[Bill 8]-VI
TASMANIA
__________
TASMANIAN PUBLIC FINANCE CORPORATION
AMENDMENT BILL 2023
__________
CONTENTS
PART 1 – PRELIMINARY
1. Short title
2. Commencement
3. Repeal of Act
PART 2 – TASMANIAN PUBLIC FINANCE CORPORATION ACT
1985 AMENDED
4. Principal Act
5. Section 15A inserted
15A. Government guarantee of certain borrowings
6. Section 24 and Schedule 1 inserted
24. Amendment of Schedule 1
SCHEDULE 1 – RELEVANT ORGANISATION
PART 3 – ELECTRICITY COMPANIES ACT 1997 AMENDED
7. Principal Act
8. Section 11 amended (Status of company)
9. Section 12 amended (Guarantee or indemnity)
PART 4 – FIRE SERVICE ACT 1979 AMENDED
10. Principal Act
11. Section 102 amended (Borrowing debentures or inscribed stock)
2
PART 5 – FOREST PRACTICES ACT 1985 AMENDED
12. Principal Act
13. Section 4S amended (Borrowing from person other than
Treasurer)
PART 6 – GOVERNMENT BUSINESS ENTERPRISES ACT 1995
AMENDED
14. Principal Act
15. Section 47 amended (Borrowing from person other than
Treasurer)
16. Section 118 amended (Delegation by Portfolio Minister or
Treasurer)
PART 7 – HOMES TASMANIA ACT 2022 AMENDED
17. Principal Act
18. Section 30 amended (Borrowing from person other than
Treasurer)
PART 8 – IRRIGATION COMPANY ACT 2011 AMENDED
19. Principal Act
20. Section 12 amended (Status of Company)
21. Section 16 amended (Guarantee or indemnity)
PART 9 – MACQUARIE POINT DEVELOPMENT CORPORATION
ACT 2012 AMENDED
22. Principal Act
23. Section 47 amended (Borrowing from person other than
Treasurer)
PART 10 – METRO TASMANIA ACT 1997 AMENDED
24. Principal Act
25. Section 10 amended (Status of Company)
26. Section 13 amended (Guarantee or indemnity)
PART 11 – PRIVATE FORESTS ACT 1994 AMENDED
27. Principal Act
3
28. Section 25 amended (Borrowing from person other than
Treasurer)
PART 12 – RACING (TASRACING PTY LTD) ACT 2009 AMENDED
29. Principal Act
30. Section 7 amended (Status of Company)
31. Section 17 amended (Guarantee or indemnity)
PART 13 – RAIL COMPANY ACT 2009 AMENDED
32. Principal Act
33. Section 11 amended (Status of Company)
34. Section 14 amended (Guarantee or indemnity)
PART 14 – STADIUMS TASMANIA ACT 2022 AMENDED
35. Principal Act
36. Section 30 amended (Borrowing from person other than
Treasurer)
PART 15 – TT-LINE ARRANGEMENTS ACT 1993 AMENDED
37. Principal Act
38. Section 17 amended (Guarantee or indemnity)
39. Section 20 repealed
PART 16 – TASMANIAN DEVELOPMENT ACT 1983 AMENDED
40. Principal Act
41. Section 25 repealed
PART 17 – TASMANIAN PORTS CORPORATION ACT 2005
AMENDED
42. Principal Act
43. Section 13 amended (Status of Corporation)
44. Section 16 amended (Guarantee or indemnity)
4
[Bill 8] 5
TASMANIAN PUBLIC FINANCE CORPORATION
AMENDMENT BILL 2023
(Brought in by the Treasurer, the Honourable Michael Darrel
Joseph Ferguson)
A BILL FOR
An Act to amend the Tasmanian Public Finance
Corporation Act 1985 and to consequentially amend certain
other Acts for related purposes
Be it enacted by Her Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
PART 1 – PRELIMINARY
1. Short title
This Act may be cited as the Tasmanian Public
Finance Corporation Amendment Act 2023.
2. Commencement
This Act commences on 1 July 2023 but, if this
Act does not receive the Royal Assent by
1 July 2023, this Act is taken to have
commenced on 1 July 2023.
3. Repeal of Act
This Act is repealed on 1 July 2024.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 4 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended
6
PART 2 – TASMANIAN PUBLIC FINANCE
CORPORATION ACT 1985 AMENDED
4. Principal Act
In this Part, the Tasmanian Public Finance
Corporation Act 1985* is referred to as the
Principal Act.
5. Section 15A inserted
After section 15 of the Principal Act, the
following section is inserted in Part III:
15A. Government guarantee of certain
borrowings
(1) In this section –
relevant organisation means an
organisation or entity referred to
in Schedule 1.
