Document ID: chunk:federal_register_of_legislation:F2023N00627:clause:1_9
Version: federal_register_of_legislation:F2023N00627
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 12210–14064

9  Delegations under the PGPAA

Delegation
 (1) Under subsection 108(1) of the PGPAA, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated the Treasurer's functions and powers under subsection 58(1) of the PGPAA:
 (a) the CEO of the AOFM;
 (b) the Head, Funding, Strategy and Research, AOFM;
 (c) the Head, Sustainable Finance, AOFM;
 (d) if an office or position covered by a preceding paragraph ceases to exist or is renamed—all of the offices or positions with similar functions or responsibilities.
Note: Section 58 of the PGPAA relates to investment by the Commonwealth.

Direction
 (2) Under subsection 108(4) of the PGPAA, a delegate under subsection 9(1) of this instrument is directed to exercise the functions and powers in a manner consistent with all of the following:
 (a) relevant money is to be invested only in one or more of the following classes of investment:
 (i) securities issued or guaranteed by the Commonwealth, a State or a Territory;
 (ii) term deposits with the RBA;
 (iii) authorised bank accepted bills and instruments;
 (iv) authorised commercial paper;
 (v) authorised debt instruments;
 (vi) dematerialised securities that are the equivalent of a class of investment referred to in subparagraph (iii).
 (b) where an investment held by the Commonwealth ceases to fall within a class specified in paragraph (a), the investment may continue to be held to maturity or until it can be sold at a reasonable price.
Note: To avoid doubt, nothing in subsection (2) is intended to prevent the AOFM from entering into repurchase agreements, on behalf of the Commonwealth, using an investment referred to in subsection (2), for short-term financing as part of its management of the Official Public Account Group of Accounts.

Part 3—Repeals and revocations