Federal Register of Legislation - Australian Government

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Determinations/Other as made
This Determination enables monies to be credited to the Building Australia Fund (BAF) Special Account.
Administered by: Finance
Registered 16 Dec 2010
Tabling HistoryDate
Tabled HR08-Feb-2011
Tabled Senate08-Feb-2011
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)

EXPLANATORY STATEMENT

 

Issued by the Authority of the Treasurer and the Minister for Finance and Deregulation

 

Nation-building Funds Act 2008

 

Building Australia Fund (Subsequent Credit) Determination 2010 (No. 2)

 

Subsection 15(1) of the Nation-building Funds Act 2008 (the Act) provides that the Treasurer and the Minister for Finance and Deregulation, as the responsible Ministers, may, by writing, determine that a specified amount is to be credited to the Building Australia Fund Special Account (BAF Account) on a specified day or in specified instalments on specified days.

 

The purpose of this Building Australia Fund (Subsequent Credit) Determination 2010 (No. 2) is to specify, in accordance with paragraph 15(1)(a) of the Act, that $2,515,120.00 is to be credited to the BAF Account on 22 December 2010.

 

This amount relates to the unspent monies of the Commonwealth Government’s contribution towards pre‑construction works for the West Metro project which the New South Wales Government announced would not be proceeding. The Commonwealth Government provided a contribution of $91,000,000.00, originally sourced from the BAF Account, to the New South Wales Government for the pre‑construction works of the project in June 2009.

 

The New South Wales Government previously returned unspent monies of $80,140,000.00 million to the Commonwealth, which was transferred into the BAF Account on 17 May 2010 in accordance with the Building Australia Fund (Subsequent Credit) Determination 2010 that was signed on 5 May 2010. At that time, it was anticipated that further unspent monies will be returned following the completion of an audit on the project. This Determination will enable the residual of unspent monies of $2,515,120.00 to be returned to the BAF Account as a result of the completion of the audit by the New South Wales Auditor-General.

 

The Determination is deemed to be a legislative instrument for the purpose of the Legislative Instruments Act 2003. However, the Determination, as a ministerial direction, is not disallowable.

 

The Determination commences on the day it is registered on the Federal Register of Legislative Instruments.