Public Governance, Performance and Accountability (Pacific Banking Guarantee) Delegations 2025

Public Governance, Performance and Accountability (Pacific Banking Guarantee) Delegations 2025

I, Steven Kennedy, Secretary to the Department of the Treasury, make the following delegations.

Dated   28 February 2025

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 (Pacific Banking Guarantee) Delegations 2025.

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.

Note: This table relates only to the provisions of this instrument as originally made.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.

ANZ Bank means Australia and New Zealand Banking Group Limited (ABN 11 005 357 522).

banking business has the meaning given by the Banking Act 1959.

Pacific region includes:

 (a) the islands of the Pacific; and

 (b) Papua New Guinea; and

 (c) Timor‑Leste.

Secretary means the Secretary to the Treasury (also the accountable authority of the Treasury).

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 27 February 2025 (MC25-000691 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) subclause 6.1(3) and clause 6.2 of Schedule 1 to the Public Governance, Performance and Accountability (Finance Minister to Accountable Authorities of Non‑Corporate Commonwealth Entities) Delegation 2022;

 (b) the power is to be exercised only in connection with a guarantee granted, or to be granted, to ANZ Bank;

 (c) guarantees granted under the power must:

 (i) relate to the carrying on of a banking business in the Pacific region; and

 (ii) not result in the Commonwealth assuming a contingent financial liability of more than $2 billion over 10 years; and

 (iii) require that a fee is payable by ANZ Bank, at least annually, in relation to the benefit derived from the guarantee or the cost to the Commonwealth of administering the guarantee, or both.

Note: The document in paragraph (a) could, in 2025, be viewed on the Department of Finance’s website (https://www.finance.gov.au).