Queensland Future Fund Act 2020 (Qld)

Queensland Future Fund Act 2020

An Act to establish a fund for reducing the State's debt

Part 1 Preliminary

1 Short title This Act may be cited as the Queensland Future Fund Act 2020.

2 Definitions In this Act— Debt Retirement Fund see section 9(1). Queensland Future Fund see section 4.

3 Act binds all persons This Act binds all persons, including the State.

Part 2 Queensland Future Fund

Division 1 Preliminary

4 Meaning of Queensland Future Fund A fund established under this Act is a Queensland Future Fund.

5 Administration of Queensland Future Fund (1) The Treasurer is responsible for administering a Queensland Future Fund. (2) A Queensland Future Fund does not form part of the consolidated fund. (3) Accounts for a Queensland Future Fund must be kept as special purpose accounts of the department under the Financial Accountability Act 2009. Note— Under the Financial Accountability Act 2009, section 69A(3), special purpose accounts under that Act are not, and do not form part of, departmental accounts under that Act.

6 Treasurer may have regard to relevant information In performing a function or exercising a power under this Act, the Treasurer may have regard to any information the Treasurer considers relevant, including, for example, information or advice provided to the Treasurer by another entity.

7 Information about Queensland Future Fund to be included in annual financial statements The department's annual financial statements prepared under the Financial Accountability Act 2009, section 62 for a financial year must include the following information about a Queensland Future Fund— (a) details of contributions made to the fund in the financial year; (b) details of payments made from the fund in the financial year, including the purpose of each payment and whether the payment was made in compliance with this Act.