Future Drought Fund Act 2019 (Cth)

Future Drought Fund Act 2019

No. 55, 2019

Compilation No. 4

Compilation date: 6 July 2024

Includes amendments: Act No. 54, 2024

Registered: 13 July 2024

About this compilation

This compilation

This is a compilation of the Future Drought Fund Act 2019 that shows the text of the law as amended and in force on 6 July 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents 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 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 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 Federation Reform Fund 36AA Channelling State/Territory grants through the Federation Reform Fund 36AB Debits from the Federation 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 Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to establish the Future Drought Fund, and for other purposes