Nation-building Funds Act 2008
The Nation-building Funds Act 2008  (the NBF Act) gave effect from 1 January 2009 to the establishment of three funds for the purpose of financing capital investment in critical areas of infrastructure.
Funding under the NBF Act is directed towards capital expenditure, including associated labour costs, but not to recurrent expenditure relating to running costs (such as staff wages and maintenance).
The NBF Act also establishes the framework for payments to be authorised from the Funds and Ministers' responsibilities and requirements with respect to disbursements from the Funds. That is, the management of expenditure from the Funds is jointly shared between the Minister for Finance (the Finance Minister) and the relevant portfolio Minister. The Finance Minister is responsible for authorising payments from the Funds to Government-agreed projects. The relevant portfolio Minister is responsible for recommending projects, entering into associated contractual commitments and managing the delivery of project milestones.
Building Australia Fund
The Building Australia Fund makes funding payments for the creation or development of infrastructure in the areas of:
- transport (such as roads, rail, urban transport and ports);
- eligible national broadband network matters;
- energy; and
Education Investment Fund
The Education Investment Fund makes funding payments for the creation or development of infrastructure in the areas of:
- higher education;
- research; and
- vocational education and training.
Health and Hospitals Fund
The Health and Hospitals Fund (HHF) was abolished by the Medical Research Future Fund (Consequential Amendments) Act 2015 on 29 October 2015. Remaining commitments for the HHF will be met from appropriations provided directly to the Department of Health.
Last updated: 15 July 2016