Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation 2020
I, Josh Frydenberg, Treasurer, make the following instrument.
Dated 15 May 2020
Josh Frydenberg
Treasurer
Contents
1 Name
2 Commencement
3 Authority
4 Schedules
Schedule 1—Amendments
Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020
1 Name
This instrument is the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation 2020.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day this instrument is made. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under section 7 of the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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
Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020
1 Subsection 6(4)
Repeal the subsection.
Overview
The Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation 2020 was enacted to make amendments to the existing delegation under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. This legislation was introduced by the Australian government to address the economic impact of the COVID-19 pandemic, particularly focusing on providing financial support to small and medium enterprises. The problem it aimed to address was the severe liquidity issues faced by these businesses due to the pandemic, which threatened their survival and consequently the broader economy. The enacting body for this amendment is the Minister for Finance, Josh Frydenberg, who, as Treasurer, has the authority to make such changes under section 7 of the aforementioned Act. The policy objective is to streamline and enhance the government's response to the economic crisis by amending the delegation to better facilitate the guarantee of lending to affected businesses.
Scope and Application
The Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation 2020 is an instrument made under section 7 of the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. It commenced on the day it was made, which was 15 May 2020. This instrument amends the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020 by repealing subsection 6(4) as set out in Schedule 1. The instrument applies to the Minister for Treasury and Finance who is responsible for administering the Coronavirus Economic Response Package, and it affects the delegation of certain powers under the Act. The instrument does not specify any geographic or jurisdictional reach, nor does it mention any exclusions, exemptions, or thresholds. However, the instrument may be extended or restricted through subordinate instruments that are not specified in the text.
Key Provisions
The Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation 2020 primarily serves to amend the existing Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020. The main operative sections of this instrument include the repeal of Subsection 6(4) (Schedule 1, item 1), which signifies changes to the existing delegation made under section 7 of the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. This amendment takes effect on the day the instrument is made, as indicated in the commencement details (section 2).
The obligations and requirements imposed by this Act primarily concern the delegation of powers to the Treasurer. By amending Subsection 6(4), the Act modifies the scope or conditions of the delegation, potentially affecting the way in which the Treasurer exercises certain powers related to the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. This could include alterations to the criteria for lending guarantees, the conditions under which these guarantees are provided, or the administrative processes involved in managing these guarantees.
In terms of consequences for breach, it is important to note that the primary focus of this legislation is on the delegation of powers rather than directly imposing obligations on individuals or entities. Therefore, there are no specific offences, penalties, or consequences outlined for breach in this instrument. The changes made by the Amendment Delegation 2020 are intended to ensure that the delegation of powers is aligned with the objectives of the original Act, particularly in the context of the Coronavirus Economic Response Package. Any failure to comply with the amended delegation could result in administrative or procedural issues, but the Act itself does not prescribe specific penalties or consequences for such breaches.