Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (35 of 2026)

Schedule 3   Multilateral development banks - modernising and technical amendments

Part 1   Main amendments

International Finance Corporation Act 1955

13   Sections 5, 5A and 5B

Repeal the sections, substitute:

4A Meaning of relevant financial obligation

(1) For the purposes of this Act, a relevant financial obligation is an obligation of Australia (contingent or otherwise) for which the following requirements are satisfied:

(a) the obligation requires (or could require) Australia to make one or more payments;

(b) the obligation is undertaken or imposed under:

(i) the Agreement; or

(ii) an agreement or arrangement between Australia and the International Finance Corporation (other than an agreement mentioned in section 8CA of the International Monetary Agreements Act 1947); or

(iii) a resolution adopted by the Board of Governors of the International Finance Corporation;

(c) for an obligation undertaken or imposed under an agreement, arrangement or resolution mentioned in subparagraph (b)(ii) or (iii) - the agreement, arrangement or resolution relates to Australia:

(i) purchasing or subscribing to shares of the capital stock of the International Finance Corporation; or

(ii) purchasing a bond, debenture, convertible note or similar financial instrument issued by the International Finance Corporation; or

(iii) granting a guarantee in support of the purpose of the International Finance Corporation; or

(iv) providing any other form of financial accommodation in support of the purpose of the International Finance Corporation;

(d) the obligation is not excluded by a determination under subsection (4).

(2) However, for the purposes of this Act:

(a) an obligation that is undertaken or imposed after the commencement of this section is a relevant financial obligation only if notice of the obligation has been given under subsection (5); and

(b) an increase in an amount of a relevant financial obligation because of the variation of, or making of a new, agreement, arrangement or resolution after the commencement of this section is to be taken into account only if notice of the increase has been given under subsection (5).

(3) To avoid doubt, for the purposes of subsection (2), the timing of when a contingency happens or may happen does not affect the timing of when a contingent obligation itself is undertaken or imposed.

Note: For example, an obligation to make one or more payments in response to a call on callable shares is undertaken or imposed when the callable shares are purchased or subscribed to (rather than when the call is made).

Minister may exclude obligations

(4) The Minister may, by legislative instrument, determine that an obligation is excluded for the purposes of paragraph (1)(d).

Notification of new financial obligations

(5) The Minister may, by legislative instrument, give notice of:

(a) the undertaking or imposition of an obligation for the purposes of paragraph (2)(a); or

(b) an increase in an amount for the purposes of paragraph (2)(b).

(6) A legislative instrument under subsection (5) commences at the later of the following days or times:

(a) the earliest day or time applicable under subsection 12(1) of the Legislation Act 2003;

(b) the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislation Act 2003 disallowing the instrument could be passed.

5 Appropriation for relevant financial obligations

The Consolidated Revenue Fund is appropriated for the purposes of making any payments necessary to meet relevant financial obligations.