Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2018

Dated 16 July 2018

Mathias Cormann

Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Public Governance, Performance and Accountability (Investment) Authorisation 2014       2

1  Name

                   This instrument is the Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2018.

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Note:          This table relates only to the provisions of this instrument as originally made.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 subparagraph 59(1)(b)(iii) of the Public Governance, Performance and Accountability Act 2013.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Public Governance, Performance and Accountability (Investment) Authorisation 2014

1  At the end of the instrument

Add:

Part 11—The National Housing Finance and Investment Corporation

14  Authorisation for the National Housing Finance and Investment Corporation

             (1)  The National Housing Finance and Investment Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.

             (2)  The Corporation may invest money in one or more of the following ways:

                     (a)  in securities issued by an approved bank;

                     (b)  on deposit with, or in securities issued or guaranteed by, an approved entity.

             (3)  Investments must be in the name of the Corporation.

             (4)  Subsections (5) to (7) apply if an investment:

                     (a)  is covered by paragraph (2)(a) (securities issued by an approved bank); and

                     (b)  has a Standard and Poor’s long‑term rating lower than A‑ (or the Moody’s or Fitch’s equivalent).

             (5)  The investment, together with any other such investments of the Corporation in the approved bank, must not exceed 10% of the total investments of the Corporation.

             (6)  The investment, together with any other such investments of the Corporation in any approved bank, must not exceed 25% of the total investments of the Corporation.

             (7)  The investment:

                     (a)  must not have a term longer than 3 years; and

                     (b)  if the investment has a term longer than 6 months—must be able to be traded in the secondary market.