Our Board

NHFIC is governed by an independent Board responsible for determining strategy, defining risk appetite, making financing decisions and monitoring performance.

On this page

    The Board currently comprises seven independent non-executive members:

    MemberTermStart DateEnd Date

    Ms Carol Austin


    5 years5 June 20234 June 2028

    Ms Teresa Dyson 


    3 months

    5 years

    1 April 2023

    26 July 2018

    30 June 2023

    25 October 2023

    Mr Tony De Domenico OAM


    5 years10 April 20199 April 2024

    Mr Kelvin Ryan


    5 years19 July 202118 July 2026

    Ms Jane Hewitt


    3 years26 July 202125 July 2024

    Hon Richard Wynne


    5 years1 June 202331 May 2028

    Mr Nigel Ray PSM


    5 years1 June 202331 May 2028



    Board responsibilities

    NHFIC's Board is responsible for:

    • Providing input to and approving NHFIC’s strategic direction, objectives, goals and budgets as developed by management in a manner which is at all times consistent with NHFIC’s functions under the NHFIC Act and the Investment Mandate.
    • Directing, monitoring and assessing NHFIC’s performance against strategic and business plans, approving and monitoring expenditure and reviewing and approving NHFIC's major policies.
    • Identifying NHFIC's principal business risks, ensuring NHFIC has in place an appropriate risk management framework and establishing the acceptable levels of risk within which the Board expects the management of NHFIC to operate
    • Reviewing and approving NHFIC's systems of internal compliance and control, audit, risk management and legal compliance, to determine the integrity and effectiveness of those systems
    • Approving and monitoring material (internal and external) financial and other reporting and monitoring NHFIC's operational and financial position and performance.
    • Ensuring that NHFIC's capital and reserves are sufficient to meet the likely liabilities of NHFIC and making adequate provision for default in the repayment of principal, or in the payment of interest or other charges, in connection with loans made by NHFIC.
    • Ensuring ethical behaviour and compliance with NHFIC’s own governing documents, including NHFIC’s Code of Conduct and corporate governance standards.


    Full details of the Board's responsibilities are set out in the Board Charter.


    Board members

    Member Term of appointment
    Carol Austin

    Carol Austin | Chair

    Carol has over thirty years’ experience in the finance industry and is currently Chair of the ACT Government Investment Advisory Board, and a director of NSW State Super, the Grattan Institute and Infoxchange, and a member of the Investment, Audit and Risk Committee of the General Sir John Monash Foundation.

    Her previous board roles include a director of HSBC Bank Australia, the Tasmanian Public Finance Corporation, and a guardian of the Future Fund . She recently served as a member of the Independent Panel appointed to review the Australian Energy Regulator's draft 2022 Rate of Return Instrument. Carol has also served on the advisory boards of the Australian Office of Financial Management and the Melbourne Institute of Applied Economic and Social Research, and was a Commissioner with the NSW Independent Planning Commission.

    Her executive career included economic research/senior management roles with the Reserve Bank of Australia, BHP, Contango Asset Management, Rothschild Australia Asset Management and Commonwealth Funds Management.

    Carol holds a Bachelor of Science from Monash University and a Bachelor of Economics (Hons) from ANU. She is a Fellow of the Australian Institute of Company Directors and a member of Chief Executive Women.

    5/06/2023 - 
    Teresa Dyson

    Teresa Dyson | Member

    Teresa is an experienced company director and chair following over 20 years practising as a senior taxation lawyer advising on infrastructure transactions, financing, corporate tax, mergers and acquisitions, the not-for-profit sector, and tax controversy matters.

    Teresa is currently a director on the boards of Genex Power Ltd, Seven West Media Ltd, Shine Justice Ltd, Entyr Ltd, FARE, Energy Queensland Ltd, Gold Coast Hospital and Health Board and Brighter Super. Teresa is also a member of the Takeovers Panel.

    Teresa has formerly served as the Chair of the Law Council of Australia, Business Law Section and has also been a Partner at Deloitte and Ashurst (formerly Blake Dawson). She is a former Chair and member of the Board of Taxation and a former member of the Foreign Investment Review Board. Teresa holds a Bachelor of Arts, Bachelor of Laws (Hons) and Master of Taxation from the University of Queensland, a Master of Applied Finance from Macquarie University, and is a Graduate of the Australian Institute of Company Directors. Teresa has been admitted as a solicitor in New South Wales, Victoria, Queensland and to the High Court of Australia.

    26/07/2018 - 25/10/2023 

    Tony De Domenico

    Tony De Domenico OAM | Member

    Tony has over 40 years of experience across government, corporate, community and the education sectors both in Australia and internationally.

