Financial Framework (Supplementary Powers) Amendment (2014 Measures No. 3) Regulation 2014 (Cth)

Financial Framework (Supplementary Powers) Amendment (2014 Measures No. 3) Regulation 2014

Select Legislative Instrument No. 212, 2014

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 11 December 2014

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Mathias Cormann

Minister for Finance

Contents

1............ Name.................................................................................................. 1

2............ Commencement.................................................................................. 1

3............ Authority............................................................................................ 1

4............ Schedules............................................................................................ 1

Schedule 1—Amendments                                                                            2

Financial Framework (Supplementary Powers) Regulations 1997               2

1Name

This is the Financial Framework (Supplementary Powers) Amendment (2014 Measures No. 3) Regulation 2014.

2Commencement

This instrument commences on the day after it is registered.

3Authority

This instrument is made under the Financial Framework (Supplementary Powers) Act 1997.

4Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Financial Framework (Supplementary Powers) Regulations 1997

1  Part 4 of Schedule 1AB (at the end of the table)

Add:

71 Global Infrastructure Hub To provide funding to the Global Infrastructure Hub as a result of agreements reached by the Commonwealth Government with the members of the Group of 20 (G20) forum and with the objectives of: (a) developing a knowledge‑sharing platform and network between governments, the private sector, development banks and other international organisations; and (b) fostering collaboration among these groups to improve the functioning and financing of infrastructure markets.

2  Schedule 1B (at the end of the table)

Add:

21 A company limited by guarantee that will undertake activity as a Global Infrastructure Hub (and to be known by that name) To lower barriers to investment, increase the availability of investment‑ready projects, help match potential investors with projects and improve policy delivery, including by the following: (a) developing a knowledge‑sharing network to aggregate and share information on infrastructure projects and financing between governments, international organisations, development banks, national infrastructure institutions and the private sector; (b) addressing key data gaps that matter to investors; (c) developing effective approaches to implement the voluntary G20 Leading Practices on Promoting and Prioritising Quality Investment, including model documentation covering project identification, preparation and procurement; (d) building the capacity of officials to improve institutional arrangements for infrastructure by sharing best practice approaches; (e) enhancing investment opportunities by developing a consolidated database of infrastructure projects, connected to national and relevant multilateral development bank databases, to help match potential investors with projects.