Compilation #1 | Effective 2020-04-09
FRBR Work URI: /akn/au/act/2020/29
This Act is the Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
• The Minister may, on behalf of the Commonwealth, grant a guarantee to a financial institution in connection with loans made, or to be made, by the financial institution to SME entities if granting the guarantee is likely to assist in dealing with the economic impacts of the Coronavirus known as COVID-19.
• The Consolidated Revenue Fund is appropriated for the purposes of meeting any liabilities that the Commonwealth incurs under those guarantees.
In this Act:
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
financial institution means:
(a) a body corporate that is an ADI for the purposes of the Banking Act 1959; or
(b) a non-ADI lender (within the meaning of the Banking Act 1959).
legislative rules means rules made under section 8.
SME entity has the meaning given by the legislative rules.
For the purposes of paragraph (b) of the definition of financial institution in section 4, disregard paragraphs 7(2)(i), (ia) and (j) of the Financial Sector (Collection of Data) Act 2001.
The Minister may, on behalf of the Commonwealth, grant a guarantee to a financial institution in connection with loans made, or to be made, by the financial institution to SME entities.
The Minister must not grant a guarantee unless:
the Minister is satisfied that granting the guarantee is likely to assist in dealing with the economic impacts of the Coronavirus known as COVID-19; and
the guarantee is in connection with loans made, or to be made, by a financial institution that is a constitutional corporation.
The grant of a guarantee must be in accordance with any requirements prescribed by the legislative rules.
For the purposes of the application of this section to a loan made by a financial institution, it is immaterial whether the loan was made before, at or after the commencement of this section.
The Consolidated Revenue Fund is appropriated for the purposes of meeting any liabilities that the Commonwealth incurs under guarantees granted under section 5.
The total amount appropriated under subsection (1) must not exceed $20 billion.
The Minister may, by writing, delegate any or all of the Minister’s powers under section 5 to:
the Secretary of the Department; or
an SES employee, or acting SES employee, in the Department.
Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.
In exercising powers under a delegation under subsection (1), the delegate must comply with any directions of the Minister.
The Minister may, by legislative instrument, make rules (legislative rules) prescribing matters required or permitted by this Act to be prescribed by the legislative rules.
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history