Public Governance, Performance and Accountability (Judo Bank) Delegations 2024
I, Steven Kennedy, Secretary to the Department of the Treasury, make the following delegations.
Dated 22 March 2024
Dr Steven Kennedy
Secretary
Department of the Treasury
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Delegations relating to guarantees, indemnities or warranties by the Commonwealth
5 Delegations relating to guarantees, indemnities or warranties by the Commonwealth
Part 1—Preliminary
1 Name
This instrument is the Public Governance, Performance and Accountability (Judo Bank) Delegations 2024.
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 after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made.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 the Public Governance, Performance and Accountability Act 2013.
4 Definitions
Note: Expressions have the same meaning in this instrument as in the Public Governance, Performance and Accountability Act 2013 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.
Judo Bank means Judo Bank Pty Ltd (ABN 11 615 995 581).
Secretary means the Secretary to the Treasury (also the accountable authority of the Treasury).
SME entities has the meaning given by the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020.
the Act means the Public Governance, Performance and Accountability Act 2013.
the Treasury means the Department of the Treasury.
Part 2—Delegations relating to guarantees, indemnities or warranties by the Commonwealth
5 Delegations relating to guarantees, indemnities or warranties by the Commonwealth
(1) Under subsection 110(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the Treasury, is delegated the Secretary’s powers under section 60 of the Act, as delegated to the Secretary by the Minister for Finance in writing on 13 December 2023 (MC23-004225 refers):
(a) a Deputy Secretary.
Directions
(2) Under subsection 110(6) of the Act, a delegate under subsection (1) is directed to exercise the power in a manner consistent with all of the following:
(a) the power is to be exercised only in connection with loans made by Judo Bank to SME entities that have previously been the subject of a guarantee under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020;
(b) guarantees provided under the power must be for either 50 percent or 80 percent of the loan amount, consistent with the guarantee previously in force under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020.
Overview
The Public Governance, Performance and Accountability (Judo Bank) Delegations 2024 (F2024N00253) was enacted to address the need for streamlined decision-making and efficient delegation of authority in the context of financial support to small and medium enterprises (SMEs). This notifiable instrument was introduced to provide specific delegations under the Public Governance, Performance and Accountability Act 2013, empowering certain officials within the Department of the Treasury to act on behalf of the Secretary in matters relating to guarantees, indemnities, or warranties by the Commonwealth. This initiative aims to ensure timely and effective financial assistance to SMEs, particularly those previously supported under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020, thereby facilitating economic stability and growth in the sector. The instrument was made by Steven Kennedy, the Secretary to the Department of the Treasury, and it commenced the day after it was registered.
Scope and Application
The Public Governance, Performance and Accountability (Judo Bank) Delegations 2024I, made by Steven Kennedy, Secretary to the Department of the Treasury, outlines the delegation of specific powers under the Public Governance, Performance and Accountability Act 2013. This instrument is applicable to individuals holding certain positions within the Department of the Treasury, specifically Deputy Secretaries, who are delegated the Secretary’s powers under section 60 of the Act. The delegations relate to the exercise of powers concerning guarantees, indemnities, or warranties by the Commonwealth, specifically in connection with loans made by Judo Bank Pty Ltd to Small and Medium Enterprises (SME) that have been subject to guarantees under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020. The guarantees provided under this delegation must be for either 50 percent or 80 percent of the loan amount, consistent with previous guarantees. The instrument's application is confined to the Commonwealth level and does not specify any exclusions or exemptions within its text, although it does note that further details may be provided in subordinate instruments.
Key Provisions
The Public Governance, Performance and Accountability (Judo Bank) Delegations 2024 (section 1) is a notifiable instrument made under the Public Governance, Performance and Accountability Act 2013. This instrument, which comes into effect the day after its registration, grants specific delegations to certain officials within the Department of the Treasury (section 2). It allows Deputy Secretaries and other specified officials to exercise powers related to the issuance of guarantees, indemnities, or warranties by the Commonwealth concerning loans made by Judo Bank to small and medium enterprises (SMEs) (section 5(1)).
The obligations imposed by this Act require these officials to exercise their delegated powers strictly in accordance with the conditions set out in the instrument. Specifically, they must ensure that any guarantees provided are related to loans made by Judo Bank to SMEs that have previously been guaranteed under the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020 (section 5(2)(a)). Furthermore, the guarantees must be for either 50 percent or 80 percent of the loan amount, consistent with the previous guarantees under the aforementioned Act (section 5(2)(b)).
Failure to comply with the delegations and directions outlined in this instrument may result in breaches of the Public Governance, Performance and Accountability Act 2013. While specific penalties are not detailed within the instrument, breaches of the Act could lead to civil or criminal consequences, including fines or imprisonment, depending on the severity of the breach and the provisions of the Act. The maximum penalties, if applicable, would be determined by the relevant courts based on the specific breaches under the Act.