NAIF Exposure Draft

EXPOSURE DRAFT 1

1 2013-2014-2015-2016 2 3 The Parliament of the 4 Commonwealth of Australia 5 6 HOUSE OF REPRESENTATIVES 7 8 9 10 11 12 13 EXPOSURE DRAFT (27/01/2016)

16 Northern Australia Infrastructure

17 Facility Bill 2016 18

19 No. , 2016 20 21 (Industry, Innovation and Science) 22 23 24 25 A Bill for an Act to establish the Northern 26 Australia Infrastructure Facility, and for related 27 purposes 28 29 30

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1 Contents

2 Part 1—Preliminary 1 3 1 Short title 1 4 2 Commencement 1 5 3 Objects of this Act 2 6 4 Simplified outline of this Act 2 7 5 Definitions 2

8 Part 2—Northern Australia Infrastructure Facility 4 9 6 Establishment 4 10 7 Functions of Facility4 11 8 Time limit for making decisions to provide financial 12 assistance 5 13 9 Facility has privileges and immunities of the Crown 14 5

15 Part 3—Investment Mandate 6 16 10 Investment Mandate 6 17 11 Matters covered by Investment Mandate 6

18 Part 4—Consideration by Minister 8 19 12 Consideration by Minister 8 20 13 Process if Minister decides that financial assistance should 21 not be provided 9

22 Part 5—Board of the Facility 10 23 14 Establishment of Board 10 24 15 Functions of Board 10 25 16 Appointment of members 11 26 17 Acting appointment as Chair 11 27 18 Remuneration of members 12 28 19 Leave of absence 12 29 20 Other terms and conditions 12 30 21 Resignation of members 12 31 22 Termination of appointment 13 32 23 Board meetings 13 33 24 Presiding at Board meetings 14 34 25 Quorum at Board meetings 14 35 26 Voting at Board meetings 14 36 27 Conduct of Board meetings 14

2 No. , 2016 Northern Australia Infrastructure Facility Bill 2016 i

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1 28 Decisions without meetings 15

2 Part 6—Administration 16 3 29 Chief Executive Officer 16 4 30 CEO to act in accordance with policies and directions of 5 Board 16 6 31 Appointment of CEO 16 7 32 Acting appointment as CEO 17 8 33 Remuneration of CEO 17 9 34 Leave of absence of CEO 17 10 35 Outside employment 18 11 36 Other terms and conditions 18 12 37 Resignation of CEO 18 13 38 Termination of appointment of CEO 18 14 39 Staff 19 15 40 Consultants 20

16 Part 7—Miscellaneous 21 17 41 Facility may charge fees 21 18 42 Appropriation of Consolidated Revenue Fund 21 19 43 Annual report 21 20 44 Review of operation of Act 22 21 45 Regulations 22 22

2 ii Northern Australia Infrastructure Facility Bill 2016 No. , 2016

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1 2 A Bill for an Act to establish the Northern 3 Australia Infrastructure Facility, and for related 4 purposes

5 The Parliament of Australia enacts:

6 Part 1—Preliminary 7

8 1 Short title

9 This Act may be cited as the Northern Australia Infrastructure 10 Facility Act 2016.

11 2 Commencement

12 (1) Each provision of this Act specified in column 1 of the table 13 commences, or is taken to have commenced, in accordance with 14 column 2 of the table. Any other statement in column 2 has effect 15 according to its terms. 16 Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of 1 July 2016. 1 July 2016 this Act

17 Note: This table relates only to the provisions of this Act as originally 18 enacted. It will not be amended to deal with any later amendments of 19 this Act.

20 (2) Any information in column 3 of the table is not part of this Act. 21 Information may be inserted in this column, or information in it 22 may be edited, in any published version of this Act.

2 No. , 2016 Northern Australia Infrastructure Facility Bill 2016 1

EXPOSURE DRAFT EXPOSURE DRAFT 1 2 Part 5 Board of the Facility 3 4 5 Section 14

1 3 Objects of this Act

2 (1) The object of this Act is to provide grants of financial 3 assistance to the States and Territories for the construction of 4 Northern Australia economic infrastructure.

5 (2) Northern Australia economic infrastructure is infrastructure 6 that: 7 (a) provides a basis for economic growth in Northern 8 Australia; and 9 (b) stimulates population growth in Northern Australia.

10 Note: Infrastructure located outside Northern Australia can be Northern 11 Australia economic infrastructure as long as it meets the requirements 12 set out in paragraphs (2)(a) and (b).

