Federal Register of Legislation - Australian Government

Primary content

Determinations/Financial (Other) as made
This determination provides for $18 billion to be credited to the Future Fund Special Account on 5 May 2006.
Administered by: Finance
Registered 04 May 2006
Tabling HistoryDate
Tabled HR09-May-2006
Tabled Senate09-May-2006
Date of repeal 17 Oct 2014
Repealed by Spent and Redundant Instruments Repeal Regulation 2014 (No. 2)

EXPLANATORY STATEMENT

 

Issued by the Authority of the Treasurer and the Minister for Finance and Administration

Future Fund Act 2006

Future Fund (Crediting of Initial Amount) Determination 2006

 

Subclause 2 (1) of Schedule 1 to the Future Fund Act 2006 provides that, before 1 July 2006, the responsible Ministers must determine by writing that $18 billion is to be credited to the Future Fund Special Account - either on a specified day or in specified instalments.

The purpose of this Future Fund (Crediting of Initial Amount) Determination 2006 is to specify 5 May 2006 as the day on which the initial amount of $18 billion is to be credited to the Future Fund Special Account.

The $18 billion is sourced from previously realised surpluses held on deposit with the Reserve Bank of Australia.

The Determination is deemed to be a legislative instrument for the purposes of the Legislative Instruments Act 2003, however, the Determination, as a ministerial direction, is not disallowable.

The Determination commences on registration and cannot be revoked.