EXPLANATORY STATEMENT
Issued by the Authority of the Treasurer and the Minister for Finance and Deregulation
Nation-building Funds Act 2008
Building Australia Fund (Subsequent Credit) Determination 2010
Subsection 15(1) of the Nation-building Funds Act 2008 (the Act) provides that the Treasurer and the Minister for Finance and Deregulation, as the responsible Ministers, may, by writing, determine that a specified amount is to be credited to the Building Australia Fund Special Account (BAF Account) on a specified day or in specified instalments on specified days.
The purpose of this Building Australia Fund (Subsequent Credit) Determination 2010 is to specify, in accordance with paragraph 15(1)(a) of the Act, that $80,140,000.00 is to be credited to the BAF Account on 17 May 2010.
This amount relates to the unspent monies of the Commonwealth Government’s contribution towards pre‑construction works for the West Metro project which the New South Wales Government announced would not be proceeding. The Commonwealth Government provided a contribution of $91,000,000.00, originally sourced from the BAF Account, to the New South Wales Government for the pre‑construction works of the project in June 2009. The New South Wales Government returned the unspent monies to the Commonwealth in April 2010. This Determination will enable the unspent monies to be returned to the BAF Account. Following the completion of an audit by the New South Wales Auditor-General, further monies may be returned.
The Determination is deemed to be a legislative instrument for the purpose of the Legislative Instruments Act 2003. However, the Determination, as a ministerial direction, is not disallowable.
The Determination commences on the day it is registered on the Federal Register of Legislative Instruments.