Overview

The Building Australia Fund General Drawing Rights Limit Declaration 2009 was enacted to address the need for a specific limit on the general drawing rights for the Building Australia Fund for the financial year ending on 30 June 2009. This legislative instrument was introduced under the authority of the Nation-building Funds Act 2008, and the policy objective was to fast track the government's nation-building agenda in response to the global financial crisis. The Minister for Finance and Deregulation was responsible for declaring this limit in writing, as stipulated in the Act. The declaration was designed to effectively manage the expenditure of public funds by setting a maximum limit on the amount that could be covered by drawing rights issued under the Financial Management and Accountability Act 1997 for the specified financial year. This legislative instrument, being a non-disallowable legislative instrument, had to be tabled in Parliament and published on the Federal Register of Legislative Instruments.

Scope and Application

The Building Australia Fund General Drawing Rights Limit Declaration 2009 applies to the Building Australia Fund (BAF) as established under section 12 of the Nation-building Funds Act 2008. This Declaration sets the general drawing rights limit for the BAF specifically for the financial year ending on 30 June 2009, ensuring that the fund's expenditures are managed within the specified limits. The Act's scope extends to the main purposes of the BAF, which include making payments related to the creation or development of transport, communications, energy, and water infrastructure, but it excludes payments for eligible Nation Broadband Network matters. This legislative instrument is not subject to disallowance and must be tabled in Parliament and published on the Federal Register of Legislative Instruments. The financial year limitation of this Declaration means it does not affect the general drawing rights limit for any other year, which are instead included in the relevant Appropriation Acts.

Key Provisions

The Building Australia Fund General Drawing Rights Limit Declaration 2009 (the Declaration) outlines the general drawing rights limit for the Building Australia Fund (BAF) for the financial year ending on 30 June 2009, as required by section 109 of the Nation-building Funds Act 2008 (Funds Act). Section 12 of the Funds Act establishes the BAF, which comprises the investments of the BAF and the BAF Special Account, recognised under the Financial Management and Accountability Act 1997 (FMA Act) and established under section 13 of the Funds Act. The Declaration specifies a limit on the amount that may be covered by drawing rights issued by the Minister for Finance and Deregulation under the FMA Act for the financial year ending on 30 June 2009, for the main purposes of the BAF, which include making payments in relation to the creation or development of transport infrastructure, communications infrastructure, energy infrastructure and water infrastructure. The Declaration imposes certain obligations and requirements on the parties or entities it governs. Under section 109(3) of the Funds Act, the Declaration is a legislative instrument that is not disallowable. It is required to be tabled in the Parliament and published on the Federal Register of Legislative Instruments. The Minister for Finance and Deregulation is responsible for declaring the general drawing rights limit in writing, as per section 109(1)(a) of the Funds Act. This mechanism ensures that payments of public money are made with the authority of a valid drawing right, thereby managing the expenditure of public funds effectively. Any breach of the provisions outlined in the Declaration may result in civil or criminal consequences. The specific offences, penalties, or consequences are not detailed in the provided text; however, it is implied that any improper use of drawing rights beyond the specified limit would be subject to the penalties prescribed under the FMA Act. The importance of adhering to the specified general drawing rights limit is underscored by the legislative requirement for the Minister to declare it in writing, thereby setting a clear boundary for the use of public funds within the BAF for the specified financial year.