Nation-building Funds
The Nation-building Funds (the Building Australia Fund (BAF), the Education Investment Fund (EIF), and the Health and Hospitals Fund (HHF)) were established on 1 January 2009 by the Nation-building Funds Act 2008 [
] (the NBF Act). The Nation-building Funds are financial asset funds - consisting of cash and investments.
The Nation-building Funds were established to provide financing resources to meet the Australian Government’s commitment to Australia’s future by investment in critical areas of infrastructure such as transport, communications, energy, water, education, research and health.
The NBF Act gives responsibility for managing the investments of the BAF, EIF and HHF to the Future Fund Board of Guardians [] (the Board). These powers are the same as provided for in the Future Fund Act 2006. The Board is supported in its functions by the Future Fund Management Agency [] , which is a prescribed agency for the purposes of the Financial Management and Accountability Act 1997.
The NBF Act provides that relevant Portfolio Ministers for each of the Nation-building Funds must not make a recommendation in relation to a payment from the respective Fund for an identified project unless the advisory board for that Fund has advised that the project satisfies the relevant evaluation criteria.
From 2009 -10 disbursements from the Nation-building Funds will be subject to parliamentary scrutiny through the Appropriation Bills.
Contact
Department of Finance and Deregulation
Funds Branch
Email: FundsBranch@finance.gov.au
For queries regarding specific projects funded through any of the three Nation building Funds, please contact the relevant portfolio departments.
Links
Future Fund Board of Guardians and Future Fund Management Agency
www.futurefund.gov.au []
Contact for information on this page: FundsBranch@finance.gov.au