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This is a Bill, not an Act. For current law, see the Acts databases.
2010-2011-2012-2013
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
DisabilityCare Australia Fund Bill 2013
No. , 2013
(Finance and Deregulation)
A Bill for an Act to establish the DisabilityCare
Australia Fund, and for related purposes
i DisabilityCare Australia Fund Bill 2013 No. , 2013
Contents
Part 1--Preliminary
1
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 2
3
Simplified outline .............................................................................. 3
4
Definitions ......................................................................................... 4
5
Crown to be bound ............................................................................. 7
6
Extension to external Territories ........................................................ 8
7
Extra-territorial application ................................................................ 8
8
Object ................................................................................................. 8
Part 2--DisabilityCare Australia Fund
9
Division 1--Introduction
9
9
Simplified outline .............................................................................. 9
Division 2--Establishment of the DisabilityCare Australia Fund
etc.
11
10
Establishment of the DisabilityCare Australia Fund ........................ 11
11
Establishment of the DisabilityCare Australia Fund Special
Account ............................................................................................ 11
Division 3--Credits of amounts to the DisabilityCare Australia
Fund
12
12
Credits to Special Account--determinations by the Treasurer ........ 12
13
Maximum amount of credits for States and Territories for a
financial year ................................................................................... 12
Division 4--Debits of amounts from the DisabilityCare Australia
Fund, etc.
14
14
Purposes of the DisabilityCare Australia Fund Special
Account--main purposes ................................................................. 14
15
Purposes of the DisabilityCare Australia Fund Special
Account--purposes related exclusively to the investments
etc. of the DisabilityCare Australia Fund ......................................... 14
16
Purposes of the DisabilityCare Australia Fund Special
Account--purposes not related exclusively to the
DisabilityCare Australia Fund ......................................................... 15
17
Reimbursing the Commonwealth--transfer to general CRF ........... 17
18
Reimbursing the States and Territories--channelling of
State/Territory grants payments through the COAG Reform
Fund ................................................................................................. 17
DisabilityCare Australia Fund Bill 2013 No. , 2013 ii
19
Reimbursing the States and Territories--limit on annual
debits based on maximum amount of credits for States and
Territories ........................................................................................ 18
20
Reimbursing the States and Territories--recommendations
about grants payments ..................................................................... 18
21
Reimbursing the States and Territories--debit from the
COAG Reform Fund ........................................................................ 18
22
Reimbursing the States and Territories--grant to a State or
Territory ........................................................................................... 19
23
Future Fund Board must ensure that there is sufficient
money in the DisabilityCare Australia Fund Special Account
to cover authorised debits etc. .......................................................... 20
Division 5--Inter-fund transfers
21
24
Transfers from the DisabilityCare Australia Fund to the
Future Fund ...................................................................................... 21
Part 3--Investment of the DisabilityCare Australia Fund
22
25
Simplified outline ............................................................................ 22
26
Objects of investment of the DisabilityCare Australia Fund ........... 22
27
Investment of the DisabilityCare Australia Fund ............................. 23
28
Management of investments of the DisabilityCare Australia
Fund ................................................................................................. 23
29
DisabilityCare Australia Fund Investment Mandate ........................ 24
30
Limitation on DisabilityCare Australia Fund Investment
Mandate ........................................................................................... 26
31
Future Fund Board to be consulted on DisabilityCare
Australia Fund Investment Mandate ................................................ 26
32
Compliance with DisabilityCare Australia Fund Investment
Mandate ........................................................................................... 27
33
Future Fund Board must not trigger the takeover provisions
of the Corporations Act 2001 .......................................................... 28
34
Borrowing ........................................................................................ 28
35
DisabilityCare Australia Fund investment policies .......................... 29
36
Derivatives ....................................................................................... 30
37
Additional financial assets ............................................................... 30
38
Securities lending arrangements ...................................................... 31
39
Investment managers ....................................................................... 31
40
Custody of securities ........................................................................ 32
41
Refund of franking credits ............................................................... 32
42
Realisation of non-financial assets ................................................... 33
43
Additional function of the Future Fund Board ................................. 33
iii DisabilityCare Australia Fund Bill 2013 No. , 2013
Part 4--Reporting obligations etc.
