EXPLANATORY STATEMENT
Issued by the Authority of the Treasurer and the Minister for Finance and Deregulation
Nation-building Funds Act 2008
Health and Hospitals Fund (Initial Credits) Determination 2009 (No. 2)
Subsection 216(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 Health and Hospitals Fund Special Account (HHF Account) on a specified day or in specified instalments on specified days.
Subsection 216(2) of the Act requires that the responsible Ministers must ensure that, by the end of 30 June 2009, the total of the amounts credited to the HHF Account under subsection 216(1) of the Act equals $5 billion.
The responsible Ministers determined that $1 billion be credited to the HHF on 20 February 2009. This was given effect by the Health and Hospitals Fund (Initial Credits) Determination 2009.
The purpose of this Health and Hospitals Fund (Initial Credits) Determination 2009 (No. 2)
is to specify 12 June 2009 as the date on which $4 billion, the balance of the initial credit, is to be credited to the HHF Account.
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.
A determination made under subsection 216(1) of the Act can not be revoked.
The Determination commences on the day it is registered on the Federal Register of Legislative Instruments.