Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation (No. 2) 2020
I, Josh Frydenberg, Treasurer, make the following instrument.
Dated 12 November 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 (No. 2) 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Note: This table relates only to the provisions of this instrument as originally made.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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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(3)
Repeal the subsection.
Overview
The Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation (No. 2) 2020 was introduced to amend the existing delegations made under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. Enacted on 12 November 2020 by the Treasurer, Josh Frydenberg, this notifiable instrument seeks to address any gaps or modifications required in the original delegations to ensure effective administration and implementation of the legislative framework. This instrument, coming into effect on the date of its making, operates under the authority vested in the Treasurer by section 7 of the principal Act, reflecting the policy objective to provide financial support and stability to small and medium enterprises amidst the economic challenges posed by the COVID-19 pandemic.
Scope and Application
The Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation (No. 2) 2020 applies to the Minister for the Treasury, who has been delegated specific powers under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. This legislation was enacted in response to the economic impact of the COVID-19 pandemic, aiming to facilitate lending to small and medium enterprises by providing guarantees. The instrument commences on the date it is made, which is 12 November 2020. The authority for making this instrument derives from section 7 of the principal Act. The instrument amends the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020 by repealing subsection 6(3), thereby altering the existing delegation of powers. This amendment effectively removes certain constraints or conditions previously imposed on the Minister’s delegation, potentially broadening the scope of actions the Minister can undertake within the legislative framework. There are no specific exclusions, exemptions, or thresholds mentioned in the text provided, and no mention is made of the instrument extending or restricting application through subordinate instruments.
Key Provisions
The main operative sections of the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Amendment Delegation (No. 2) 2020 (referred to as the instrument) primarily focus on amending the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) (Minister) Delegation 2020. Specifically, section 1 of Schedule 1 repeals subsection 6(3) of the original delegation, which previously allowed the Treasurer to delegate the authority to guarantee lending to a specified officer or employee of the Department of the Treasury. This change means that the power to guarantee lending under the Act now resides solely with the Treasurer and cannot be further delegated to another officer or employee.
The obligations and requirements imposed by the instrument on the relevant parties or entities are primarily administrative and procedural. The instrument mandates that any amendments or repeals specified in the Schedules take effect from the date the instrument is made. This ensures that the changes to the delegation of authority are clear and effective immediately. The instrument also confirms that any other provisions in the Schedules, which may include additional amendments or repeals, will have the effect as specified.
In terms of consequences for breach, the instrument itself does not outline specific offences, penalties, or civil/criminal consequences. However, any breach of the amended provisions could potentially lead to legal challenges or administrative penalties, depending on the context in which the amended delegation is exercised. For example, if the Treasurer were to improperly delegate authority that the instrument has reserved for their sole exercise, this could result in legal proceedings or other administrative consequences. The maximum penalties for such breaches would depend on the specific provisions of the underlying Act and any relevant laws governing administrative actions.