34
44
Finance Minister to prepare report on balance of
DisabilityCare Australia Special Account etc. ................................. 34
45
Finance Minister may require Future Fund Board to prepare
reports or give information .............................................................. 34
46
Keeping the responsible Ministers informed etc. ............................. 35
47
Finance Minister may give reports to other Ministers etc. ............... 35
Part 5--DisabilityCare Australia Transitional Special Account
37
Division 1--Establishment of the DisabilityCare Australia
Transitional Special Account
37
48
Establishment of the DisabilityCare Australia Transitional
Special Account ............................................................................... 37
Division 2--Credits of amounts to the DisabilityCare Australia
Transitional Special Account
38
49
Credits to Special Account--determinations by National
Disability Insurance Minister ........................................................... 38
Division 3--Debits of amounts from the DisabilityCare Australia
Transitional Special Account
39
50
Purposes of the DisabilityCare Australia Transitional Special
Account--General ........................................................................... 39
Division 4--Payments
40
51
Authorisation of payments ............................................................... 40
Part 6--Miscellaneous
41
52
Delegation by the Finance Minister ................................................. 41
53
Delegation by the National Disability Insurance Minister ............... 41
54
Delegation by the Treasurer ............................................................. 42
55
Review of operation of Act .............................................................. 42
56
Regulations ...................................................................................... 42
DisabilityCare Australia Fund Bill 2013 No. , 2013 1
A Bill for an Act to establish the DisabilityCare
1
Australia Fund, and for related purposes
2
The Parliament of Australia enacts:
3
Part 1--Preliminary
4
5
1 Short title
6
This Act may be cited as the DisabilityCare Australia Fund Act
7
2013.
8
Part 1 Preliminary
Section 2
2 DisabilityCare Australia Fund Bill 2013 No. , 2013
2 Commencement
1
(1) Each provision of this Act specified in column 1 of the table
2
commences, or is taken to have commenced, in accordance with
3
column 2 of the table. Any other statement in column 2 has effect
4
according to its terms.
5
6
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Sections 3 to 8
1 July 2013.
1 July 2013
3. Parts 2, 3 and
4
The later of:
(a) 1 July 2014; and
(b) the commencement of Schedule 1 to the
Medicare Levy Amendment
(DisabilityCare Australia) Act 2013.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
4. Part 5
1 July 2013.
1 July 2013
5. Section 52
The later of:
(a) 1 July 2014; and
(b) the commencement of Schedule 1 to the
Medicare Levy Amendment
(DisabilityCare Australia) Act 2013.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
6. Section 53
1 July 2013.
1 July 2013
Preliminary Part 1
Section 3
DisabilityCare Australia Fund Bill 2013 No. , 2013 3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
7. Sections 54 to
56
The later of:
(a) 1 July 2014; and
(b) the commencement of Schedule 1 to the
Medicare Levy Amendment
(DisabilityCare Australia) Act 2013.
However, the provision(s) do not commence
at all if the event mentioned in paragraph (b)
does not occur.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Simplified outline
7
The following is a simplified outline of this Act:
8
•
This Act sets up the DisabilityCare Australia Fund, which
9
consists of:
10
(a)
the DisabilityCare Australia Fund Special
11
Account; and
12
(b)
the investments of the DisabilityCare Australia
13
Fund.
14
•
The main purposes of the DisabilityCare Australia Fund
15
Special Account are:
16
(a)
to transfer amounts to the COAG Reform Fund in
17
order to reimburse the States and Territories for
18
expenditure incurred in relation to the National
19
Disability Insurance Scheme Act 2013; and
20
Part 1 Preliminary
Section 4
4 DisabilityCare Australia Fund Bill 2013 No. , 2013
(b)
to debit amounts in order to reimburse the
1
Commonwealth for expenditure incurred in
2
relation to the National Disability Insurance
3
Scheme Act 2013.
4
•
The Future Fund Board is responsible for deciding how to
5
invest the DisabilityCare Australia Fund.
6
•
Investments of the DisabilityCare Australia Fund will consist
7
of financial assets.
8
•
The Future Fund Board is bound by a DisabilityCare Australia
9
Fund Investment Mandate given to it by the responsible
10
Ministers.
11
•
This Act also sets up the DisabilityCare Australia Transitional
12
Special Account, which will fund the implementation of the
13
National Disability Insurance Scheme Act 2013 in its initial
14
period of operation.
15
Note:
The Future Fund Act 2006 provides that the Future Fund Management
16
Agency is responsible for assisting and advising the Future Fund
17
Board.
18
4 Definitions
19
In this Act:
20
acquire includes acquire by way of issue.
21
Agency means the Future Fund Management Agency.
22
Appropriation Act means an Act appropriating money for
23
expenditure out of the Consolidated Revenue Fund.
24
asset means:
25
(a) any kind of real or personal property; or
26
(b) any legal or equitable estate or interest in real or personal
27
property; or
28
(c) any legal or equitable right.