13 4 Simplified outline of this Act

14 • This Act establishes the Northern Australia Infrastructure 15 Facility and provides for the Facility to:

16 (a) grant financial assistance to States and 17 Territories for the construction of Northern Australia 18 economic infrastructure; and 19 (b) determine terms and conditions for the grants.

20 • The Facility must act in accordance with directions given by 21 the Minister. The directions are known as the Investment 22 Mandate.

23 • The Minister has the opportunity to consider proposals to 24 provide financial assistance for Northern Australia economic 25 infrastructure, and may decide that particular financial 26 assistance should not be provided.

27 5 Definitions

28 In this Act:

29 Board means the Board of the Facility.

6 2 Northern Australia Infrastructure Facility Bill 2016 No. , 2016

EXPOSURE DRAFT EXPOSURE DRAFT 1 2 Board of the Facility Part 5 3 4 5 Section 16

1 CEO means the Chief Executive Officer of the Facility.

2 Chair means the Chair of the Board.

3 Facility means the Northern Australia Infrastructure Facility 4 established by section 6.

5 Investment Mandate: see subsection 10(2).

6 member means a member of the Board and includes the Chair.

7 Minister’s consideration period: see subsection 12(3).

8 Northern Australia means the area that includes the following: 9 (a) the Northern Territory; 10 (b) the areas of Queensland and Western Australia that are 11 North of the Tropic of Capricorn other than the Exmouth 12 Statistical Area level 2; 13 (c) the areas South of the Tropic of Capricorn of each 14 Statistical Area level 2 that has an area covered by 15 paragraph (b); 16 (d) the town of Exmouth (despite paragraph (b)); 17 (e) the following Statistical Areas level 2: 18 (i) Gladstone; 19 (ii) Gladstone Hinterland; 20 (iii) Newman.

21 Northern Australia economic infrastructure: see subsection 3(2).

22 proposal notice: see subsection 12(2).

23 rejection notice: see subsection 12(4).

24 Statistical Area level 2 means a statistical area level 2 recognised 25 by the Australian Bureau of Statistics.

1 Part 2—Northern Australia Infrastructure Facility 2

3 6 Establishment

4 (1) The Northern Australia Infrastructure Facility is established by 5 this section.

6 Note: The Public Governance, Performance and Accountability Act 2013 7 applies to the Facility. That Act deals with matters relating to 8 Commonwealth entities, including reporting and the use and 9 management of public resources.

10 (2) The Facility: 11 (a) is a body corporate; and 12 (b) must have a seal; and 13 (c) may acquire, hold and dispose of real and personal 14 property; and 15 (d) may sue and be sued.

16 (3) The Facility’s seal is to be kept in such custody as the Board 17 directs and must not be used except as authorised by the Board.

18 7 Functions of Facility

19 (1) The functions of the Facility are to: 20 (a) grant financial assistance to States and Territories for 21 the construction of Northern Australia economic 22 infrastructure; and 23 (b) determine terms and conditions for the grants.

24 (2) The Facility has the power to do all things necessary or 25 convenient to be done for or in connection with the performance of 26 its functions.

1 8 Time limit for making decisions to provide financial assistance

2 The Facility must not make a decision after 30 June 2021 to 3 provide financial assistance for the construction of Northern 4 Australia economic infrastructure.

5 Note: This does not prevent the Facility deciding before 30 June 2021 to 6 provide financial assistance after that day.

7 9 Facility has privileges and immunities of the Crown

8 The Facility has the privileges and immunities of the Crown in 9 right of the Commonwealth.

1 Part 3—Investment Mandate 2

3 10 Investment Mandate

4 (1) The Minister must, by legislative instrument, give directions to 5 the Facility about the performance of the Facility’s functions.

6 (2) The directions are the Investment Mandate.

7 (3) In performing its functions, the Facility must take all reasonable 8 steps to comply with the Investment Mandate.

9 (4) Section 42 (disallowance) of the Legislation Act 2003 does not 10 apply to the Investment Mandate.

11 Limit on Investment Mandate

12 (5) The Investment Mandate must not direct, or have the effect of 13 directing, the Facility to provide financial assistance: 14 (a) for the construction of particular infrastructure; or 15 (b) in relation to a particular person.

