Supplementary Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon Scott Morrison MP)Chapter 1 Australian Renewable Energy Agency's finances (Chapter 5)
Outline of chapter (Amendment 4)
Subsection 64(1) of the ARENA Act specifies the amounts made available to ARENA for each of the years 2013-14 to 2021-22. ARENA accesses these amounts by making requests for payment to the Commonwealth under section 65. Payments are appropriated from the Consolidated Revenue Fund under section 66. Any unrequested amounts carry over to future financial years under subsection 64(2).
Amended item 1 to the Bill amends Schedule 5 to the Bill, with the effect that the table in subsection 64(1) of the ARENA Act is amended so that amounts available to ARENA for the years from 2017-18 onwards are in total $800 million greater.
The amendments made by revised item 1 do not affect the amounts that were available to ARENA for any of the years 2013-14 to 2016-17.