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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
NSW Generations Funds Bill 2018
Contents
Page
Part 1 Preliminary
1 Name of Act 2
2 Commencement 2
3 Definitions 2
Part 2 NSW Generations Funds
Division 1 Establishment and operation of NSW Generations Funds
4 Establishment of NSW Generations Funds 3
5 Control and management of NSW Generations Funds 3
6 Minister may obtain advice etc 3
7 Annual reports relating to NSW Generations Funds 3
Division 2 Debt Retirement Fund
8 Purpose of Debt Retirement Fund 3
9 Payment into Debt Retirement Fund 3
10 Payments out of Debt Retirement Fund 4
11 Investment of money in Debt Retirement Fund 4
Division 3 Community Services and Facilities Fund
12 Purpose of Community Services and Facilities Fund 4
13 Payment into Community Services and Facilities Fund 4
NSW Generations Funds Bill 2018 [NSW]
Contents
Page
14 Payments out of Community Services and Facilities Fund 5
15 Investment of money in Community Services and Facilities Fund 5
Part 3 Miscellaneous
16 Schedule 1 may be amended by regulations to add NSW equity
interests 6
17 Delegation 6
18 Act to bind Crown 6
19 Regulations 6
20 Amendment of this Act consequent on commencement of Division 6.4
of Government Sector Finance Act 2018 6
Schedule 1 Relevant NSW equity interests 8
Schedule 2 Savings, transitional and other provisions 9
Page 2
I certify that this public bill, which originated in the Legislative Assembly, has finally passed
the Legislative Council and the Legislative Assembly of New South Wales.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2018
New South Wales
NSW Generations Funds Bill 2018
Act No , 2018
An Act to provide for the establishment of the NSW Generations (Debt Retirement) Fund and the
NSW Generations (Community Services and Facilities) Fund for the purposes of providing
funding for State debt retirement and certain community purposes.
I have examined this bill and find it to correspond in all respects with the bill as finally
passed by both Houses.
Assistant Speaker of the Legislative Assembly.
NSW Generations Funds Bill 2018 [NSW]
Part 1 Preliminary
The Legislature of New South Wales enacts:
Part 1 Preliminary
1 Name of Act
This Act is the NSW Generations Funds Act 2018.
2 Commencement
(1) This Act commences on the date of assent to this Act, except as provided by this
section.
(2) Section 20 commences on the day on which Division 6.4 (Financial arrangements)
of the Government Sector Finance Act 2018 commences.
3 Definitions
(1) In this Act:
Community Services and Facilities Fund means the NSW Generations (Community
Services and Facilities) Fund established under this Act.
Debt Retirement Fund means the NSW Generations (Debt Retirement) Fund
established under this Act.
financial year means the year commencing 1 July.
function includes a power, authority or duty, and exercise a function includes
perform a duty.
interest includes any legal or equitable estate or interest (whether present or future,
whether vested or contingent and whether personal or assignable) in real or personal
property of any description (including money, securities and choses in action).
NSW Generations Funds means the Community Services and Facilities Fund and
the Debt Retirement Fund.
PFA authority means an authority within the meaning of the Public Finance and
Audit Act 1983.
Public Service agency has the same meaning as in the Government Sector
Employment Act 2013.
relevant NSW equity interest means an interest specified by Schedule 1.
State tax means a duty or any other tax imposed by or under an Act.
Note. The Interpretation Act 1987 contains definitions and other provisions that affect the
interpretation and application of this Act.
(2) Notes included in this Act do not form part of this Act.
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NSW Generations Funds Bill 2018 [NSW]
Part 2 NSW Generations Funds
Part 2 NSW Generations Funds
Division 1 Establishment and operation of NSW Generations Funds
4 Establishment of NSW Generations Funds
The following are to be established in the Special Deposits Account:
(a) NSW Generations (Debt Retirement) Fund,
(b) NSW Generations (Community Services and Facilities) Fund.
5 Control and management of NSW Generations Funds
The Minister is to control and manage each of the NSW Generations Funds.
6 Minister may obtain advice etc
The Minister may, in exercising functions under this Act, obtain and have regard to
any advice, recommendations or other information provided to the Minister by any
person or body that the Minister considers relevant.
7 Annual reports relating to NSW Generations Funds
(1) The Minister is to produce an annual report.
(2) The annual report is to be in the form, and contain such information (including details
of payments into and out of each of the NSW Generations Funds), as the Treasurer
may determine.
(3) The annual report is to include an audit of each of the NSW Generations Funds by
the Auditor-General (including a report of the Auditor-General on whether the
payments from the Funds have been made in accordance with this Act).
(4) The annual report is to be made publicly available within 6 months after the end of
the financial year to which it relates.
