✦ Plain-English Summary

National Collecting Institutions Legislation Amendment 2020

What it does

This bill gives Australia's major national museums and galleries—like the National Museum of Australia, National Gallery, National Library, and Maritime Museum—more flexibility in how they invest money they receive as gifts or donations. Previously, these institutions were restricted in their investment options; now they can invest donated funds more broadly, as long as they follow their own investment policies.

Why it matters

These museums rely heavily on donations and bequests to fund acquisitions and operations. Giving them better investment options means donated money can potentially grow more effectively over time, stretching funding further for collections, exhibitions, and public programs without needing extra government funding.

Key details

• What can be invested: Gifts, bequests, and money from selling donated items—plus any income or gains from those investments
• The catch: Institutions must have a written investment policy in place and stick to it; they can't just invest however they want
• Who it affects: The five major national collecting institutions (Maritime Museum, National Museum, National Gallery, National Library, and Portrait Gallery) plus the National Film and Sound Archive
• When it starts: The bill needed to be brought into effect within 6 months of Royal Assent, or it would automatically commence after that period

Official Description

Amends six Acts to: provide national collecting institutions with broader investment powers in relation to donated revenue than those currently permitted by the Public Governance, Performance and Accountability Act 2013 ; and make administrative amendments, including standardising delegation powers and the maximum length of service for governing body members, removing ministerial approval requirements in relation to routine financial transactions and assets disposals, and removing certain reporting requirements.

Committee Referrals

Senate Environment and Communications Legislation Committee

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.