Disaster Ready Fund Act 2019 (Cth)

Disaster Ready Fund Act 2019

No. 90, 2019

Compilation No. 4

Compilation date: 6 July 2024

Includes amendments: Act No. 54, 2024

Registered: 18 July 2024

About this compilation

This compilation

This is a compilation of the Disaster Ready 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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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 Simplified outline of this Act 4 Definitions 5 Crown to be bound 6 Extension to external Territories 7 Extra‑territorial application Part 2—Disaster Ready Fund Division 1—Introduction 8 Simplified outline of this Part Division 2—Establishment of the Disaster Ready Fund and the Disaster Ready Fund Special Account 9 Disaster Ready Fund 9A Transitional—investments of the Disaster Ready Fund 12 Disaster Ready Fund Special Account Division 3—Credits of amounts to the Disaster Ready Fund Special Account 13 Credits of amounts Division 4—Debits of amounts from the Disaster Ready Fund 14 Main purposes of the Disaster Ready Fund Special Account 15 Purposes of the Disaster Ready Fund Special Account—purposes related exclusively to the investments etc. of the Disaster Ready Fund 16 Purposes of the Disaster Ready Fund Special Account—purposes not related exclusively to the Disaster Ready Fund 17 Future Fund Board must ensure that the balance of the Disaster Ready Fund Special Account is sufficient to cover authorised debits etc. 18 Transfers from the Disaster Ready Fund to the Future Fund Part 3—Arrangements and grants relating to natural disasters Division 1—Introduction 19 Simplified outline of this Part Division 2—Arrangements and grants 20 Arrangements and grants 21 Terms and conditions of grants 22 Emergency Management Minister has powers etc. of the Commonwealth 23 Conferral of powers on the Emergency Management Minister 24 Constitutional limits 25 Executive power of the Commonwealth 26 Publication of information relating to arrangements and grants 26A Annual report regarding arrangements and grants 26B Review of arrangements and grants Division 3—Disaster Ready Fund Payments Special Account 27 Disaster Ready Fund Payments Special Account 28A Transfers from the Disaster Ready Fund Special Account to the Disaster Ready Fund Payments Special Account—resilience etc. 29 Other credits to the Disaster Ready Fund Payments Special Account 30 Purposes of the Disaster Ready Fund Payments Special Account 31 Excess balance of the Disaster Ready Fund Payments Special Account must be transferred to the Disaster Ready Fund Special Account Division 4—Channelling State/Territory grants through the Federation Reform Fund 32A Channelling State/Territory grants through the Federation Reform Fund—resilience etc. 33 Debits from the Federation Reform Fund Division 5—Limitation on total annual debits from the Disaster Ready Fund Special Account 34 Limitation on total annual debits from the Disaster Ready Fund Special Account 34A Determinations—advice given by the Future Fund Board Part 4—Investment of the Disaster Ready Fund 35 Simplified outline of this Part 36 Objects of investment of the Disaster Ready Fund 37 Investment of the Disaster Ready Fund 38 Management of investments of the Disaster Ready Fund 39 Disaster Ready Fund Investment Mandate 40 Obligation on Future Fund Board in performing investment functions 41 Limitation on Disaster Ready Fund Investment Mandate 42 Future Fund Board to be consulted on Disaster Ready Fund Investment Mandate 43 Compliance with Disaster Ready Fund Investment Mandate 44 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001 45 Borrowing 46 Disaster Ready Fund investment policies 47 Derivatives 48 Additional financial assets 49 Securities lending arrangements 50 Investment managers 51 Refund of franking credits 52 Realisation of non‑financial assets 53 Additional function of the Future Fund Board Part 5—Reporting obligations etc. 54 Simplified outline of this Part 55 Finance Minister may require Future Fund Board to prepare reports or give information 56 Keeping the responsible Ministers informed etc. 57 Finance Minister may give reports, documents and other information to other Ministers Part 6—Miscellaneous 58 Simplified outline of this Part 59 Delegation by the Finance Minister 60 Delegation by the Treasurer 61 Delegation by the Emergency Management Minister 63 Review of operation of Act 64 Rules Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to establish the Disaster Ready Fund, and for other purposes