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Accountability

The responsible Ministers for the FY19-20 period were:

  • 1 July 2019 to 3 Feb 2020 - Senator the Hon. Matthew Canavan, Minister for Resources and Northern Australia
  • 6 Feb 2020 – The Hon. Keith Pitt, MP, Minister for Resources, Water and Northern Australia

The duties of the responsible Minister in relation to NAIF are set out in the NAIF Act1. These include that the Minister appoints NAIF’s Board and provides direction to NAIF about the performance of its functions through the Investment Mandate. NAIF is required to take all reasonable steps to comply with the Investment Mandate.

The NAIF Act provides that the Minister cannot direct, nor have the effect of directing, NAIF to provide financial assistance for the construction of particular infrastructure, or in relation to a particular person2.

As a corporate Commonwealth entity, NAIF is subject to the requirements of the PGPA Act in relation to corporate governance, reporting and accountability.

Footnotes

  1. 6 NAIF Act sections 9,11,12,15,16
  2. NAIF Act section 9(4)