Document ID: chunk:federal_register_of_legislation:C2014A00077:clause:1_5b
Version: federal_register_of_legislation:C2014A00077
Segment Type: clause
Provision Reference: sch 1 cl 5B
Character Range: 8405–10569

5B  Functions—developing Infrastructure Plans
 (1) For the purposes of paragraph 5(d), Infrastructure Australia has the function of developing plans, to be given to the Minister, that:
 (a) specify priorities for nationally significant infrastructure for Commonwealth, State, Territory and local governments for the period covered by the plan (see subsection (2)); and
 (b) specify the following for proposals relating to those priorities during that period:
 (i) productivity gains that may be anticipated from each proposal;
 (ii) any complementary infrastructure required to maximise productivity gains from the proposals;
 (iii) timeframes for delivering the proposals; and
 (ba) includes a cost benefit analysis of each such proposal; and
 (c) take into account:
 (i) the audits, lists and evaluations mentioned in paragraphs 5(a), (b) and (c); and
 (ii) consultations with Commonwealth, State, Territory and local governments; and
 (iii) any other matters Infrastructure Australia considers relevant.
 (2) A plan must cover a period of 15 years from the time the plan is prepared, or such other period as the Board determines.
 (3) A cost benefit analysis included in a plan as mentioned in paragraph (1)(ba) must be prepared using the method approved by Infrastructure Australia. The method must enable the proposals to be compared.
 (4) A plan must be prepared under this section every 5 years, or at such other intervals as the Board determines.
 (5) Within 14 days of a plan being given to the Minister, the plan must be made available on Infrastructure Australia's website.
 (6) Infrastructure Australia must cause the method approved under subsection (3) to be reviewed:
 (a) no later than 6 months after the commencement of this section; and
 (b) every 24 months after that first review.
 (7) Without limiting subsection (6), a review under that subsection must consider whether the cost benefit analyses take into account social, environmental and economic costs and benefits adequately.
 (8) The report of the review must be made available on Infrastructure Australia's website within 14 days of the report being given to Infrastructure Australia.