(2) One or more amounts borrowed by a
relevant organisation from the
Corporation is guaranteed by the State up
to, and not in excess of, such amount, in
total, as is determined by the Treasurer as
the maximum amount guaranteed under
this section in respect of the relevant
organisation.
_______________________________________________________________ *No. 59 of 1985
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 5
7
(3) For the purposes of subsection (2), an
amount borrowed by a relevant
organisation from the Corporation
includes each of the following:
(a) the amount borrowed by the
relevant organisation from the
Corporation;
(b) the interest payable by the
Corporation in respect of the
amount borrowed by the relevant
organisation;
(c) any charges payable to the
Corporation, by the relevant
organisation, in respect of the
amount borrowed;
(d) any expenses that are incurred by
the Corporation in relation to the
amount borrowed by the relevant
organisation.
(4) This section only applies in respect of an
amount borrowed by a relevant
organisation from the Corporation if the
Corporation has exercised all of its rights
and remedies under all securities held in
respect of the amount borrowed by the
relevant organisation.
(5) A payment by the State to the
Corporation under this section –
(a) is a charge on the Public Account;
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 6 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended
8
and
(b) is payable out of the Public
Account without further
appropriation than this section.
(6) If the State is required to make a
payment to the Corporation under this
section in respect of an amount borrowed
by a relevant organisation –
(a) the amount so paid by the State
under this section is a debt due
and owing, by the relevant
organisation, to the State; and
(b) in addition to any other action
that may be taken by the State in
respect of that debt, the Treasurer
may enter into an agreement with
the relevant organisation for the
repayment of the debt, on such
terms and conditions, and in such
manner, as may be determined by
the Treasurer.
6. Section 24 and Schedule 1 inserted
After section 23 of the Principal Act, the
following section and Schedule are inserted in
Part IV:
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 6
9
24. Amendment of Schedule 1
(1) The Treasurer, by order, may amend
Schedule 1 by doing any one or more of
the following:
(a) inserting a new organisation or
entity;
(b) omitting an organisation or entity;
(c) omitting an organisation, or
entity, and substituting another
organisation or entity.
(2) The provisions of section 47(3), (3A),
(4), (5), (6) and (7) of the Acts
Interpretation Act 1931 apply to an order
under this section as if the order were
regulations within the meaning of that
Act.
(3) For the avoidance of doubt, an order
under this section –
(a) is a statutory rule within the
meaning of the Rules Publication
Act 1953; and
(b) is not subordinate legislation
within the meaning of the
Subordinate Legislation Act
1992.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 6 Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended
10
SCHEDULE 1 – RELEVANT ORGANISATION
Section 15A(1)
1. A Government Business Enterprise
within the meaning of the Government
Business Enterprises Act 1995.
2. A company formed under the Electricity
Companies Act 1997.
3. The Company as defined in the
Irrigation Company Act 2011.
4. The Company as defined in the Metro
Tasmania Act 1997.
5. The Company as defined in the Racing
(Tasracing Pty Ltd) Act 2009.
6. The Company formed under the Rail
Company Act 2009.
7. The Company formed under the TT-Line
Arrangements Act 1993.
8. The Corporation as defined in the
Tasmanian Ports Corporation Act 2005.
9. A subsidiary, within the meaning of the
Corporations Act, that is wholly owned
by one of the entities specified in item 1,
2, 3, 4, 5, 6, 7 or 8.
10. The Forest Practices Authority continued
under the Forest Practices Act 1985.
11. Homes Tasmania, as established by the
Homes Tasmania Act 2022.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 2 – Tasmanian Public Finance Corporation Act 1985 Amended s. 6
11
12. Macquarie Point Development
Corporation, as established by the
Macquarie Point Development
Corporation Act 2012.
13. Private Forests Tasmania, as established
by the Private Forests Act 1994.
14. Stadiums Tasmania, as established by the
Stadiums Tasmania Act 2022.
15. The State Fire Commission, as
established by the Fire Service Act 1979.
16. Tasmania Development and Resources,
as continued by the Tasmanian
Development Act 1983.
17. TasTAFE, as continued under the
TasTAFE (Skills and Training Business)
Act 2021.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 7 Part 3 – Electricity Companies Act 1997 Amended
12
PART 3 – ELECTRICITY COMPANIES ACT 1997
AMENDED
7. Principal Act
In this Part, the Electricity Companies Act 1997*
is referred to as the Principal Act.
8. Section 11 amended (Status of company)
Section 11 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown is not liable for any liability
or obligation of a company or subsidiary
of a company unless –
(a) the Treasurer gives a guarantee or
indemnity under section 12; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the company or subsidiary.
