Adelaide University Bill

Final Stages

The House of Assembly agreed to the bill with the amendments indicated by the following schedule, to which amendments the House of Assembly desires the concurrence of the Legislative Council:

No. 1. Page 22, after line 21, insert new Clause No. 41 as follows:

41—Adelaide University Research Fund

(1) The Adelaide University Research Fund is established and must be maintained in perpetuity.

(2) The assets of the Fund belong to the Crown.

(3) The Fund will consist of—

(a) the prescribed amount to be paid into the Fund on the commencement of this section; and

(b) money paid into the Fund at the direction or with the approval of the Treasurer; and

(c) income and accretions from investment of money from the Fund; and

(d) other money required to be paid into the Fund under any other Act.

(4) The Fund will be invested with the Superannuation Funds Management Corporation of South Australia in accordance with the Fund guidelines

(5) The following provisions apply in relation to the application of the Fund:

(a) payments will be made to the University from the Fund, in accordance with the Fund guidelines, to be applied towards-

(i) research that aligns with the University's objectives and strategic plans, and with the State's research and economic development priorities; or

(ii) supporting research at the University of a kind approved by the advisory committee;

(b) during the prescribed period, the Treasurer must make an annual payment to the University from the Fund of $8 million to be applied by the University towards the matters specified in paragraph (a)(i) or (ii);

(c) if the market value of the Fund (not including the value of any amounts paid into the Fund under subsection (3)(b) or (d)) is below the prescribed amount—

(i) the Treasurer must not make any additional payments to the University from the Fund other than—

(A) the payment required under paragraph (b); or

(B) in exceptional circumstances as determined by the Treasurer in a particular case; and

(ii) any income and accretions from investment of money from the Fund must be applied towards restoring the market value of the Fund to an amount that is of or above the prescribed amount;

(d) administrative costs and other expenses related to the management, operation and investment of the Fund may be paid out from the Fund in accordance with the Fund guidelines.

No. 2. Page 23, after line 19, insert new Clause No. 42 as follows:

42—Adelaide University Student Support Fund

(1) The Adelaide University Student Support Fund is established and must be maintained in perpetuity.

(2) The assets of the Fund belong to the Crown.

(3) The Fund will consist of—

(a) the prescribed amount to be paid into the Fund on the commencement of this section; and

(b) money paid into the Fund at the direction or with the approval of the Treasurer; and

(c) income and accretions from investment of money from the Fund; and

(d) other money required to be paid into the Fund under any other Act.

(4) The Fund will be invested with the Superannuation Funds Management Corporation of South Australia in accordance with the Fund guidelines.

(5) The following provisions apply in relation to the application of the Fund:

(a) payments will be made to the University from the Fund, in accordance with the Fund guidelines, to be applied towards-

(i) facilitating access to the University, and addressing equity considerations, for people within the community who have experienced disadvantages in education, or in access to education, or who are under-represented in education; or

(ii) programs developed by the University in accordance with paragraph (c); or

(iii) a purpose related to supporting students at the University approved by the advisory committee;

(b) during the prescribed period, the Treasurer must make an annual payment to the University from the Fund of $4 million to be applied by the University towards the matters specified in paragraph (a)(i), (ii) or (iii).

(c) the Fund guidelines must provide that at least $20 million of the Fund is dedicated towards supporting payments from the Fund to be applied by the University towards programs addressing access to the University and equity considerations for people residing in regional and outer metropolitan areas who have experienced disadvantages in education, or in access to education, or who are under-represented in education;

(d) if the market value of the Fund (not including the value of any amounts paid into the Fund under subsection (3)(b) or (d)) is below the prescribed amount-

(i) the Treasurer must not make any additional payments to the University from the Fund other than-

(A) the payment required under paragraph (b); or

(B) in exceptional circumstances as determined by the Treasurer in a particular case; and

(ii) any income and accretions from investment of money from the Fund must be applied towards restoring the market value of the Fund to an amount that is of or above the prescribed amount;

(e) administrative costs and other expenses related to the management, operation and investment of the Fund may be paid out from the Fund in accordance with the Fund guidelines.

No. 3. Page 27, line 1, insert new Clause No. 52 as follows:

52—Exemption from land tax

Any land in respect of which the University would, but for this section, be liable to pay land tax is exempt from that tax.

Consideration in committee.

The Hon. K.J. MAHER: I move:

That the House of Assembly's amendments be agreed to.

Motion carried.

At 22:57 the council adjourned until Thursday 16 November 2023 at 14:15.