Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
National Housing Finance and
Investment Corporation Amendment Bill
2019
No. , 2019
(Treasury)
A Bill for an Act to amend the National Housing
Finance and Investment Corporation Act 2018, and
for related purposes
No. , 2019
National Housing Finance and Investment Corporation Amendment
Bill 2019
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
National Housing Finance and Investment Corporation Act 2018
3
No. , 2019
National Housing Finance and Investment Corporation Amendment
Bill 2019
1
A Bill for an Act to amend the National Housing
1
Finance and Investment Corporation Act 2018, and
2
for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the National Housing Finance and Investment
6
Corporation Amendment Act 2019.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
National Housing Finance and Investment Corporation Amendment
Bill 2019
No. , 2019
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments Schedule 1
No. , 2019
National Housing Finance and Investment Corporation Amendment
Bill 2019
3
Schedule 1--Amendments
1
2
National Housing Finance and Investment Corporation Act
3
2018
4
1 At the end of section 3
5
Add:
6
; and (e) assisting earlier access to the housing market by first home
7
buyers.
8
2 Section 4
9
Omit "making loans, investments and grants (within constitutional
10
limits)", substitute "(within constitutional limits) making loans,
11
investments and grants and issuing guarantees".
12
3 Section 5
13
Insert:
14
guarantee liabilities has the meaning given by subsection 48A(2).
15
4 After paragraph 8(1)(c)
16
Insert:
17
(ca) to issue guarantees to improve housing outcomes; and
18
(cb) to undertake research into housing affordability in Australia;
19
and
20
5 After paragraph 10(1)(c)
21
Insert:
22
(ca) for purposes relating to banking within the meaning of
23
paragraph 51(xiii) of the Constitution; or
24
6 At the end of section 10
25
Add:
26
(4) This Act does not apply with respect to State banking that does not
27
extend beyond the limits of the State concerned.
28
Schedule 1 Amendments
4
National Housing Finance and Investment Corporation Amendment
Bill 2019
No. , 2019
7 After subparagraph 13(b)(ii)
1
Insert:
2
(iia) issuing guarantees;
3
8 Paragraph 13(c)
4
Repeal the paragraph, substitute:
5
(c) limits on the following:
6
(i) making loans, investments and grants;
7
(ii) issuing guarantees;
8
(iii) granting financial assistance to States and Territories;
9
9 Paragraph 13(d)
10
After "investments", insert "and guarantees".
11
10 After subparagraph 14(a)(ii)
12
Insert:
13
(iia) to issue, or not to issue, a particular guarantee; or
14
11 At the end of paragraph 14(a)
15
Add:
16
(v) to take, or not to take, particular action relating to a
17
particular guarantee; or
18
12 Paragraph 48(1)(a)
19
After "likely liabilities", insert "(other than guarantee liabilities)".
20
13 After section 48
21
Insert:
22
48A Appropriation for the purposes of guarantee liabilities
23
(1) There may be paid out of the Consolidated Revenue Fund, which is
24
appropriated accordingly, money for the purposes of payment to
25
the NHFIC to meet its guarantee liabilities.
26
(2) The guarantee liabilities of the NHFIC are the liabilities that the
27
NHFIC incurs under guarantees the NHFIC has issued in the
28
performance of its function under paragraph 8(1)(ca).
29
Amendments Schedule 1
No. , 2019
National Housing Finance and Investment Corporation Amendment
Bill 2019
5
14 Paragraph 56(b)
1
After "provided", insert "(including financial support provided by way
2
of guarantees)".
3
15 After paragraph 56(b)
4
Insert:
5
; (c) the particulars of the NHFIC's research during the period into
6
housing affordability in Australia.
7
16 Transitional
--certain decisions not to be made before a
8
particular day
9
(1)
The NHFIC must not, before:
10
(a) the day determined under subitem (2); or
11
(b) if no such determination is in force--the later of:
12
(i) 1 January 2020; or
13
(ii) the day occurring 3 months after the day this Act
14
commences;
15
make a decision to issue a guarantee.
16
(2)
The Minister may, by legislative instrument, determine a day for the
17
purposes of this item. The day must not be a day occurring earlier than
18
1 January 2020.
19