29
Preliminary Part 1
Section 4
DisabilityCare Australia Fund Bill 2013 No. , 2013 5
balance of the DisabilityCare Australia Fund means the sum of:
1
(a) amounts standing to the credit of the DisabilityCare Australia
2
Fund Special Account; and
3
(b) the value of investments of the DisabilityCare Australia
4
Fund.
5
bank has the same meaning as in the Financial Management and
6
Accountability Act 1997.
7
business entity means:
8
(a) a company; or
9
(b) a partnership; or
10
(c) a trust; or
11
(d) a body politic.
12
Chair means the Chair of the Future Fund Board.
13
COAG Reform Fund means the COAG Reform Fund established
14
by section 5 of the COAG Reform Fund Act 2008.
15
debenture has the same meaning as in the Corporations Act 2001.
16
derivative means a derivative (within the meaning of Chapter 7 of
17
the Corporations Act 2001) that is a financial asset.
18
DisabilityCare Australia Fund means the DisabilityCare Australia
19
Fund established by section 10.
20
DisabilityCare Australia Fund investment function of the Future
21
Fund Board means:
22
(a) a function or power conferred on the Future Fund Board by
23
section 27, 28, 34, 36, 38 or 39; or
24
(b) a right or power conferred on the Future Fund Board in its
25
capacity as the holder of an investment of the DisabilityCare
26
Australia Fund.
27
DisabilityCare Australia Fund Investment Mandate has the
28
meaning given by subsection 29(4).
29
Part 1 Preliminary
Section 4
6 DisabilityCare Australia Fund Bill 2013 No. , 2013
DisabilityCare Australia Fund Special Account means the
1
DisabilityCare Australia Fund Special Account established by
2
section 11.
3
DisabilityCare Australia Transitional Special Account means the
4
DisabilityCare Australia Transitional Special Account established
5
by section 48.
6
Finance Department means the Department administered by the
7
Finance Minister.
8
Finance Minister has the same meaning as in the Financial
9
Management and Accountability Act 1997.
10
financial asset has the same meaning as in the Nation-building
11
Funds Act 2008.
12
Future Fund Board means the Future Fund Board of Guardians.
13
Future Fund Special Account means the Future Fund Special
14
Account established by section 12 of the Future Fund Act 2006.
15
investment means any mode of application of money or financial
16
assets for the purpose of gaining a return (whether by way of
17
income, capital gain or any other form of return).
18
investment manager means a person or body (other than the
19
Agency) who undertakes to do any or all of the following:
20
(a) invest amounts on behalf of the Future Fund Board;
21
(b) manage the investment of funds on behalf of the Future Fund
22
Board;
23
(c) acquire derivatives on behalf of the Future Fund Board;
24
(d) manage derivatives on behalf of the Future Fund Board;
25
(e) enter into securities lending arrangements on behalf of the
26
Future Fund Board;
27
(f) realise financial assets on behalf of the Future Fund Board;
28
(g) perform custodial functions in relation to the financial assets
29
of the Future Fund Board.
30
Preliminary Part 1
Section 5
DisabilityCare Australia Fund Bill 2013 No. , 2013 7
investment of the DisabilityCare Australia Fund means a
1
financial asset that, under a provision of this Act, is taken to be an
2
investment of the DisabilityCare Australia Fund.
3
modifications includes additions, omissions and substitutions.
4
National Disability Insurance Department means the Department
5
administered by the National Disability Insurance Minister.
6
National Disability Insurance Minister means the Minister who
7
administers the National Disability Insurance Scheme Act 2013.
8
National Disability Insurance Scheme Launch Transition
9
Agency means the National Disability Insurance Scheme Launch
10
Transition Agency established by section 117 of the National
11
Disability Insurance Scheme Act 2013.
12
person includes a partnership.
13
Note:
See also subsection 2C(1) of the Acts Interpretation Act 1901.
14
realise includes redeem or dispose of.
15
responsible Ministers means:
16
(a) the Treasurer; and
17
(b) the Finance Minister.
18
securities lending arrangement means an agreement of the kind
19
known as a securities lending arrangement.
20
Treasury Department means the Department administered by the
21
Treasurer.
22
value, of an investment of the DisabilityCare Australia Fund,
23
means the market value of the investment. For this purpose,
24
disregard anything that would prevent or restrict conversion of a
25
financial asset to money.
26
5 Crown to be bound
27
(1) This Act binds the Crown in each of its capacities.
28
(2) This Act does not make the Crown liable to be prosecuted for an
29
offence.