16 11 Matters covered by Investment Mandate

17 The Investment Mandate may include directions about the 18 following: 19 (a) objectives the Facility is to pursue in providing 20 financial assistance; 21 (b) strategies and policies to be followed for the effective 22 performance of the Facility’s functions; 23 (c) loan characteristics for circumstances in which 24 financial assistance is used to provide or support loans; 25 (d) providing financial assistance for purposes other than 26 to provide or support loans; 27 (e) eligibility criteria for financial assistance;

1 (f) risk and return in relation to providing financial 2 assistance; 3 (g) any other matters the Minister thinks appropriate.

1 Part 4—Consideration by Minister 2

3 12 Consideration by Minister

4 (1) The Facility must not provide financial assistance: 5 (a) before the end of the Minister’s consideration period; 6 or 7 (b) if the Minister has notified the Facility in writing that 8 the financial assistance should not be provided.

9 (2) If the Facility proposes to provide financial assistance, the 10 Facility must give the Minister written notice of the proposal (the 11 proposal notice).

12 (3) The Minister’s consideration period is: 13 (a) unless paragraph (b) applies—the period that ends 21 14 days after the proposal notice is given; or 15 (b) if, within that period of 21 days, or that period as 16 extended, the Minister requires by written notice given to the 17 Facility an extension of that period—that extended period, 18 which must end not later than 60 days after the proposal 19 notice is given.

20 (4) At any time during the Minister’s consideration period, the 21 Minister may notify the Facility in writing (the rejection notice) 22 that the financial assistance should not be provided.

23 (5) However, the Minister may give the rejection notice only if the 24 Minister is satisfied that providing the financial assistance would: 25 (a) be inconsistent with the objectives and policies of the 26 Commonwealth Government; or 27 (b) have adverse implications for Australia’s national or 28 domestic security; or 29 (c) have an adverse impact on Australia’s international 30 reputation or foreign relations.

1 13 Process if Minister decides that financial assistance should not be 2 provided

3 (1) A rejection notice must be accompanied by the Minister’s 4 written reasons for the notice.

5 (2) Within 20 sitting days after the rejection notice is given, the 6 Minister must table the notice in each House of the Parliament.

7 Note: The rejection notice must also be included in the Facility’s annual 8 report: see paragraphs 43(b) and (c).

1 Part 5—Board of the Facility 2

3 14 Establishment of Board

4 (1) The Board of the Facility is established by this section.

5 (2) The Board consists of: 6 (a) the Chair; and 7 (b) no less than 4 and no more than 6 other members.

8 (3) The performance of the functions or the exercise of the powers 9 of the Board is not affected by reason only of the number of 10 members falling below 5 for a period of not more than 6 months.

11 15 Functions of Board

12 (1) The functions of the Board are: 13 (a) to decide, within the scope of the Investment Mandate, 14 the strategies and policies to be followed by the Facility; and 15 (b) to ensure the proper, efficient and effective 16 performance of the Facility’s functions; and 17 (c) any other functions conferred on the Board by this Act.

18 (2) Anything that the Board does in the Facility’s name, or on the 19 Facility’s behalf, is taken to have been done by the Facility.

20 (3) The Board has the power to do all things necessary or 21 convenient to be done for or in connection with the performance of 22 its functions.

23 (4) If a function or power of the Facility is dependent on the 24 opinion, belief or state of mind of the Facility in relation to a 25 matter, the function or power may be exercised upon the opinion, 26 belief or state of mind of a person or body acting as mentioned in 27 subsection (3) in relation to that matter.

1 16 Appointment of members

2 (1) Members of the Board (including the Chair) are to be appointed 3 by the Minister by written instrument.

4 Note: For reappointment, see section 33AA of the Acts Interpretation Act 5 1901.

6 (2) A member must be appointed on a part-time basis.

7 (3) A member holds office for the period specified in his or her 8 instrument of appointment. The period must not exceed 3 years.

9 (4) A person is not eligible for appointment as a member unless the 10 person has experience or expertise in one or more of the following 11 fields: 12 (a) banking and finance; 13 (b) private equity or investment by way of lending or 14 provision of credit; 15 (c) economics; 16 (d) infrastructure planning and financing; 17 (e) engineering; 18 (f) government funding programs or bodies; 19 (g) financial accounting or auditing; 20 (h) law.

21 17 Acting appointment as Chair

22 The Minister may, by written instrument, appoint a member to 23 act as the Chair: 24 (a) during a vacancy in the office of Chair (whether or not 25 an appointment has previously been made to the office); or 26 (b) during any period, or during all periods, when the 27 Chair: 28 (i) is absent from duty or from Australia; or 29 (ii) is, for any reason, unable to perform the duties 30 of the office.

