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Future Drought Fund Act 2019
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Administered by
Department of Finance
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C2024C00278 C04
06 July 2024
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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
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Part 2—Future Drought Fund
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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
14 Credits of amounts
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
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Part 3—Arrangements and grants relating to drought resilience
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Division 1—Introduction
20 Simplified outline of this Part
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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
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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
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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
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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
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Division 5A—Channelling State/Territory grants through the Federation Reform Fund
36AA Channelling State/Territory grants through the Federation Reform Fund
36AB Debits from the Federation Reform Fund
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Division 6—Future Drought Fund Consultative Committee
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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
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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
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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.
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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
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
