Introduced with the Nation-building Funds Bill 2008 and further to the COAG Reform Fund Bill 2008, the bill: repeals the
Higher Education Endowment Fund Act 2007; repeals Part 9C of the
Telecommunications (Consumer Protection and Services Standards) Act 1999 which establishes the Communications Fund; transfers the balance of these funds to the Education Investment Fund and the Building Australia Fund, respectively; makes consequential amendments to the
Future Fund Act 2006,
Income Tax Assessment Act 1997 and
Telstra Corporation Act 2001; and makes transitional arrangements.