Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Chapter 7 - Consequential amendments
Outline of chapter
7.1 This Chapter sets out the consequential amendments to other legislation by the NHFIC Consequential Amendments and Transitional Provisions Bill.
Detailed explanation of new law
7.2 The Bill amends Schedule 2 to the ADJR Act to provide an exemption from the requirement to provide reasons for decision under section 13 of that Act. [Schedule 1, item 1, National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Bill 2018, inserting paragraph (zd) into Schedule 2 to the Administrative Decisions (Judicial Review) Act 1997]
7.3 This will ensure that the NHFIC is not required to provide reasons for decisions relating to its activities such as decisions to provide, or not to provide, financial or other assistance to particular entities. Information considered by NHFIC when making a decision is likely to be complex, commercially sensitive and/or provided in confidence. In order to produce a meaningful statement of reasons it would inevitably need to refer to such information. This exemption will ensure the efficient administration of the NHFIC and is consistent with the exemption afforded to the Export Finance and Insurance Corporation.
7.4 The Bill also exempts the NHFIC from the operation of the FOI Act in relation to documents in respect of its commercial activities. [Schedule 1, item 2, National Housing Finance and Investment Corporation (Consequential Amendments and Transitional Provisions) Bill 2018], inserting an item into Division 1 of Part II of Schedule 2 to the Freedom of Information Act 1982]
7.5 This is similar to the exemption that applies on the commercial activities of the Export Finance Insurance Corporation, NBN Co and other entities, such as Indigenous Business Australia.
7.6 It is intended that the Investment Mandate will direct NHFIC in relation to the publication of information about its decisions (subject to commercial confidentiality).
Application and transitional provisions
7.7 These amendments take effect at the same time as the National Housing Finance and Investment Corporation Act 2018 commences.
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