9. Section 12 amended (Guarantee or indemnity)
Section 12 of the Principal Act is amended as
follows:
(a) by omitting paragraph (a) from
subsection (1);
_______________________________________________________________ *No. 69 of 1997
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 3 – Electricity Companies Act 1997 Amended s. 9
13
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 10 Part 4 – Fire Service Act 1979 Amended
14
PART 4 – FIRE SERVICE ACT 1979 AMENDED
10. Principal Act
In this Part, the Fire Service Act 1979* is
referred to as the Principal Act.
11. Section 102 amended (Borrowing debentures or
inscribed stock)
Section 102 of the Principal Act is amended by
omitting subsection (8).
_______________________________________________________________ *No. 35 of 1979
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 5 – Forest Practices Act 1985 Amended s. 12
15
PART 5 – FOREST PRACTICES ACT 1985 AMENDED
12. Principal Act
In this Part, the Forest Practices Act 1985* is
referred to as the Principal Act.
13. Section 4S amended (Borrowing from person other
than Treasurer)
Section 4S of the Principal Act is amended by
omitting subsections (4), (5), (6) and (7).
_______________________________________________________________ *No. 48 of 1985
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 14 Part 6 – Government Business Enterprises Act 1995 Amended
16
PART 6 – GOVERNMENT BUSINESS ENTERPRISES
ACT 1995 AMENDED
14. Principal Act
In this Part, the Government Business
Enterprises Act 1995* is referred to as the
Principal Act.
15. Section 47 amended (Borrowing from person other
than Treasurer)
Section 47 of the Principal Act is amended by
omitting subsections (3), (4), (5), (6) and (7).
16. Section 118 amended (Delegation by Portfolio
Minister or Treasurer)
Section 118(2) of the Principal Act is amended
by omitting paragraph (f).
_______________________________________________________________ *No. 22 of 1995
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 7 – Homes Tasmania Act 2022 Amended s. 17
17
PART 7 – HOMES TASMANIA ACT 2022 AMENDED
17. Principal Act
In this Part, the Homes Tasmania Act 2022* is
referred to as the Principal Act.
18. Section 30 amended (Borrowing from person other
than Treasurer)
Section 30 of the Principal Act is amended by
omitting subsections (4), (5) and (6).
_______________________________________________________________ *No. 25 of 2022
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 19 Part 8 – Irrigation Company Act 2011 Amended
18
PART 8 – IRRIGATION COMPANY ACT 2011
AMENDED
19. Principal Act
In this Part, the Irrigation Company Act 2011* is
referred to as the Principal Act.
20. Section 12 amended (Status of Company)
Section 12 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown is not liable for any liability
or obligation of the Company or
subsidiary of the Company unless –
(a) the Treasurer gives a guarantee or
indemnity under section 16 in
relation to that liability or
obligation; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the Company or subsidiary.
21. Section 16 amended (Guarantee or indemnity)
Section 16 of the Principal Act is amended as
follows:
_______________________________________________________________ *No. 12 of 2011
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 8 – Irrigation Company Act 2011 Amended s. 21
19
(a) by omitting paragraph (a) from
subsection (1);
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 22 Part 9 – Macquarie Point Development Corporation Act 2012 Amended
20
PART 9 – MACQUARIE POINT DEVELOPMENT
CORPORATION ACT 2012 AMENDED
22. Principal Act
In this Part, the Macquarie Point Development
Corporation Act 2012* is referred to as the
Principal Act.
23. Section 47 amended (Borrowing from person other
than Treasurer)
Section 47 of the Principal Act is amended by
omitting subsections (4), (5), (6) and (7).
_______________________________________________________________ *No. 50 of 2012
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 10 – Metro Tasmania Act 1997 Amended s. 24
21
PART 10 – METRO TASMANIA ACT 1997 AMENDED
24. Principal Act
In this Part, the Metro Tasmania Act 1997* is
referred to as the Principal Act.
25. Section 10 amended (Status of Company)
Section 10 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown in right of Tasmania is not
liable for any liability or obligation of the
Company unless –
(a) the Treasurer gives a guarantee or
indemnity under section 13; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the Company.
26. Section 13 amended (Guarantee or indemnity)
Section 13 of the Principal Act is amended as
follows:
(a) by omitting paragraph (a) from
subsection (1);
_______________________________________________________________ *No. 78 of 1997
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 26 Part 10 – Metro Tasmania Act 1997 Amended
22
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 11 – Private Forests Act 1994 Amended s. 27
23
PART 11 – PRIVATE FORESTS ACT 1994 AMENDED
27. Principal Act
In this Part, the Private Forests Act 1994* is
referred to as the Principal Act.