    Tony currently chairs the Boards of Plastic Oceans Australasia and Bertocchi Food Group, and is a director of Common Equity Housing Ltd. He is a Life Member of both the Urban Development

    Institute of Australia and the Italian Chamber of Commerce and a Corporate Life Governor of The Royal Life Saving Society (ACT).

    Tony was previously the Executive Director of the Urban Development Institute of Australia, Chair of Places Victoria, Deputy Chair of Development Victoria and has served on the Council of La Trobe University including a term as Deputy Chancellor. He was Chair of the Australian Housing and Urban Research Institute (AHURI) from 2014-18.

    Tony has extensive diplomacy experience, serving as a trade and investment diplomat based in Milan, and from 1992-97 he was elected to the ACT Legislative Assembly where he was appointed Deputy Chief Minister, Minister for Urban Services, and Minister for Economic Development and Regulatory Reform. Tony was awarded a Medal in The Order of Australia at the Queen’s Birthday Honours List in 2018 for his contribution to urban planning, research and development in Victoria.

    10/04/2019 - 09/04/2024

    Kelvin Ryan

    Kelvin Ryan | Member

    Kelvin was appointed to the NHFIC Board in July 2021 after performing senior roles in the construction industry since 1998. Initially he worked as a supplier with Boral Ltd and from 2003 onwards as the CEO of two of the largest residential building companies in Australia - BGC Residential and Simonds Group Limited.

    Prior to moving into the construction industry, Kelvin held senior executive positions in the mining and manufacturing sector at Downer Ltd, Fletcher Challenge NZ, Aditya Birla Canada and WMC Resources.

    Kelvin has a wealth of experience in delivering affordable housing solutions and associated financing options having presided over the financing and construction of tens of thousands of new homes and numerous residential construction projects. He holds a Bachelor of Education from the Western Australian College of Advanced Education and a Master of Science degree from Griffith University.

    19/07/2021 - 18/07/2026

    Jane Hewitt

    Jane Hewitt | Member

    Jane Hewitt was appointed a Non-Executive Director of Mirvac in December 2018. Jane has over 27 years’ experience in real estate development and asset management. She founded UniLodge in 1996 and pioneered the corporatisation and professional development and management of student accommodation facilities on and off University campuses in Australia and New Zealand.

    As an entrepreneur and founder Jane has extensive operational experience and a strong track record in developing successful partnerships in real estate and business ventures. She developed UniLodge into an operation with assets of approximately $1 billion.

    More recently, Jane has worked with Social Ventures Australia and currently serves on a non-profit board as Chair of the Beacon Foundation. She is also a founding member of the Sydney Business Alliance to End Homelessness.

    26/07/2021 - 25/07/2024

    Richard Wynne

    The Hon Richard Wynne | Member

    Richard spent over 12 years as the Victorian Minister for Planning and Housing. During this time, he initiated significant changes to Victoria’s housing sector, including the Big Housing Build. Prior to his appointment as Minister for Planning and Housing, he held a number of Ministerial portfolios including Local Government, Aboriginal Affairs and Multicultural Affairs.

    During his time as a Member of the Victorian Parliament, Richard served as Parliamentary Secretary for Justice and Cabinet Secretary.

    He is a former Lord Mayor of Melbourne and served as a Melbourne City Council member.

    Richard started his career as a social worker at the Flemington Community Health Centre where he worked in the public housing towers for seven years.

    He retired from State politics in 2022 and was Victoria’s longest serving Planning Minister.

    1/06/2023 - 
    Nigel Ray

    Nigel Ray PSM | Member

    Nigel has over 35 years' experience in public policy and economic analysis, and in addition to serving as a NHFIC Board member, is undertaking advisory work, including as Deputy Chair of the Australian Government’s Aged Care Taskforce. He retired from the Australian Public Service in January 2023. 

    From November 2020 until November 2022, Nigel was an Executive Director of the World Bank Group, representing Australia and 14 other countries on the Bank’s boards. He was Chair of the Board’s Committee on Corporate Governance and Executive Directors’ Administrative Matters. From November 2018 until November 2020, Nigel was an Executive Director of the International Monetary Fund, representing a constituency of 15 countries, including Australia. 

    Following a role at the Office of National Assessments, Nigel joined the Commonwealth Treasury in December 1988. From the mid-1990s, he held a range of senior executive positions, including as Deputy Secretary (Fiscal) from 2008-2015 and Deputy Secretary (Macroeconomic) from 2015-2018, when he also served as Australia’s G20 Finance Deputy and was a member of the Australian Statistics Advisory Council.  

    In 2013, Nigel was awarded a Public Service Medal for outstanding public service. He holds Master of Economics and Bachelor of Law degrees from the University of Sydney.   

    1/06/2023 -