•       The Emergency Response Fund consists of:

       (a)     the Emergency Response Fund Special Account; and

      (b)     the investments of the Emergency Response Fund.

•       The balance of the Education Investment Fund Special Account is transferred to the Emergency Response Fund Special Account. The investments of the Education Investment Fund become investments of the Emergency Response Fund.

•       The responsible Ministers may determine that additional amounts be credited to the Emergency Response Fund Special Account.

•       Each of the following is a purpose of the Emergency Response Fund Special Account:

       (a)     to transfer amounts to the Home Affairs Emergency Response Fund Special Account for the purposes of making payments and grants in relation to natural disasters;

      (b)     to transfer amounts to the COAG Reform Fund for the purposes of making grants to the States and Territories in relation to natural disasters.

•       The Emergency Response Fund Special Account can be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Emergency Response Fund.