28. Section 25 amended (Borrowing from person other
than Treasurer)
Section 25 of the Principal Act is amended by
omitting subsections (4), (5), (6) and (7).
_______________________________________________________________ *No. 28 of 1994
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 29 Part 12 – Racing (Tasracing Pty Ltd) Act 2009 Amended
24
PART 12 – RACING (TASRACING PTY LTD) ACT 2009
AMENDED
29. Principal Act
In this Part, the Racing (Tasracing Pty Ltd) Act
2009* is referred to as the Principal Act.
30. Section 7 amended (Status of Company)
Section 7 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown in right of Tasmania is not
liable for any liability or obligation of the
Company unless –
(a) the Treasurer gives a guarantee or
an indemnity under section 17; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the Company.
31. Section 17 amended (Guarantee or indemnity)
Section 17 of the Principal Act is amended as
follows:
(a) by omitting paragraph (a) from
subsection (1);
_______________________________________________________________ *No. 30 of 2009
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 12 – Racing (Tasracing Pty Ltd) Act 2009 Amended s. 31
25
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 32 Part 13 – Rail Company Act 2009 Amended
26
PART 13 – RAIL COMPANY ACT 2009 AMENDED
32. Principal Act
In this Part, the Rail Company Act 2009* is
referred to as the Principal Act.
33. Section 11 amended (Status of Company)
Section 11 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown is not liable for any liability
or obligation of the Company or
subsidiary of the Company unless –
(a) the Treasurer gives a guarantee or
indemnity under section 14 in
relation to that liability or
obligation; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the Company or subsidiary.
34. Section 14 amended (Guarantee or indemnity)
Section 14 of the Principal Act is amended as
follows:
(a) by omitting paragraph (a) from
subsection (1);
_______________________________________________________________ *No. 46 of 2009
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 13 – Rail Company Act 2009 Amended s. 34
27
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 35 Part 14 – Stadiums Tasmania Act 2022 Amended
28
PART 14 – STADIUMS TASMANIA ACT 2022
AMENDED
35. Principal Act
In this Part, the Stadiums Tasmania Act 2022* is
referred to as the Principal Act.
36. Section 30 amended (Borrowing from person other
than Treasurer)
Section 30 of the Principal Act is amended by
omitting subsections (4), (5), (6) and (7).
_______________________________________________________________ *No. 7 of 2022
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 15 – TT-Line Arrangements Act 1993 Amended s. 37
29
PART 15 – TT-LINE ARRANGEMENTS ACT 1993
AMENDED
37. Principal Act
In this Part, the TT-Line Arrangements Act
1993* is referred to as the Principal Act.
38. Section 17 amended (Guarantee or indemnity)
Section 17 of the Principal Act is amended as
follows:
(a) by omitting paragraph (a) from
subsection (1);
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
39. Section 20 repealed
Section 20 of the Principal Act is repealed.
_______________________________________________________________ *No. 39 of 1993
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 40 Part 16 – Tasmanian Development Act 1983 Amended
30
PART 16 – TASMANIAN DEVELOPMENT ACT 1983
AMENDED
40. Principal Act
In this Part, the Tasmanian Development Act
1983* is referred to as the Principal Act.
41. Section 25 repealed
Section 25 of the Principal Act is repealed.
_______________________________________________________________ *No. 84 of 1983
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
Part 17 – Tasmanian Ports Corporation Act 2005 Amended s. 42
31
PART 17 – TASMANIAN PORTS CORPORATION ACT
2005 AMENDED
42. Principal Act
In this Part, the Tasmanian Ports Corporation
Act 2005* is referred to as the Principal Act.
43. Section 13 amended (Status of Corporation)
Section 13 of the Principal Act is amended by
omitting subsection (2) and substituting the
following subsection:
(2) The Crown is not liable for any liability
or obligation of the Corporation or
subsidiary of the Corporation unless –
(a) the Treasurer gives a guarantee or
indemnity under section 16 in
relation to that liability or
obligation; or
(b) a guarantee is given under the
Tasmanian Public Finance
Corporation Act 1985 in respect
of the Corporation or subsidiary.
44. Section 16 amended (Guarantee or indemnity)
Section 16 of the Principal Act is amended as
follows:
_______________________________________________________________ *No. 41 of 2005
Tasmanian Public Finance Corporation Amendment Act 2023
Act No. of 2023
s. 44 Part 17 – Tasmanian Ports Corporation Act 2005 Amended
32
(a) by omitting paragraph (a) from
subsection (1);
(b) by omitting paragraph (a) from
subsection (2);
(c) by omitting from subsection (4) “loan
or”;
(d) by omitting from subsection (4) “repaid
or”.
Government Printer, Tasmania