Commonwealth Consolidated Acts

NATION-BUILDING FUNDS ACT 2008 - SECT 18

             (1)  Each of the following is a purpose of the Building Australia Fund Special Account:

                     (a)  making payments in relation to the creation or development of transport infrastructure, so long as the payments are authorised under subsection 51(1);

                     (b)  making payments in relation to the creation or development of communications infrastructure, so long as the payments are authorised under subsection 51(2);

                     (c)  making payments in relation to eligible national broadband network matters, so long as the payments are authorised under subsection 51(3);

                     (d)  making payments in relation to the creation or development of energy infrastructure, so long as the payments are authorised under subsection 51(4);

                     (e)  making payments in relation to the creation or development of water infrastructure, so long as the payments are authorised under subsection 51(5);

                      (f)  paying the costs of, or incidental to, the acquisition of financial assets under section 32;

                     (g)  paying expenses of an investment of the Building Australia Fund;

                     (h)  paying the costs of, or incidental to, the acquisition of derivatives under section 42;

                      (i)  paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 45(1);

                      (j)  paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the Building Australia Fund;

                     (k)  paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the Building Australia Fund;

                      (l)  paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the Building Australia Fund.

Note:          See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).

             (2)  Paragraphs (1)(b) and (c) do not limit each other.

             (3)  A payment under paragraph (1)(a), (b), (c), (d) or (e) may be made:

                     (a)  by way of a grant of financial assistance; or

                     (b)  otherwise than by way of a grant of financial assistance.

Note 1:       Section 63 deals with the channelling of payments through the BAF Infrastructure Portfolio Special Account.

Note 2:       Section 70 deals with the channelling of payments through the BAF Communications Portfolio Special Account.

Note 3:       Section 77 deals with the channelling of payments through the BAF Energy Portfolio Special Account.

Note 4:       Section 84 deals with the channelling of payments through the BAF Water Portfolio Special Account.

Note 5:       Sections 89, 94, 99 and 104 deal with the channelling of State/Territory grants payments through the COAG Reform Fund.