Reporting (Schedule 4 Item 26): Establish distinct ledger accounts for the Housing Australia Future Fund.
2. Benchmark Debits (Schedule 4 Item 27): The Board must establish and publish a benchmark in relation to the amounts debited from the HAFF Special Account for housing and social services payments, as required by the newly inserted s 81(2DB) of the Future Fund Act 2006. This benchmark must be included in the Board's annual reports.