Maximum Grants Rules 2008 (Cth)

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Maximum Grants Rules 20081

Higher Education Endowment Fund Act 2007

We, WAYNE SWAN, Treasurer, and LINDSAY TANNER, Minister for Finance and Deregulation, make these Rules under subsection 47 (1) of the Higher Education Endowment Fund Act 2007.

Dated 26 June 2008

WAYNE SWAN LINDSAY TANNER

Treasurer Minister for Finance and Deregulation

1Name of Rules

These Rules are the Maximum Grants Rules 2008 .

2Commencement

These Rules commence on the day on which they are registered.

Note 1 Section 42 of the Legislative Instruments Act 2003 (which deals with disallowance of legislative instruments) does not apply to this instrument: see subsection 47 (7) of the Higher Education Endowment Fund Act 2007.

Note 2 Section 47 of the Higher Education Endowment Fund Act 2007 explains arrangements relating to these Rules, including the requirement for consultation with:

(a) the Education Minister (defined by that Act as the Minister responsible for administering the Higher Education Support Act 2003); and

(b) the Future Fund Board of Guardians.

3Definitions

In these Rules:

Act means the Higher Education Endowment Fund Act 2007.

Note Section 5 of the Act defines the expressions Fund and Fund Account. Fund means the Higher Education Endowment Fund established by section 11 of the Act, and Fund Account means the Higher Education Endowment Fund Special Account established by section 12 of the Act.

Financial year means:

  1. (a)

    the financial year beginning on 1 July 2008; and

  2. (b)

    each later financial year beginning on 1 July.

4Maximum grants amount

  1. (1)

    For subsection 47 (1) of the Act, this clause explains how to ascertain the maximum amount that can be debited from the Fund Account during a financial year for the following purposes:

    1. (a)

      making grants of financial assistance to eligible higher education institutions in relation to capital expenditure;

    2. (b)

      making grants of financial assistance to eligible higher education institutions in relation to research facilities.

  2. (2)

    The maximum amount for a financial year is the lesser of:

    1. (a)

      the amount calculated using clause 5; and

    2. (b)

      the accumulated nominal earnings of the Fund at the start of that financial year, identified in section 49 of the Act.

5Amount for paragraph 4 (2) (a)

  1. (1)

    For a financial year, the amount mentioned in paragraph 4 (2) (a) is the sum of:

    1. (a)

      $175 000 000, indexed after 1 July 2008 in accordance with the June All Groups Consumer Price Index published by the Australian Bureau of Statistics and applicable immediately before the start of the financial year; and

    2. (b)

      the annual maximum grants amount adjustment worked out using subclause (3).

Note The All Groups Consumer Price Index is published by the ABS with the reference number 6401.0.

  1. (2)

    However, if the amount calculated using subclause (1) is less than zero, the amount is taken to be zero.

  2. (3)

    The annual maximum grants amount adjustment is worked out using the following steps:

Step 1

Identify the market value of the Fund as at 30 June in the preceding financial year

Step 2

Subtract the amount that is the total of all Government contributions made to the Fund Account, indexed in accordance with the June All Groups Consumer Price Index published by the Australian Bureau of Statistics and applicable immediately before the start of the financial year

Step 3

Subtract the amount that is $500 000 000, indexed after 1 July 2008 in accordance with the June All Groups Consumer Price Index published by the Australian Bureau of Statistics and applicable immediately before the start of the financial year

Step 4

Multiply the result by 0.3

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003.See

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