31 Note: For rules that apply to acting appointments, see sections 33AB and 32 33A of the Acts Interpretation Act 1901.

1 18 Remuneration of members

2 (1) A member is to be paid the remuneration that is determined by 3 the Remuneration Tribunal. If no determination of that 4 remuneration by the Tribunal is in operation, the member is to be 5 paid the remuneration that is prescribed under subsection (4).

6 (2) A member is to be paid the allowances that are prescribed 7 under subsection (4).

8 (3) This section has effect subject to the Remuneration Tribunal 9 Act 1973.

10 (4) The Minister may, by legislative instrument, prescribe: 11 (a) remuneration for the purposes of subsection (1); and 12 (b) allowances for the purposes of subsection (2).

13 19 Leave of absence

14 (1) The Minister may grant leave of absence to the Chair on the 15 terms and conditions that the Minister determines.

16 (2) The Chair may grant leave of absence to a member (other than 17 the Chair) on the terms and conditions that the Chair determines.

18 20 Other terms and conditions

19 A member holds office on the terms and conditions (if any) in 20 relation to matters not covered by this Act that are determined by 21 the Minister.

22 21 Resignation of members

23 (1) A member may resign his or her appointment by giving the 24 Minister a written resignation.

25 (2) The resignation takes effect on the day it is received by the 26 Minister or, if a later day is specified in the resignation, on that 27 later day.

1 22 Termination of appointment

2 (1) The Minister may terminate the appointment of a member: 3 (a) for misbehaviour; or 4 (b) if the member is unable to perform the duties of his or 5 her office because of physical or mental incapacity; or 6 (c) if the Minister is satisfied that the member’s 7 performance has been unsatisfactory for a significant period.

8 (2) The Minister must terminate the appointment of a member if 9 the member: 10 (a) becomes bankrupt; or 11 (b) takes steps to take the benefit of any law for the relief 12 of bankrupt or insolvent debtors; or 13 (c) compounds with one or more of his or her creditors; or 14 (d) makes an assignment of his or her remuneration for the 15 benefit of one or more of his or her creditors.

16 (3) The Minister may terminate the appointment if the member is 17 absent, except on leave of absence, from 3 consecutive meetings of 18 the Board.

19 Note: The appointment of a member may also be terminated under 20 section 30 of the Public Governance, Performance and Accountability 21 Act 2013 (which deals with terminating the appointment of an 22 accountable authority, or a member of an accountable authority, for 23 contravening general duties of officials).

24 23 Board meetings

25 (1) The Chair: 26 (a) must convene at least 2 meetings of the Board in each 27 financial year; and 28 (b) may convene other meetings of the Board if, in the 29 Chair’s opinion, the meetings are necessary for the efficient 30 performance of the Board’s functions.

31 (2) The Minister may, at any time, direct the Chair to convene a 32 meeting of the Board.

1 (3) The Chair must convene a meeting of the Board if at least 4 2 members by writing request the Chair to convene a meeting.

3 24 Presiding at Board meetings

4 (1) The Chair must preside at a meeting at which he or she is 5 present.

6 (2) If the Chair is not present at a meeting, the members present 7 must appoint a member to preside.

8 25 Quorum at Board meetings

9 At a meeting of the Board a quorum is constituted by: 10 (a) if there are 6 or more appointed members—4 members; 11 and 12 (b) otherwise—3 members.

13 Note: Section 33B of the Acts Interpretation Act 1901 provides for 14 participation in meetings by telephone etc.

15 26 Voting at Board meetings

16 (1) A question arising at a meeting of the Board is to be determined 17 by a majority of the votes of the members present and voting.

18 Note: For rules about members being present and voting, see section 29 of 19 the Public Governance, Performance and Accountability Act 2013, 20 and rules made under that section.

21 (2) The person presiding at a meeting of the Board has a 22 deliberative vote and, in the event of an equality of votes, also has 23 a casting vote.

24 27 Conduct of Board meetings

25 (1) The Board may regulate proceedings at its meetings as it 26 considers appropriate.

27 (2) The Board must keep minutes of its meetings.

1 28 Decisions without meetings

2 (1) The Board is taken to have made a decision at a meeting if: 3 (a) without meeting, a majority of the members entitled to 4 vote on the proposed decision indicate agreement with the 5 decision; and 6 (b) that agreement is indicated in accordance with the 7 method determined by the Board under subsection (2); and 8 (c) all the members were informed of the proposed 9 decision, or reasonable efforts were made to inform all 10 members of the proposed decision.