Division 2 Debt Retirement Fund
8 Purpose of Debt Retirement Fund
The purpose of the Debt Retirement Fund is to provide funding for reducing the debt
of the State in accordance with the principles of sound financial management set out
in section 7 of the Fiscal Responsibility Act 2012.
9 Payment into Debt Retirement Fund
(1) The following are to be paid into the Debt Retirement Fund:
(a) all money appropriated by Parliament, or advanced by the Treasurer, for
payment into the Fund,
(b) all money appropriated by Parliament to the Treasurer for the general purposes
of the Government (and not for the purposes of individual PFA authorities)
and directed by the Treasurer to be paid into the Fund,
(c) any money that is directed by the Treasurer under subsection (2) to be paid into
the Fund,
(d) all money that is income (including distributions, dividends and interest) paid
to the holder of any relevant NSW equity interest,
(e) the proceeds of the sale of any relevant NSW equity interest,
(f) the proceeds of the investment of money in the Fund,
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NSW Generations Funds Bill 2018 [NSW]
Part 2 NSW Generations Funds
(g) all other money directed or authorised to be paid into the Fund by or under any
Act or law.
(2) The Treasurer may direct that an amount of money be paid into the Debt Retirement
Fund if the Treasurer is satisfied that it is windfall tax revenue in excess of Budget
forecasts.
(3) The Treasurer is taken to have been given an appropriation out of the Consolidated
Fund under the authority of this section, on the day a direction is given under
subsection (2), for the amount specified in the direction for the purpose of its
payment into the Debt Retirement Fund.
10 Payments out of Debt Retirement Fund
The following may be paid out of the Debt Retirement Fund:
(a) the payment of all or any part of a debt of the State that the Minister is satisfied
is a payment that promotes the purpose of the Fund,
(b) administrative expenses relating to the control and management of the Fund.
11 Investment of money in Debt Retirement Fund
The Minister may invest money in the Debt Retirement Fund:
(a) in such manner as may be authorised by the Public Authorities (Financial
Arrangements) Act 1987, or
(b) if that Act does not confer power on the Minister to invest the money, in any
other manner approved by the Treasurer.
Division 3 Community Services and Facilities Fund
12 Purpose of Community Services and Facilities Fund
(1) The purpose of the Community Services and Facilities Fund is to provide funding for
cost-effective facilities and services throughout New South Wales that improve the
wellbeing of communities and the lives of the people of New South Wales, including
facilities and services for the purposes of:
(a) protecting public health and preventing disease, illness, injury, disability or
premature death, and
(b) promoting conditions in which persons can be healthy and safe, and
(c) promoting involvement with community or culture, and
(d) increasing participation in programs, services or activities that aim to improve
the overall wellbeing of the community, and
(e) any other purposes prescribed by the regulations.
(2) The Minister is not to recommend the making of a regulation for the purposes of
subsection (1) (e) unless the Minister certifies that the Minister is satisfied that the
purpose to be prescribed is a purpose that relates to the improvement of the wellbeing
of communities and the lives of the people of New South Wales.
13 Payment into Community Services and Facilities Fund
The following are to be paid into the Community Services and Facilities Fund:
(a) all money appropriated by Parliament, or advanced by the Treasurer, for
payment into the Fund,
(b) all money appropriated by Parliament to the Treasurer for the general purposes
of the Government (and not for the purposes of individual PFA authorities)
and directed by the Treasurer to be paid into the Fund,
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NSW Generations Funds Bill 2018 [NSW]
Part 2 NSW Generations Funds
(c) the repayment of the principal, or payment of interest, on money loaned from
the Fund (including fees associated with the loan),
(d) the repayment of any other money provided from the Fund by way of any other
financial assistance,
(e) all other money directed or authorised to be paid into the Fund by or under any
Act or law.
Note. Section 14 (2) provides that payments from the Fund for the cost of a project, program
or initiative may be provided by way of a grant, subsidy, loan or other financial assistance and
may be subject to such conditions as the Minister thinks fit to impose.
14 Payments out of Community Services and Facilities Fund
(1) The following may be paid out of the Community Services and Facilities Fund:
(a) all or any part of the cost of any project, program or initiative that the Minister
is satisfied promotes the purpose of the Fund,
(b) administrative expenses relating to the control and management of the Fund,
(c) any money directed or authorised to be paid from the Fund by or under this Act
or any other Act or law.
(2) Payments from the Community Services and Facilities Fund for the cost of a project,
program or initiative may be provided by way of a grant, subsidy, loan or other
financial assistance and may be subject to such conditions as the Minister thinks fit
to impose.
