Housing Australia is committed to maintaining high standards of corporate governance which is essential to being a long-term sustainable organisation and to continually act in the best interests of the Australian public.
On 12 October 2023, the National Housing Finance and Investment Corporation (NHFIC) was renamed Housing Australia. All reports and publications published prior to this date will reference NHFIC. However, these references can now be read as references to Housing Australia.
Housing Australia is part of the Treasury portfolio of agencies and reports to the Minister for Housing, Minister for Homelessness and Minister for Small Business, the Hon Julie Collins MP (Minister).
Housing Australia is governed by an independent Board responsible for determining strategy, defining risk appetite, making financing decisions and monitoring performance. The Chief Executive Officer (CEO) reports to the Board and is responsible for the day-to-day administration of the organisation.
The duties of the responsible Minister in relation to Housing Australia are set out in the Housing Australia Act. These include that the Minister appoints the Board and may provide directions about the performance of Housing Australia’s functions in the form of an Investment Mandate, including in relation to such matters as strategies and policies the Board must observe, decision-making criteria, limits on financial assistance, and risk and return on investments. The Investment Mandate may not, however, direct the Board in relation to particular financing decisions.
The Board must keep the Minister informed about Housing Australia's operations and provide any information the Minister may require. In addition to the Housing Australia Act and Investment Mandate, following the previous Government's response to the Statutory Review of the Housing Australia Act, the former Minister issued the Housing Australia Board with a Statement of Expectations (SOE). The Board responded with a Statement of Intent (SOI).
Housing Australia Act
Housing Australia was established by the Australian Government under the Housing Australia Act 2018 (Housing Australia Act).
The Housing Australia Act:
- Provides the Board with statutory responsibility for deciding Housing Australia's strategies and policies, and ensuring the proper, efficient and effective performance of Housing Australia’s functions. The Board makes its investment decisions independently of Government.
Provides for the appointment of the Housing Australia CEO, who is responsible for the day-to-day administration of Housing Australia, subject to and in accordance with the policies determined by the Board.
Requires the Board to ensure that Housing Australia maintains commercially sound and sufficient levels of capital and reserves.
Allows Housing Australia to borrow money (supported by a Commonwealth guarantee).
Under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), Housing Australia is classified as a corporate Commonwealth entity being a body corporate that is legally separate from the Commonwealth.
Housing Australia Investment Mandate
Housing Australia operates under an Investment Mandate set out by the Australian Government.
The Investment Mandate provides guidance to Housing Australia's Board on:
- Housing Australia’s investment functions, including applicant eligibility criteria
- The strategies and policies to be followed for the effective performance of Housing Australia’s functions
- General governance matters
Read the current Investment Mandate.