Delivery Vehicles

This Toolkit item relates to Part 2 - Investment Governance, Funding and Financing of the Commonwealth Investments Resource Management Guide.
This Toolkit item should be read in conjunction with the Governance and 3 Step Commercial Assessment toolkits.

What are delivery vehicles?

Delivery vehicles refer to management and governance structures the Government establishes to deliver investments. Delivery vehicles complement investment instruments, which determine the Government’s financing approach of investments. Different combinations of delivery vehicles and investment instruments offer varying degrees of Government control and exposure to both project and financial risks.

The appropriate delivery vehicle will be informed by the objective of the investment proposal and resultant asset. Exhibit 1 below provides a table of the most common delivery vehicles to achieve particular objectives, and provides a link to detailed resources on each option.

Exhibit 1: Detailed information available to inform selection of Delivery Vehicles
Requirements of the Governance Policy need to be applied to determine appropriate governance structure. For further information on these requirements, contact PGPA and refer to the guidance on the website.
ObjectiveDelivery vehicle categoryResource

Make recurring investments for a purely financial outcome

Investment Fund


Australian Government Investment Funds

Make recurring investments for a policy and financial outcome

Specialist Investment Vehicle


Australian Government Investment Funds

Undertake a business

Government Business Enterprise

(Corporate Commonwealth Entity or a Commonwealth Company)

Government business enterprises

Cth. Controlled operations (not a business) with separate legal personality under the Corporations Act

Other Commonwealth Companies

Types of Australian Government Bodies

PGPA Flipchart

Australian Government Organisations Register

Cth. Controlled operations with separate legal personality and degree of independence from the Government)

Other Corporate Commonwealth Entities

Another objective with the Commonwealth only

Non-corporate Commonwealth entities

Another objective, including with external parties

Other governance relationships

Commonwealth Investment Framework


Commonwealth Legal and Governance Structures

Different types of legal and governance structures are utilised to implement Government policies, deliver services and achieve policy objectives. The Commonwealth Governance Structures Policy (Governance Policy) supports determining the fit-for-purpose governance structure for new government activities. Further information on the mandatory requirements of the Governance Policy can be found on the Finance website. The government uses a range of governance structures to deliver government activities.

For example, the following 3 types of governance structures are subject to the PGPA Act and are categorised as primary bodies when applying the Governance Policy.

3 entity types


The Flipchart of PGPA Act Commonwealth entities and companies (PGPA Flipchart) lists each Commonwealth entity and company by portfolio. Further guidance on Commonwealth bodies is available in the Commonwealth Governance Structures Policy and Types of Australian Government Bodies.

All proposals to create a primary or secondary statutory body must be assessed against the mandatory requirements of the Governance Policy. Exhibit 2 below summarises some of the key aspects of each of these bodies.

Exhibit 2: Characteristics of delivery vehicles 

Selection of a delivery vehicle should be determined by the nature, operations and the proposed level of Government involvement and must be assessed against the mandatory requirements of the Commonwealth Governance Structures Policy. The characteristics of a delivery vehicle should be considered when determining the appropriate vehicle.

entity types

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