National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Act 2018

Overview

The National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Act 2018 was enacted by the Parliament of Australia to manage the consequential and transitional matters stemming from the introduction of the National Housing Finance and Investment Corporation Act 2018. This Act aims to ensure a smooth transition by addressing the necessary amendments to existing laws and setting out specific transitional provisions for the NHFIC. The policy objective is to facilitate an effective and seamless integration of the NHFIC into the national housing finance landscape by adjusting related legislation and establishing clear timelines for decision-making processes. The Act received Royal Assent on 29 June 2018 and the schedules related to amendments and transitional matters commenced on 30 June 2018.

Scope and Application

The National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Act 2018 applies to the National Housing Finance and Investment Corporation (NHFIC) as well as to decisions and actions that relate to the NHFIC's activities under the National Housing Finance and Investment Corporation Act 2018. This Act also amends the Administrative Decisions (Judicial Review) Act 1977 and the Freedom of Information Act 1982 to reflect the NHFIC's new status and functions. Geographically, the Act operates at the Commonwealth level, as it is an Australian federal legislation. The Act includes specific transitional provisions, such as prohibiting the NHFIC from making certain decisions before a specified date, which can be determined by the Minister through a legislative instrument. This date must not be earlier than 1 July 2018. The Act does not specify exclusions or exemptions but rather focuses on the amendments and transitional measures necessary due to the enactment of the National Housing Finance and Investment Corporation Act 2018. The scope and application of the Act may be further refined or extended through subordinate instruments as needed.

Key Provisions

The National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Act 2018 (C2018A00066) sets out the legislative framework for making amendments and providing transitional provisions following the enactment of the National Housing Finance and Investment Corporation Act 2018. The primary provisions of this Act are found in sections 1 to 3 and the schedules. Sections 1 to 3 of the Act (sections 1 to 3 and anything in this Act not elsewhere covered by the table) commenced on the day the Act received Royal Assent, which was 29 June 2018. The schedules (Schedules 1 and 2) commenced at the same time as the National Housing Finance and Investment Corporation Act 2018, on 30 June 2018. Schedule 1 of the Act details amendments to existing legislation. Specifically, it amends the Administrative Decisions (Judicial Review) Act 1977 to include decisions relating to the activities of the National Housing Finance and Investment Corporation (NHFIC) under the National Housing Finance and Investment Corporation Act 2018. Similarly, it amends the Freedom of Information Act 1982 to include the NHFIC in relation to documents in respect of its commercial activities. These amendments ensure that the NHFIC's activities are subject to the appropriate oversight and transparency requirements. Schedule 2 addresses transitional matters concerning the NHFIC. It mandates that the NHFIC must not make certain decisions before a particular day. These decisions include making a loan, investment, or grant; granting financial assistance to a state or territory; or providing business advisory services and other assistance in capacity building to registered community housing providers. The Minister may determine the specific day for these restrictions by legislative instrument, but this day must not be earlier than 1 July 2018. This transitional period aims to ensure that the NHFIC's operations align with the new legislative framework without causing disruptions. The Act imposes specific obligations on the NHFIC to adhere to the transitional provisions outlined in Schedule 2. Failure to comply with these restrictions may result in legal consequences. While the Act does not explicitly detail penalties for breach, breaches of similar legislative provisions typically incur civil or criminal penalties, including fines and imprisonment, depending on the severity and nature of the breach. The exact penalties would be determined in accordance with the relevant legislation governing the NHFIC's activities.