Nation-building Funds - Overview
The Nation-building Funds were established on 1 January 2009 by the Nation-building Funds Act 2008 . The Funds are financial asset funds – consisting of cash and investments with the collective purpose of providing financing to meet the Australian Government’s commitment to critical areas of infrastructure investment. Specifically:
- the Building Australia Fund (BAF) facilitates the creation or development of infrastructure in the areas of transport, communications, eligible national broadband network matters, energy and water; and
- the Education Investment Fund (EIF) facilitates the creation or development of infrastructure in the areas of higher education, research, vocational education and training, and other eligible education.
The NBF's previously included the Health and Hospitals Fund (HHF). However, this fund was closed with the implementation of the Medical Research Future Fund which took effect on 29 October 2015. Remaining commitments of the HHF were transferred to the Department of Health.
Eligible payments from the Funds may involve:
- financial assistance grants;
- the acquisition, in the name of the Commonwealth, of financial assets (such as shares, debentures and trust units) in a company involved in the creation or development of relevant infrastructure; and
- public-private partnership payments.
Disbursements from the Nation-building Funds are subject to an expenditure approval process.
Queries regarding specific projects funded through any of the three Nation-building Funds should be made to the relevant portfolio department.
Last updated: 15 July 2016