EXPLANATORY STATEMENT
Issued by the Authority of the Treasurer and the Minister for Finance and Administration
Higher Education Endowment Fund Act 2007
Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007
Subsection 13(1) of the Higher Education Endowment Fund Act 2007 (the Act) provides that the responsible Ministers must, as soon as practical after the commencement of the Act, determine in writing that $5 billion is to be credited to the Higher Education Endowment Fund Special Account (Fund Account) on a specified day or in specified instalments on specified days.
Subsection 14(1) of the Act provides that the responsible Ministers may determine in writing that a specified subsequent amount is to be credited to the Fund Account on a specified day or in specified instalments on specified days.
The purpose of this Higher Education Endowment Fund (Initial Credit and Subsequent Credit) Determination 2007 is to specify the instalment amounts and dates on which the $5 billion initial credit and a $1 billion subsequent credit are to be credited to the Fund Account. The amounts and dates on which the amounts are to be credited to the Fund Account are specified in the table below:
Date | Amount (billion) | Made under |
22 October 2007 | $3.000 | Subsection 13(1) of the Act |
22 January 2008 | $2.000 | Subsection 13(1) of the Act |
22 January 2008 | $1.000 | Subsection 14(1) of the Act |
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 13(1) cannot be revoked.
The Determination commences on the day it is registered on the Federal Register of Legislative Instruments.