Nation-building Funds Financials

The following tables detail the Nation-building Funds' balances according to their commitments and payments as at 31 December 2016.

Uncommitted Balances - as at 31 December 2016*
  BAF
($A m)
EIF
($A m)
Total
($A m)
Total Credits 10,934.7 6,483.8 17,418.5
(Plus)  Actual Net Earnings 1,977.3 1,455.2 3,432.5
(Equals) Total Credits and Actual Net Earnings 12,912.0 7,939.0 20,851.0
(Less)  Total Commitments** 9,696.4 4,196.0 13,892.4
(Equals) Uncommitted Balance*** 3,215.6 3,743.0 6,958.6

* Data may not sum due to rounding.

** Total Commitments include decisions up to 2016-17 Mid-Year Economic and Fiscal Outlook (MYEFO).

***The uncommitted balance includes net investment earnings up to 31 December 2016. It was announced at MYEFO 2016-17 that the Building Australia Fund (BAF) and Education Investment Fund (EIF) are expected to cease on 31 December 2017 following the passage of legislation through the Parliament.  It was also announced that the Asset Recycling Fund (ARF) will not be established. 

Cash Balances - as at 31 December 2016*
  BAF
($A m)
EIF
($A m)
Total
($A m)
Total Credits and Actual Net Earnings 12,912.0 7,939.0 20,851.0
(Less) Total Fund Payments 9,168.0 4,184.0 13,352.0
(Equals) Cash Balance** 3,744.0 3,755.0 7,499.0
Memo: 2016-17 Payment Limit 461.6 22.6 N.A.

*Data may not sum due to rounding.

**The balance of the fund includes net investment earnings and payments made for projects up to 31 December 2016. 

Transfers to the Nation-building Funds

The following table provides a history of financial transfers to the Nation-building Funds, with links to the associated determinations.

Transfers to the BAF
Date Source of Funds Amount
($A m)
Documentation
1 January 2009 The investments of the Communications Fund were credited to the BAF. 2,468.2 Section 16 of Nation-building Funds Act 2008 [External Site]
7 January 2009 The residual balance of the Communications Fund was credited to the BAF. 0.05 Section 16 of Nation-building Funds Act 2008 [External Site]
12 June 2009 2007-08 budget surplus. 7,500.0 Building Australia Fund (Initial Credit) Determination 2009 [External Site]
26 June 2009 Monies of the Telstra Sale Special Account were credited to the BAF. 966.4 Building Australia Fund (Credit of Telstra Sale Special Account Balance) Determination 2009 [External Site]
17 May 2010 Unspent monies from the Commonwealth's contribution for the pre-construction works for the West Metro project, was re-credited to the BAF, following the New South Wales Government's decision not to proceed with the project. 80.1* Building Australia Fund (Subsequent Credit) Determination 2010 [External Site]
22 December 2010 Residual of unspent monies from the Commonwealth's contribution towards pre-construction works for the West Metro project, was re-credited to the BAF, following the completion of the audit by the New South Wales Auditor-General. 2.5* Building Australia Fund (Subsequent Credit) Determination 2010 (No.2) [External Site]
Total Transfers   10,934.7  

* In reporting on credits, spending and commitments this transfer is treated as a returned payment rather than a new credit to the BAF.

Transfers to the EIF
Date Source of Funds Amount
($A m)
Documentation
1 January 2009 The balance of the Higher Education Endowment Fund was credited to the EIF. 6,483.8 Section 135 of Nation-building Funds Act 2008[External Site]
Total Transfers   6,483.8  
Transfers to the HHF
Date Source of Funds Amount
($A m)
Documentation
20 February 2009 2007-08 budget surplus. 1,000.0 Health and Hospitals Fund (Initial Credits) Determination 2009 [External Site]
12 June 2009 2007-08 budget surplus. 4,000.0 Health and Hospitals Fund (Initial Credits) Determination 2009 (No. 2) [External Site]
Total Transfers   5,000.0  

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Contact information on this page: Funds and Actuarial Branch

Last updated: 27 February 2017