FUTURE DROUGHT FUND ACT 2019
Table of Provisions
PART 1--PRELIMINARY
- 1 Short title
- 2 Commencement
- 3 Object
- 4 Simplified outline of this Act
- 5 Definitions
- 6 Crown to be bound
- 7 Extension to external Territories
- 8 Extra - territorial application
PART 2--FUTURE--DROUGHT FUND
Division 1--Introduction
- 9 Simplified outline of this Part
Division 2--Establishment of the Future Drought Fund and the Future Drought Fund Special Account
- 10 Establishment of the Future Drought Fund
- 11 Transfer of balance of the Building Australia Fund Special Account
- 12 Transfer of investments of the Building Australia Fund
- 13 Establishment of the Future Drought Fund Special Account
Division 3--Credits of amounts to the Future Drought Fund Special Account
Division 4--Debits of amounts from the Future Drought Fund
- 15 Purpose of the Future Drought Fund Special Account--main purpose
- 16 Purposes of the Future Drought Fund Special Account--purposes related exclusively to the investments etc. of the Future Drought Fund
- 17 Purposes of the Future Drought Fund Special Account--purposes not related exclusively to the Future Drought Fund
- 18 Future Fund Board must ensure that the balance of the Future Drought Fund Special Account is sufficient to cover authorised debits etc.
- 19 Transfers from the Future Drought Fund to the Future Fund
PART 3--ARRANGEMENTS--AND GRANTS RELATING TO DROUGHT RESILIENCE
Division 1--Introduction
- 20 Simplified outline of this Part
Division 2--Arrangements and grants
- 21 Arrangements and grants
- 22 Terms and conditions of grants
- 23 Drought Minister has powers etc. of the Commonwealth
- 24 Conferral of powers on the Drought Minister
- 25 Compliance with Drought Resilience Funding Plan
- 26 Constitutional limits
- 27 Executive power of the Commonwealth
- 27A Publication of information relating to arrangements and grants
Division 3--Advice
- 28 Drought Minister must request advice from the Regional Investment Corporation Board
- 29 Compliance with Drought Resilience Funding Plan
- 30 Disclosure of interests
Division 4--Drought Resilience Funding Plan
- 31 Drought Resilience Funding Plan
- 32 Consultation before determining a Drought Resilience Funding Plan
- 32A Productivity Commission review of effectiveness of Drought Resilience Funding Plan
Division 5--Agriculture Future Drought Resilience Special Account
- 33 Agriculture Future Drought Resilience Special Account
- 34 Transfers to the Agriculture Future Drought Resilience Special Account
- 35 Other credits to the Agriculture Future Drought Resilience Special Account
- 36 Purposes of the Agriculture Future Drought Resilience Special Account
Division 5A--Channelling State/Territory grants through the COAG Reform Fund
- 36AA Channelling State/Territory grants through the COAG Reform Fund
- 36AB Debits from the COAG Reform Fund
Division 6--Future Drought Fund Consultative Committee
Subdivision A--Preliminary
- 36A Definitions
Subdivision B--Establishment of the Committee
- 36B Future Drought Fund Consultative Committee
Subdivision C--Functions and powers of the Committee
- 36C Functions of the Committee
- 36D Drought Minister must request advice from Committee about draft Drought Resilience Funding Plan
- 36E Drought Minister must request advice from the Committee on design relating to arrangements and grants
- 36F Powers of the Committee
Subdivision D--Membership etc. of the Committee
- 36G Membership of the Committee
- 36H Appointment of members of the Committee
- 36J Period of appointment for members of the Committee
- 36K Acting appointments
- 36M Remuneration
- 36N Disclosure of interests to the Drought Minister
- 36P Outside work
- 36Q Leave of absence
- 36R Resignation
- 36S Termination of appointment
- 36T Other terms and conditions
PART 4--INVESTMENT--OF THE FUTURE DROUGHT FUND
- 37 Simplified outline of this Part
- 38 Objects of investment of the Future Drought Fund
- 39 Investment of the Future Drought Fund
- 40 Management of investments of the Future Drought Fund
- 41 Future Drought Fund Investment Mandate
- 42 Obligation on Future Fund Board in performing investment functions
- 43 Limitation on Future Drought Fund Investment Mandate
- 44 Future Fund Board to be consulted on Future Drought Fund Investment Mandate
- 45 Compliance with Future Drought Fund Investment Mandate
- 46 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001
- 47 Borrowing
- 48 Future Drought Fund investment policies
- 49 Derivatives
- 50 Additional financial assets
- 51 Securities lending arrangements
- 52 Investment managers
- 53 Refund of franking credits
- 54 Realisation of non - financial assets
- 55 Additional function of the Future Fund Board
PART 5--REPORTING--OBLIGATIONS ETC.
- 56 Simplified outline of this Part
- 57 Finance Minister may require Future Fund Board to prepare reports or give information
- 58 Keeping the responsible Ministers informed etc.
- 59 Finance Minister may give reports to other Ministers etc.
PART 6--MISCELLANEOUS
- 60 Simplified outline of this Part
- 61 Delegation by the Finance Minister
- 62 Delegation by the Treasurer
- 63 Delegation by the Drought Minister
- 64 Transitional--receipts relating to the Building Australia Fund
- 65 Review of operation of Act
- 66 Rules