(3) Without limiting subsection (2), those conditions may relate to the following:
(a) meeting specified performance targets or outcomes,
(b) repayment of the whole or any part of any such financial assistance (including
repayment if specified performance targets or outcomes are not met as
required under a condition of the provision of the financial assistance),
(c) the payment of interest on financial assistance provided by way of a loan,
(d) the periods or intervals at which repayments are to be made.
15 Investment of money in Community Services and Facilities Fund
The Minister may invest money in the Community Services and Facilities Fund:
(a) in such manner as may be authorised by the Public Authorities (Financial
Arrangements) Act 1987, or
(b) if that Act does not confer power on the Minister to invest the money, in any
other manner approved by the Treasurer.
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NSW Generations Funds Bill 2018 [NSW]
Part 3 Miscellaneous
Part 3 Miscellaneous
16 Schedule 1 may be amended by regulations to add NSW equity interests
The regulations may amend Schedule 1 to insert (but not omit) any of the following
kinds of interests:
(a) an interest of the State or the Crown in right of the State,
(b) an interest of a PFA authority.
17 Delegation
(1) The Minister may delegate the exercise of any function of the Minister under this Act
(other than this power of delegation) to:
(a) the head of a Public Service agency, or
(b) any other person employed in a Public Service agency.
(2) A delegate may subdelegate a delegated function to another person employed in a
Public Service agency.
18 Act to bind Crown
This Act binds the Crown in right of New South Wales and, in so far as the legislative
power of the Parliament of New South Wales permits, the Crown in all its other
capacities.
19 Regulations
The Governor may make regulations, not inconsistent with this Act, for or with
respect to any matter that by this Act is required or permitted to be prescribed or that
is necessary or convenient to be prescribed for carrying out or giving effect to this
Act.
20 Amendment of this Act consequent on commencement of Division 6.4 of
Government Sector Finance Act 2018
(1) Section 3 Definitions
Omit the definition of PFA authority from section 3 (1). Insert in alphabetical order:
GSF agency has the same meaning as in the Government Sector
Finance Act 2018.
(2) Sections 9 (1) (b) and 13 (b)
Omit "PFA authorities" wherever occurring. Insert instead "GSF agencies".
(3) Section 11
Omit the section. Insert instead:
11 Investment of money in Debt Retirement Fund
The Minister may invest money in the Debt Retirement Fund:
(a) if the Minister is a GSF agency for the purposes of Part 6 of the
Government Sector Finance Act 2018--in any way that the
Minister is permitted to invest money under that Part, or
(b) if the Minister is not a GSF agency for the purposes of Part 6 of
the Government Sector Finance Act 2018--in any way approved
by the Treasurer.
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NSW Generations Funds Bill 2018 [NSW]
Part 3 Miscellaneous
(4) Section 15
Omit the section. Insert instead:
15 Investment of money in Community Services and Facilities Fund
The Minister may invest money in the Community Services and
Facilities Fund:
(a) if the Minister is a GSF agency for the purposes of Part 6 of the
Government Sector Finance Act 2018--in any way that the
Minister is permitted to invest money under that Part, or
(b) if the Minister is not a GSF agency for the purposes of Part 6 of
the Government Sector Finance Act 2018--in any way approved
by the Treasurer.
(5) Section 16 Schedule 1 may be amended by regulations to add NSW equity interests
Omit section 16 (b). Insert instead:
(b) an interest of an entity that is a GSF agency for the purposes of
Part 6 of the Government Sector Finance Act 2018.
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NSW Generations Funds Bill 2018 [NSW]
Schedule 1 Relevant NSW equity interests
Schedule 1 Relevant NSW equity interests
(Sections 3 (1) and 16)
Item Interest
1 Shares held by the Treasurer in Roads Retained Interest Pty Ltd (ACN 624 812 773)
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NSW Generations Funds Bill 2018 [NSW]
Schedule 2 Savings, transitional and other provisions
Schedule 2 Savings, transitional and other provisions
Part 1 General
1 Regulations
(1) The regulations may contain provisions of a savings or transitional nature consequent
on the enactment of this Act or any Act that amends this Act.
(2) Any such provision:
(a) may, if the regulations so provide, take effect from the date of assent to the Act
concerned or a later date, and
(b) has effect despite anything to the contrary in this Schedule.
(3) To the extent to which any such provision takes effect from a date that is earlier than
the date of its publication on the NSW legislation website, the provision does not
operate so as:
(a) to affect, in a manner prejudicial to any person (other than the State or an
authority of the State), the rights of that person existing before the date of its
publication, or
(b) to impose liabilities on any person (other than the State or an authority of the
State) in respect of anything done or omitted to be done before the date of its
publication.
(4) Without limiting subclauses (1) and (2), regulations made for the purposes of this
clause may amend this Schedule to provide for additional or different savings and
transitional provisions instead of including the provisions in the regulations.
Page 9
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