Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023

Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023

made under the Commonwealth Inscribed Stock Act 1911, the Commonwealth Inscribed Stock Regulation 2015, the Loans Securities Act 1919, the Loans Securities Regulation 2015, and the Public Governance, Performance and Accountability Act 2013.

Compilation No. 01

Compilation date: 1 October 2025

Includes amendments: Commonwealth Securities (Treasury Portfolio Agency) Amendment (2025 Measures No. 1) Delegations 2025

Prepared by The Treasury

About this compilation

This compilation

This is a compilation of the Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023 that shows the text of the law as amended and in force on 1 October 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1—Preliminary

1  Name 

3  Authority

4  Definitions

Part 2—Delegations

5  Delegations and authorisations under the CIS Act

6  Delegations under the CIS Regulations

7  Delegations under the LS Act

8  Delegations under the LS Regulations

9  Delegations under the PGPAA

Part 3—Repeals and revocations

10  Revocations

Schedule 1—Delegations under the CIS Act

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1—Preliminary

1  Name

  This instrument is the Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023.

3  Authority

  This instrument is made under the following:

 (a) the Commonwealth Inscribed Stock Act 1911; and

 (b) the Commonwealth Inscribed Stock Regulations 2025; and

 (c) the Loans Securities Act 1919; and

 (d) the Loans Securities Regulations 2025; and

 (e) the Public Governance, Performance and Accountability Act 2013.

4  Definitions

  In this instrument:

ADI has the meaning given by the Banking Act 1959.

AOFM means the Australian Office of Financial Management.

Australian Public Service has the meaning given by the Public Service Act 1999.

authorised bank accepted bills and instruments means a bank accepted bill of exchange or negotiable certificate of deposit, that meets all of the following:

 (a) is rated at least A1 or equivalent by a major credit rating agency;

 (b) is denominated in Australian dollars;

 (c) is issued by an ADI which holds an exchange settlement account with the RBA;

 (d) has a remaining term to maturity of no more than 12 months.

authorised commercial paper means commercial paper that meets all of the following:

 (a) is rated at least A1 or equivalent by a major credit rating agency;

 (b) is denominated in Australian dollars;

 (c) has a remaining term to maturity of no more than 12 months.

authorised debt instrument means a debt instrument that meets all of the following:

 (a) is rated at least AAA or equivalent by a major credit rating agency;

 (b) is denominated in Australian dollars;

 (c) meets one of the following:

 (i) is issued or guaranteed by the national government of a foreign country;

 (ii) is issued by a financial institution or a supranational institution (being an institution owned or established by governments of 2 or more countries).

CEO, in relation to the AOFM, means the SES employee, or acting SES employee, holding, occupying or performing the duties of the Chief Executive Officer of the AOFM.

CIS Act means the Commonwealth Inscribed Stock Act 1911.

CIS Regulations means the Commonwealth Inscribed Stock Regulations 2025.

Deputy CEO, in relation to the AOFM, means the SES employee, or acting SES employee, holding, occupying or performing the duties of the Deputy Chief Executive Officer of the AOFM.

dematerialised security means a dematerialised security that is deposited in the Austraclear System.

Note: Information about the Austraclear System can be found on the Australian Securities Exchange’s website (http://www.asx.com.au).

LS Act means the Loans Securities Act 1919.

LS Regulations means the Loans Securities Regulations 2025.

major credit rating agency means one of the following (including a parent or holding company of the one of the following):

 (a) Fitch Australia Pty Ltd;

 (b) Moody’s Investors Service Pty Limited;

 (c) S&P Global Ratings Australia Pty Ltd.

PGPAA means the Public Governance, Performance and Accountability Act 2013.

RBA means the Reserve Bank of Australia.

Reserve Bank Service has the meaning given by section 66 of the Reserve Bank Act 1959.

Part 2—Delegations

5  Delegations and authorisations under the CIS Act

Authorisations

 (1) Under subsection 51H(2) of the CIS Act and the Commonwealth Inscribed Stock (Treasurer) Delegations 2023, each person holding, occupying or performing the duties of each of the following offices or positions in the Australian Public Service or Reserve Bank Service, is authorised to exercise the powers under sections 4 and 7 of the CIS Act that have been delegated to Treasurer by the Governor-General:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Head, Funding, Strategy and Research, AOFM;

 (d) the Head, Domestic Markets Department, RBA;

 (e) a Deputy Head, Domestic Markets Department, RBA;

 (f) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities within the same agency.

Note: Sections 4 and 7 of the CIS Act relate to creating stock and issuing stock.

Delegations

 (2) Under subsection 51JA(1) of the CIS Act, each item of the table in Schedule 1:

 (a) specifies a function or power under the CIS Act that is delegated to the person or persons referred to in that item in the table (being the persons for the time being holding, occupying or performing the duties of the respective offices or positions in the AOFM or RBA that are specified); and

 (b) sets out any limitation on the delegation covered in that item in the table.

Note: In exercising delegated powers under section 3A of the CIS Act, delegates are subject to the Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020.

 (3) If an office or position referred to in an item of the table in Schedule 1 ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities within the same agency are also delegated the function or power as specified in the item of the table.

