Public Governance, Performance and Accountability (Investment) Authorisation 2014

This authorisation is the Public Governance, Performance and Accountability (Investment) Authorisation 2014.

This authorisation is made under subparagraph 59(1)(b)(iii) of the Public Governance, Performance and Accountability Act 2013.

4 Definitions

In this authorisation:

approved bank means a person that carries on the business of banking in Australia:

(a) the operations of which are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory; and

(b) the business of which has a Standard and Poor’s long‑term rating of:

(i) for a Part other than Part 3—A‑ (or the Moody’s or Fitch’s equivalent) or better; and

(ii) for Part 3—BBB‑ (or the Moody’s or Fitch’s equivalent) or better.

approved entity means an entity that operates inside or outside Australia and has a Standard and Poor’s long‑term rating of AA‑ (or the Moody’s or Fitch’s equivalent) or better.

dematerialised security means a dematerialised security that is deposited in the Austraclear System.

Note: Information about the Austraclear System could in 2014 be viewed on the Australian Securities Exchange’s website (http://www.asx.com.au).

securities:

(a) means debentures, bonds, promissory notes, commercial paper, bills of exchange, certificates of deposit and fixed and floating rate notes issued under a senior debt program, and their dematerialised security equivalents; but

(b) does not include any instrument or document that is in the nature of equity, subordinate debt or hybrid equity.

senior debt program means a program under which debt:

(a) is issued and ranked ahead of other debt; and

(b) has priority if debt has to be redeemed in cases of liquidation.

Part 2—The Australian Broadcasting Corporation

5 Authorisation for the Australian Broadcasting Corporation

(1) The Australian Broadcasting Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.

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

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);

(d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).

(3) Investments must be:

(a) in the name of the Corporation; and

(b) denominated in Australian currency.

Part 3—The Export Finance and Insurance Corporation

6 Authorisation for the Export Finance and Insurance Corporation

(1) The Export Finance and Insurance 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.

Part 4—The Grains Research and Development Corporation

7 Authorisation for the Grains Research and Development Corporation

(1) The Grains Research and Development Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.

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

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);

(d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c);

(e) floating rate notes issued by an approved bank under a senior debt program;

(f) dematerialised securities that are the equivalent of the floating rate notes covered by paragraph (e);

(g) 11 am call deposits with an approved bank.

(3) Investments must be:

(a) in the name of the Corporation; and

(b) denominated in Australian currency.

(4) If an investment is covered by paragraph (2)(e) or (f), the investment, together with any other investments of the Corporation covered by either of those paragraphs, must not exceed 20% of the total investments of the Corporation.

Part 5—The Rural Industries Research and Development Corporation

8 Authorisation for the Rural Industries Research and Development Corporation

(1) The Rural Industries Research and Development Corporation is authorised to invest relevant money for which the Corporation is responsible in accordance with this section.

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

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a).

(3) Investments must be:

(a) in the name of the Corporation; and

(b) denominated in Australian currency.

Part 6—The Commonwealth Scientific and Industrial Research Organisation

9 Authorisation for the Commonwealth Scientific and Industrial Research Organisation

(1) The Commonwealth Scientific and Industrial Research Organisation is authorised to invest relevant money for which the Organisation is responsible in accordance with this section.

(2) The Organisation may invest in one or more of the following:

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);

(d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).

(3) Investments must be:

(a) in the name of the Organisation; and

(b) denominated in Australian currency.

Part 7—The Civil Aviation Safety Authority

10 Authorisation for the Civil Aviation Safety Authority

(1) The Civil Aviation Safety Authority is authorised to invest relevant money for which the Authority is responsible in accordance with this section.

(2) The Authority may invest in one or more of the following:

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);

(d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).

(3) Investments must be:

(a) in the name of the Authority; and

(b) denominated in Australian currency.

Part 8—Australian Hearing Services

11 Authorisation for Australian Hearing Services

(1) Australian Hearing Services is authorised to invest relevant money for which Australian Hearing Services is responsible in accordance with this section.

(2) Australian Hearing Services may invest in one or more of the following:

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a).

(3) Investments must be:

(a) in the name of Australian Hearing Services; and

(b) denominated in Australian currency.

Part 9—The Australian Nuclear Science and Technology Organisation

12 Authorisation for the Australian Nuclear Science and Technology Organisation

(1) The Australian Nuclear Science and Technology Organisation is authorised to invest relevant money for which the Organisation is responsible in accordance with this section.

(2) The Organisation may invest in one or more of the following:

(a) bills of exchange accepted or endorsed only by an approved bank;

(b) dematerialised securities that are the equivalent of the bills of exchange covered by paragraph (a);

(d) dematerialised securities that are the equivalent of the certificates of deposit covered by paragraph (c).

(3) Investments must be:

(a) in the name of the Organisation; and

(b) denominated in Australian currency.

Part 10—Airservices Australia

13 Authorisation for Airservices Australia

(1) Airservices Australia is authorised to invest relevant money for which the Authority is responsible in accordance with this section.

(2) Airservices Australia may invest up to $20 million in one or more of the following:

(a) floating rate notes issued by an approved bank under a senior debt program;

(b) dematerialised securities that are the equivalent of the floating rate notes covered by paragraph (a).

(3) Investments must be:

(a) in the name of Airservices Australia; and

(b) denominated in Australian currency.

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.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev…) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub‑Ch = Sub‑Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3—Legislation history

Name	Registration	Commencement	Application, saving and transitional provisions
Public Governance, Performance and Accountability (Investment) Authorisation 2014	30 June 2014 (F2014L00913)	1 July 2014 (s 2(b))
Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2014	23 July 2014 (F2014L01013)	24 July 2014 (s 2)	—
Public Governance, Performance and Accountability (Investment) Amendment Authorisation 2018	27 July 2018 (F2018L01060)	28 July 2018 (s 2(1) item 1)	—

Endnote 4—Amendment history

Provision affected	How affected
Part 1
s 2.....................	rep LIA s 48D
s 4.....................	am F2014L01013
Part 11
Part 11..................	ad F2018L01060
s 14....................	ad F2018L01060