Infrastructure Australia Amendment Act 2014 (77 of 2014)

Schedule 1   Amendments

Part 1   Amendments relating to Infrastructure Australia and the Infrastructure Coordinator

Infrastructure Australia Act 2008

39   After Part 3

Insert:

Part 3A - Planning and reporting

39B Corporate plan

(1) Infrastructure Australia must prepare a corporate plan at least once each financial year and give it to the Minister.

(2) The plan must cover a period of 3 financial years.

(3) The plan must include details of the following matters:

(a) a statement of the objectives that Infrastructure Australia will pursue;

(b) the strategies and policies that Infrastructure Australia will adopt to achieve those objectives;

(c) performance indicators for the assessment of Infrastructure Australia's performance of its functions.

(5) The Board may vary the plan.

Consultation requirements

(6) In preparing the plan, or a variation of the plan, Infrastructure Australia must consult with:

(a) the Minister; and

(b) such of the following as it considers appropriate:

(i) government, commercial, industrial, consumer and other relevant bodies and organisations;

(ii) investors in infrastructure and owners of infrastructure.

39C Additional content for annual report

The annual report for Infrastructure Australia prepared under section 9 of the Commonwealth Authorities and Companies Act 1997 for a year must also include:

(a) details of any directions given to it by the Minister under subsection 6(1) during the year; and

(b) an assessment of the extent to which Infrastructure Australia's operations during the year have contributed to the objectives set out in the corporate plan applicable for the year; and

(c) an evaluation of Infrastructure Australia's overall performance during the year against the performance indicators set out in the corporate plan for the year;

(d) details of each method of preparing cost benefit analyses approval of which was in force under subsection 5B(3) at any time during the year, including the weight required to be assigned to each factor the method required to be taken into account.

Part 3B - Finance

39D Money payable to Infrastructure Australia

(1) There is payable to Infrastructure Australia such money as is appropriated by the Parliament for the purposes of Infrastructure Australia.

(2) The Finance Minister may give directions about the amounts in which, and the times at which, money payable under subsection (1) is to be paid to Infrastructure Australia.

(3) If a direction under subsection (2) is given in writing, the direction is not a legislative instrument.

39DA Application of money by Infrastructure Australia

(1) The money of Infrastructure Australia is to be applied only:

(a) in payment or discharge of the costs, expenses and other obligations incurred or undertaken by Infrastructure Australia in the performance of its functions and the exercise of its powers; and

(b) in payment of any remuneration or allowances payable under this Act.

(2) Subsection (1) does not prevent investment of surplus money of Infrastructure Australia under section 18 of the Commonwealth Authorities and Companies Act 1997.

39DB Restrictions on financial transactions

(1) Infrastructure Australia must not, without the written approval of the Minister:

(a) acquire any property, right or privilege for a consideration exceeding in amount or value the amount prescribed by the regulations for the purposes of this paragraph; or

(b) dispose of any property, right or privilege if the amount or value of the consideration for the disposal, or the value of the property, right or privilege, exceeds the amount prescribed by the regulations for the purposes of this paragraph; or

(c) enter into a lease of land for a period exceeding 10 years.

(2) Paragraphs (1)(a) and (b) do not apply to the investment of money by Infrastructure Australia under section 18 of the Commonwealth Authorities and Companies Act 1997.

(3) Infrastructure Australia must not borrow money from any person.

(4) Nothing in subsection (3) affects Infrastructure Australia's ability to obtain goods or services on credit in accordance with section 28A of the Commonwealth Authorities and Companies Act 1997.

(5) An approval under subsection (1) is not a legislative instrument.

39DC Taxation

Infrastructure Australia is not subject to taxation under any law of the Commonwealth or of a State or Territory.

Note: Despite this section, Infrastructure Australia may be subject to taxation under certain laws (see, for example, section 177-5 of the A New Tax System (Goods and Services Tax) Act 1999 and section 66 of the Fringe Benefits Tax Assessment Act 1986).