•       This Chapter sets up the Education Investment Fund, which consists of:

               (a)     the Education Investment Fund Special Account; and

              (b)     the investments of the Education Investment Fund.

•       The main purposes of the Education Investment Fund Special Account are:

               (a)     to make payments in relation to the creation or development of higher education infrastructure; and

              (b)     to make payments in relation to the creation or development of research infrastructure; and

               (c)     to make payments in relation to the creation or development of vocational education and training infrastructure; and

              (d)     to make payments in relation to the creation or development of eligible education infrastructure; and

               (e)     to make transitional HEEF payments.

•       The Finance Minister is responsible for authorising payments on the recommendation of the Education Minister, the Research Minister or the EIF designated Ministers.

•       If a payment is made by way of a grant of financial assistance, the terms and conditions on which the financial assistance is granted are to be set out in a written agreement between the Commonwealth and the recipient.

•       The Future Fund Board is responsible for deciding how to invest the Education Investment Fund.

•       Investments of the Education Investment Fund will consist of financial assets.

•       The Future Fund Board is bound by an Education Investment Fund Investment Mandate given to it by the responsible Ministers.