No. 55, 2019
Contents
Part 1--Preliminary 1
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 2
3............ Object.................................................................................................. 2
4............ Simplified outline of this Act.............................................................. 2
5............ Definitions.......................................................................................... 4
6............ Crown to be bound............................................................................. 9
7............ Extension to external Territories.......................................................... 9
8............ Extra-territorial application.................................................................. 9
Part 2--Future Drought Fund 10
Division 1--Introduction 10
9............ Simplified outline of this Part............................................................ 10
Division 2--Establishment of the Future Drought Fund and the Future Drought Fund Special Account 11
10.......... Establishment of the Future Drought Fund....................................... 11
11.......... Transfer of balance of the Building Australia Fund Special Account 11
12.......... Transfer of investments of the Building Australia Fund................... 11
13.......... Establishment of the Future Drought Fund Special Account............ 12
Division 3--Credits of amounts to the Future Drought Fund Special Account 13
14.......... Credits of amounts............................................................................ 13
Division 4--Debits of amounts from the Future Drought Fund 14
15.......... Purpose of the Future Drought Fund Special Account--main purpose 14
16.......... Purposes of the Future Drought Fund Special Account--purposes related exclusively to the investments etc. of the Future Drought Fund........................................................................ 14
17.......... Purposes of the Future Drought Fund Special Account--purposes not related exclusively to the Future Drought Fund.......................................................................................................... 15
18.......... Future Fund Board must ensure that the balance of the Future Drought Fund Special Account is sufficient to cover authorised debits etc.......................................................................... 17
19.......... Transfers from the Future Drought Fund to the Future Fund........... 17
Part 3--Arrangements and grants relating to drought resilience 18
Division 1--Introduction 18
20.......... Simplified outline of this Part............................................................ 18
Division 2--Arrangements and grants 20
21.......... Arrangements and grants.................................................................. 20
22.......... Terms and conditions of grants......................................................... 21
23.......... Drought Minister has powers etc. of the Commonwealth................. 21
24.......... Conferral of powers on the Drought Minister................................... 22
25.......... Compliance with Drought Resilience Funding Plan.......................... 22
26.......... Constitutional limits.......................................................................... 22
27.......... Executive power of the Commonwealth............................................ 24
27A....... Publication of information relating to arrangements and grants......... 24
Division 3--Advice 25
28.......... Drought Minister must request advice from the Regional Investment Corporation Board 25
29.......... Compliance with Drought Resilience Funding Plan.......................... 25
30.......... Disclosure of interests....................................................................... 26
Division 4--Drought Resilience Funding Plan 28
31.......... Drought Resilience Funding Plan..................................................... 28
32.......... Consultation before determining a Drought Resilience Funding Plan 29
32A....... Productivity Commission review of effectiveness of Drought Resilience Funding Plan 29
Division 5--Agriculture Future Drought Resilience Special Account 31
33.......... Agriculture Future Drought Resilience Special Account................... 31
34.......... Transfers to the Agriculture Future Drought Resilience Special Account 31
35.......... Other credits to the Agriculture Future Drought Resilience Special Account 32
36.......... Purposes of the Agriculture Future Drought Resilience Special Account 32
Division 5A--Channelling State/Territory grants through the COAG Reform Fund 34
36AA.... Channelling State/Territory grants through the COAG Reform Fund 34
36AB.... Debits from the COAG Reform Fund.............................................. 34
Division 6--Future Drought Fund Consultative Committee 35
Subdivision A--Preliminary 35
36A....... Definitions........................................................................................ 35
Subdivision B--Establishment of the Committee 35
36B....... Future Drought Fund Consultative Committee................................. 35
Subdivision C--Functions and powers of the Committee 35
36C....... Functions of the Committee.............................................................. 35
36D....... Drought Minister must request advice from Committee about draft Drought Resilience Funding Plan 35
36E........ Drought Minister must request advice from the Committee on design relating to arrangements and grants 36
36F........ Powers of the Committee.................................................................. 36
Subdivision D--Membership etc. of the Committee 36
36G....... Membership of the Committee.......................................................... 36
36H....... Appointment of members of the Committee...................................... 36
36J........ Period of appointment for members of the Committee...................... 37
36K....... Acting appointments......................................................................... 37
36M...... Remuneration.................................................................................... 38
36N....... Disclosure of interests to the Drought Minister................................ 38
36P........ Outside work.................................................................................... 39
36Q....... Leave of absence............................................................................... 39
36R....... Resignation....................................................................................... 39
36S........ Termination of appointment.............................................................. 39
36T........ Other terms and conditions............................................................... 40
Part 4--Investment of the Future Drought Fund 41
37.......... Simplified outline of this Part............................................................ 41
38.......... Objects of investment of the Future Drought Fund........................... 41
39.......... Investment of the Future Drought Fund............................................ 41
40.......... Management of investments of the Future Drought Fund................. 42
41.......... Future Drought Fund Investment Mandate....................................... 42
42.......... Obligation on Future Fund Board in performing investment functions 44
43.......... Limitation on Future Drought Fund Investment Mandate................. 44
44.......... Future Fund Board to be consulted on Future Drought Fund Investment Mandate 44
45.......... Compliance with Future Drought Fund Investment Mandate........... 45
46.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001 46
47.......... Borrowing......................................................................................... 46
48.......... Future Drought Fund investment policies......................................... 47
49.......... Derivatives........................................................................................ 48
50.......... Additional financial assets................................................................. 49
51.......... Securities lending arrangements........................................................ 49
52.......... Investment managers......................................................................... 49
53.......... Refund of franking credits................................................................ 50
54.......... Realisation of non-financial assets.................................................... 50
55.......... Additional function of the Future Fund Board.................................. 51
Part 5--Reporting obligations etc. 52
56.......... Simplified outline of this Part............................................................ 52
57.......... Finance Minister may require Future Fund Board to prepare reports or give information 52
58.......... Keeping the responsible Ministers informed etc................................ 53
59.......... Finance Minister may give reports to other Ministers etc.................. 53
Part 6--Miscellaneous 54
60.......... Simplified outline of this Part............................................................ 54
61.......... Delegation by the Finance Minister................................................... 54
62.......... Delegation by the Treasurer.............................................................. 54
63.......... Delegation by the Drought Minister.................................................. 55
64.......... Transitional--receipts relating to the Building Australia Fund.......... 55
65.......... Review of operation of Act............................................................... 55
66.......... Rules................................................................................................. 56
No. 55, 2019
An Act to establish the Future Drought Fund, and for other purposes
[Assented to 30 July 2019]
The Parliament of Australia enacts:
[Minister's second reading speech made in--
House of Representatives on 22 July 2019
Senate on 23 July 2019]
(141/19) |