Public Governance, Performance and Accountability Act 2013
The Finance Minister or the Treasurer may, on behalf of the Commonwealth, invest in any authorised investment.
58(2)
For the purposes of investing under this section in securities of the Commonwealth, the Commonwealth is to be treated as if it were a separate legal entity to the entity issuing the securities.
58(3)
An investment under this section must not be inconsistent with the terms of any trust that applies to the money concerned.
58(4)
If an amount invested under this section was debited from a special account, then expenses of the investment may be debited from that special account.
58(5)
The proceeds of an investment of an amount debited from a special account must be credited to the special account.
58(6)
At any time before an investment matures, the Finance Minister or Treasurer, as the case requires, may, on behalf of the Commonwealth, authorise in writing the reinvestment of the proceeds upon maturity in an authorised investment with the same entity.
58(7)
The CRF is appropriated as necessary for the purposes of this section.
58(8)
Any of the following are an authorised investment : (a) in relation to both the Finance Minister and the Treasurer:
(i) securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or
(ii) a deposit with a bank, including a deposit evidenced by a certificate of deposit; or
(b) in relation to the Treasurer - debt instruments with an investment grade credit rating that:
(iii) any other form of investment prescribed by the rules;
(i) are issued or guaranteed by the government of a foreign country; or
(ii) are issued or guaranteed by a financial institution whose members consist of foreign countries (which may also include Australia); or
(iii) are denominated in Australian currency.
58(9)
An authorisation under subsection (6) is a legislative instrument, but section 42 (disallowance) of the Legislation Act 2003 does not apply to it.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