11 (2) Subsection (1) applies only if the Board: 12 (a) has determined that it may make decisions of that kind 13 without meeting; and 14 (b) has determined the method by which members are to 15 indicate agreement with proposed decisions.

16 (3) For the purposes of paragraph (1)(a), a member is not entitled 17 to vote on a proposed decision if the member would not have been 18 entitled to vote on that proposal if the matter had been considered 19 at a meeting of the Board.

20 (4) The Board must keep a record of decisions made in accordance 21 with this section.

1 Part 6—Administration 2

3 29 Chief Executive Officer

4 (1) There is to be a Chief Executive Officer of the Facility.

5 (2) The CEO is responsible for the day-to-day administration of the 6 Facility.

7 (3) The CEO also has any functions conferred on the CEO by or 8 under this Act or any other law.

9 (4) The CEO has power to do all things necessary or convenient to 10 be done for or in connection with the performance of his or her 11 functions.

12 30 CEO to act in accordance with policies and directions of Board

13 (1) The CEO must act in accordance with policies determined by 14 the Board.

15 (2) The Board may give written directions to the CEO about the 16 performance of the CEO’s functions. The CEO must comply with a 17 direction.

18 (3) A direction made under subsection (2) is not a legislative 19 instrument.

20 31 Appointment of CEO

21 (1) The CEO is to be appointed by the Board by written instrument 22 for a period of 3 years.

23 Note: For reappointment, see section 33AA of the Acts Interpretation Act 24 1901.

25 (2) The CEO may be appointed on a full-time or part-time basis.

26 (3) A member must not be appointed as the CEO.

1 (4) The CEO may be re-appointed for a further period of 2 years.

2 32 Acting appointment as CEO

3 The Board may appoint a person to act as the CEO: 4 (a) during a vacancy in the office of CEO (whether or not 5 an appointment has previously been made to the office); or 6 (b) during any period, or during all periods, when the 7 CEO: 8 (i) is absent from duty or from Australia; or 9 (ii) is, for any reason, unable to perform the duties 10 of the office.

11 Note: For rules that apply to acting appointments, see sections 33AB and 12 33A of the Acts Interpretation Act 1901.

13 33 Remuneration of CEO

14 (1) The CEO is to be paid the remuneration that is determined by 15 the Remuneration Tribunal. If no determination of that 16 remuneration by the Tribunal is in operation, the CEO is to be paid 17 the remuneration that is prescribed under subsection (4).

18 (2) The CEO is to be paid the allowances that are prescribed under 19 subsection (4).

20 (3) This section has effect subject to the Remuneration Tribunal 21 Act 1973.

22 (4) The Minister may, by legislative instrument prescribe: 23 (a) remuneration for the purposes of subsection (1); and 24 (b) allowances for the purposes of subsection (2).

25 34 Leave of absence of CEO

26 (1) A full-time CEO has the recreation leave entitlements that are 27 determined by the Remuneration Tribunal.

1 (2) The Board may grant a full-time CEO leave of absence, other 2 than recreation leave, on the terms and conditions as to 3 remuneration or otherwise that the Board determines.

4 (3) The Board may grant leave of absence to a part-time CEO on 5 the terms and conditions that the Board determines.

6 35 Outside employment

7 (1) If the CEO is appointed on a full-time basis, the CEO must not 8 engage in any work (whether paid or unpaid) outside the duties of 9 his or her office without the Chair’s approval.

10 (2) If the CEO is appointed on a part-time basis, the CEO must not 11 engage in any work (whether paid or unpaid) that conflicts or could 12 conflict with the proper performance of his or her duties.

13 36 Other terms and conditions

14 The CEO holds office on the terms and conditions (if any) in 15 relation to matters not covered by this Act that are determined by 16 the Board.

17 37 Resignation of CEO

18 (1) The CEO may resign his or her appointment by giving the 19 Board a written resignation.

20 (2) The resignation takes effect on the day it is received by the 21 Board or, if a later day is specified in the resignation, on that later 22 day.

23 38 Termination of appointment of CEO

24 (1) The Board may terminate the appointment of the CEO: 25 (a) for misbehaviour; or 26 (b) if the CEO is unable to perform the duties of his or her 27 office because of physical or mental incapacity.