Direction

 (4) Under paragraph 51JA(3)(b) of the CIS Act, a delegate under subsections 5(2) and 5(3) of this instrument, exercising the Treasurer’s power under section 3A of the CIS Act, is directed to exercise the functions and powers in a manner consistent with all of the following:

 (a) the objective of satisfying the on-going budgetary requirements of the Commonwealth, in a prudent and cost-effective manner; and

 (b) the objective of supporting the efficient and effective operation of the government bond market.

6  Delegations under the CIS Regulations

Delegations relating to the AOFM

 (1) Under subsection 23(1) of the CIS Regulations, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer’s powers under sections 17 and 21 of the CIS Regulations:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Chief Operating Officer of the AOFM;

 (d) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Sections 17 and 21 of the CIS Regulations relate to transferring stock to the administrator of certain estates, and destroying bearer securities and coupons.

Delegations relating to the RBA

 (2) Under subsection 23(1) of the CIS Regulations, each person holding, occupying or performing the duties of each of the following offices or positions in the RBA, is delegated the Treasurer’s powers under sections 20 and 21 of the CIS Regulations:

 (a) the Senior Manager, Service Delivery, Banking Department, RBA;

 (b) the Manager, Overseas, Banking Department, RBA;

 (c) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Sections 20 and 21 of the CIS Regulations relate to payments for defaced, lost, stolen or destroyed bearer securities or coupons, and destroying bearer securities and coupons.

7  Delegations under the LS Act

Delegations relating to the Treasurer’s powers under section 5B

 (1) Under subsection 5D(1) of the LS Act, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer’s power under subsection 5B(1) of the LS Act:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Head, Funding, Strategy and Research, AOFM;

 (d) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Section 5B of the LS Act relates to swaps and other financial arrangements.

Delegations relating to the Treasurer’s powers under section 5BA

 (2) Under subsection 5E(1) of the LS Act, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM and RBA, is delegated the Treasurer’s power under section 5BA of the LS Act:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Head, Funding, Strategy and Research, AOFM;

 (d) the Head, Domestic Markets Department, RBA;

 (e) a Deputy Head, Domestic Markets Department, RBA;

 (f) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Section 5BA of the LS Act relates to security lending arrangements.

Direction

 (3) Under subsection 5E(2) and paragraph 5E(3)(b) of the LS Act, a delegate under subsection 7(2) of this instrument, exercising the Treasurer’s power under section 5BA of the LS Act, is directed to exercise the functions and powers in a manner consistent with all of the following:

 (a) the kinds of collateral that must be received in relation to securities lending arrangements entered into under subsection 5BA(1) must be one or more of the following:

 (i) cash; or

 (ii) is of a kind covered by a paragraph in subsection 5BA(3) of the LS Act where that kind is also accepted as collateral by the RBA in its open market operations.

Delegations relating to the Treasurer’s powers under section 5C

 (4) Under subsection 5D(1) of the LS Act, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer’s power under section 5C of the LS Act:

 (a) the CEO of the AOFM;

 (ba) the Deputy CEO of the AOFM;

 (b) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Section 5C of the LS Act relates to the jurisdiction of foreign courts.

8  Delegations under the LS Regulations

  Under subsection 7(1) of the LS Regulations, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer’s powers under section 6 of the LS Regulations:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Chief Operating Officer of the AOFM;

 (d) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Section 6 of the LS Regulations relates to lost, stolen, destroyed and mutilated securities.

9  Delegations under the PGPAA

Delegation

 (1) Under subsection 108(1) of the PGPAA, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer’s functions and powers under subsection 58(1) of the PGPAA:

 (a) the CEO of the AOFM;

 (b) the Deputy CEO of the AOFM;

 (c) the Head, Funding, Strategy and Research, AOFM;

 (d) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.

Note: Section 58 of the PGPAA relates to investment by the Commonwealth.

Direction

 (2) Under subsection 108(4) of the PGPAA, a delegate under subsection 9(1) of this instrument is directed to exercise the functions and powers in a manner consistent with all of the following:

 (a) relevant money is to be invested only in one or more of the following classes of investment:

 (i) securities issued or guaranteed by the Commonwealth, a State or a Territory;

 (ii) term deposits with the RBA;

 (iii) authorised bank accepted bills and instruments;

 (iv) authorised commercial paper;

 (v) authorised debt instruments;

 (vi) dematerialised securities that are the equivalent of a class of investment referred to in subparagraph (iii).

 (b) where an investment held by the Commonwealth ceases to fall within a class specified in paragraph (a), the investment may continue to be held to maturity or until it can be sold at a reasonable price.

Note: To avoid doubt, nothing in subsection (2) is intended to prevent the AOFM from entering into repurchase agreements, on behalf of the Commonwealth, using an investment referred to in subsection (2), for short-term financing as part of its management of the Official Public Account Group of Accounts.

Part 3—Repeals and revocations

10  Revocations

 (1) The authorisations and delegations, made by the Treasurer on 2 September 2021, under Acts and instruments mentioned in section 3, are revoked.

 (2) The Directions Relating to Commonwealth Investment, made by the Acting Treasurer on 25 June 2014, under the section 108 of the PGPAA, are revoked.

Schedule 1—Delegations under the CIS Act

Note:  See subsection 5(2).

Note: The description of the function or power in the table are to assist readers only. They are not intended to affect the interpretation nor limit the function or power referred to in the table.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history