Housing Australia Future Fund Investment Mandate Direction 2023 (Cth)

Housing Australia Future Fund Investment Mandate Direction 2023

We, DR JIM CHALMERS, Treasurer, and KATY GALLAGHER, Minister for Finance, give this Direction under subsection 41(1) of the Housing Australia Future Fund Act 2023.

Dated ­­­­ ­1 November 2023

JIM CHALMERS KATY GALLAGHER Treasurer Minister for Finance

Part 1 Preliminary

1. Name of Direction

This Direction is the Housing Australia Future Fund Investment Mandate Direction 2023.

2. Commencement

This Direction commences on the 15th day after it is given.

Note: Section 42 of the Legislative Instruments Act 2003 (which deals with the disallowance of legislative instruments) does not apply to this instrument: see section 44 of that Act. Part 6 of that Act (which deals with the sunsetting of legislative instruments) does not apply to this instrument: see section 54 of that Act. 3. Authority

This Direction is made under the Housing Australia Future Fund Act 2023.

4. Definitions

In this Direction:

Act means the Housing Australia Future Fund Act 2023.

Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006. Consumer Price Index means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Bureau of Statistics.

Fund means the Housing Australia Future Fund.

responsible Ministers has the same meaning as in the Act.

Part 2 Direction

5. Object (1) The object of this Direction is to give guidance to the Board in relation to its investment strategy for the Fund. (2) The Board must seek to maximise the return earned on the Fund over the long term, consistent with international best practice for institutional investment, pursuant to section 42 of the Act, and subject to its obligations under the Act and any directions given by the responsible Ministers under subsection 41(1) of the Act. (3) This Direction is given under subsection 41(1) of the Act to articulate the Government's expectations for how the Fund will be invested and managed by the Board. This sets out matters of risk and return for the Fund.