1 (c) if the Board is satisfied that the CEO’s performance has 2 been unsatisfactory for a significant period.

3 (2) The Board must terminate the appointment of the CEO if the 4 CEO: 5 (a) becomes bankrupt; or 6 (b) takes steps to take the benefit of any law for the relief 7 of bankrupt or insolvent debtors; or 8 (c) compounds with one or more of his or her creditors; or 9 (d) makes an assignment of his or her remuneration for the 10 benefit of one or more of his or her creditors.

11 (3) If the CEO is appointed on a full-time basis, the Board may 12 terminate the appointment if: 13 (a) the CEO is absent, except on leave of absence, for 14 14 consecutive days or for 28 days in any 12 months; or 15 (b) the CEO engages, without the Minister’s approval, in 16 work (whether paid or unpaid) outside the duties of his or her 17 office (see subsection 35(1)).

18 (4) If the CEO is appointed on a part-time basis, the Board may 19 terminate the appointment if the CEO engages in work (whether 20 paid or unpaid) that conflicts or could conflict with the proper 21 performance of his or her duties (see subsection 35(2)).

22 (5) The Board may terminate the appointment of the CEO if the 23 CEO fails, without reasonable excuse, to comply with section 29 of 24 the Public Governance, Performance and Accountability Act 2013 25 (which deals with the duty to disclose interests) or rules made for 26 the purposes of that section.

27 39 Staff

28 (1) The Facility may employ such persons as it considers necessary 29 for the performance of its functions and the exercise of its powers.

30 (2) An employee is to be employed on the terms and conditions 31 that the Facility determines in writing.

1 Arrangements relating to staff

2 (3) The Facility may make arrangements for the services of officers 3 or employees of the following to be made available to the Facility: 4 (a) the Commonwealth, a State or a Territory; 5 (b) an authority of the Commonwealth or of a State or 6 Territory; 7 (c) any other organisation or body.

8 (4) It is a function of the Export Finance and Insurance Corporation 9 to provide assistance to the Facility as agreed by the Facility.

10 40 Consultants

11 The Facility may engage consultants to assist in the 12 performance of its functions.

1 Part 7—Miscellaneous 2

3 41 Facility may charge fees

4 (1) The Facility may charge a fee in relation to anything done in 5 performing its functions.

6 (2) A fee must not be such as to amount to taxation.

7 42 Appropriation of Consolidated Revenue Fund

8 The Consolidated Revenue Fund is appropriated to the extent of 9 $5 billion for the purposes of providing grants of financial 10 assistance to the States and Territories for the construction of 11 Northern Australia economic infrastructure.

12 43 Annual report

13 The annual report prepared by the Board and given to the 14 Minister under section 46 of the Public Governance, Performance 15 and Accountability Act 2013 for a period must include the 16 following: 17 (a) the particulars of any changes to the Investment 18 Mandate during the period and their impact on the operations 19 of the Facility; 20 (b) a summary of the proposal notices given by the Facility 21 to the Minister during the period; 22 (c) a summary of any rejection notices given by the 23 Minister during the period and the Minister’s reasons for 24 giving the notices; 25 (d) for financial assistance provided by the Facility during 26 the period, a summary of: 27 (i) the amounts of financial assistance and kinds 28 of Northern Australia economic infrastructure 29 concerned; and

1 (ii) the kinds of loan contracts used, and their 2 important features; 3 (iii) the risks and returns to the Commonwealth; 4 (e) a summary of any adjustments or concessions made by 5 the Facility during the period in relation to Northern 6 Australia economic infrastructure projects that have not 7 progressed as planned.

8 44 Review of operation of Act

9 (1) The Minister must cause a review of the operation of this Act to 10 be undertaken as soon as possible after the period of 3 years 11 beginning when this Act commences.

12 (2) Without limiting the matters to be covered by the review, the 13 review must consider whether the time limit of 30 June 2021 set 14 out in section 8 for making decisions to provide financial 15 assistance should be extended.

16 (3) The persons undertaking the review must give the Minister a 17 written report of the review.

18 (4) The Minister must cause a copy of the report of the review to 19 be tabled in each House of the Parliament within 15 sitting days of 20 that House after the report is given to the Minister.

21 45 Regulations

22 The Governor-General may make regulations prescribing 23 matters: 24 (a) required or permitted by this Act to be 25 prescribed by the regulations; or 26 (b) necessary or convenient to be prescribed for 27 carrying out or giving effect to this Act.

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