30
Part 1 Preliminary
Section 6
8 DisabilityCare Australia Fund Bill 2013 No. , 2013
6 Extension to external Territories
1
This Act extends to every external Territory.
2
7 Extra-territorial application
3
This Act extends to acts, omissions, matters and things outside
4
Australia (unless the contrary intention appears).
5
8 Object
6
The object of this Act is to enhance the Commonwealth's ability:
7
(a) to reimburse the States and Territories for expenditure
8
incurred in relation to the National Disability Insurance
9
Scheme Act 2013; and
10
(b) to reimburse the Commonwealth for expenditure incurred in
11
relation to the National Disability Insurance Scheme Act
12
2013; and
13
(c) to fund the implementation of the National Disability
14
Insurance Scheme Act 2013 in its initial period of operation.
15
DisabilityCare Australia Fund Part 2
Introduction Division 1
Section 9
DisabilityCare Australia Fund Bill 2013 No. , 2013 9
Part 2--DisabilityCare Australia Fund
1
Division 1--Introduction
2
9 Simplified outline
3
The following is a simplified outline of this Part:
4
•
This Part sets up the DisabilityCare Australia Fund.
5
•
The DisabilityCare Australia Fund consists of:
6
(a)
the DisabilityCare Australia Fund Special
7
Account; and
8
(b)
the investments of the DisabilityCare Australia
9
Fund.
10
•
The Treasurer may determine that amounts are to be credited
11
to the DisabilityCare Australia Fund Special Account.
12
•
Amounts may be debited from the DisabilityCare Australia
13
Fund Special Account in accordance with the purposes of the
14
DisabilityCare Australia Fund Special Account.
15
•
The main purposes of the DisabilityCare Australia Fund
16
Special Account are:
17
(a)
to transfer amounts to the COAG Reform Fund in
18
order to reimburse the States and Territories for
19
expenditure incurred in relation to the National
20
Disability Insurance Scheme Act 2013; and
21
(b)
to debit amounts in order to reimburse the
22
Commonwealth for expenditure incurred in
23
relation to the National Disability Insurance
24
Scheme Act 2013.
25
Part 2 DisabilityCare Australia Fund
Division 1 Introduction
Section 9
10 DisabilityCare Australia Fund Bill 2013 No. , 2013
•
The Finance Minister is responsible for authorising debits (the
1
amounts of which will be credited to the COAG Reform
2
Fund) on the recommendation of the National Disability
3
Insurance Minister.
4
DisabilityCare Australia Fund Part 2
Establishment of the DisabilityCare Australia Fund etc. Division 2
Section 10
DisabilityCare Australia Fund Bill 2013 No. , 2013 11
Division 2--Establishment of the DisabilityCare Australia
1
Fund etc.
2
10 Establishment of the DisabilityCare Australia Fund
3
(1) The DisabilityCare Australia Fund is established by this section.
4
(2) The Fund consists of:
5
(a) the DisabilityCare Australia Fund Special Account; and
6
(b) the investments of the DisabilityCare Australia Fund.
7
11 Establishment of the DisabilityCare Australia Fund Special
8
Account
9
(1) The DisabilityCare Australia Fund Special Account is established
10
by this section.
11
(2) The DisabilityCare Australia Fund Special Account is a Special
12
Account for the purposes of the Financial Management and
13
Accountability Act 1997.
14
Note:
An Appropriation Act may contain a provision to the effect that, if any
15
of the purposes of a Special Account is a purpose that is covered by an
16
item in the Appropriation Act (whether or not the item expressly refers
17
to the Special Account), then amounts may be debited against the
18
appropriation for that item and credited to that Special Account.
19
Part 2 DisabilityCare Australia Fund
Division 3 Credits of amounts to the DisabilityCare Australia Fund
Section 12
12 DisabilityCare Australia Fund Bill 2013 No. , 2013
Division 3--Credits of amounts to the DisabilityCare
1
Australia Fund
2
12 Credits to Special Account--determinations by the Treasurer
3
(1) The Treasurer may, by writing, determine that:
4
(a) a specified amount is to be credited to the DisabilityCare
5
Australia Fund Special Account on a specified day; or
6
(b) a specified amount is to be credited to the DisabilityCare
7
Australia Fund Special Account in specified instalments on
8
specified days.
9
Note:
For variation and revocation, see subsection 33(3) of the Acts
10
Interpretation Act 1901.
11
(2) In making a determination under subsection (1), the Treasurer must
12
have regard to the object of this Act.
13
(3) A determination under subsection (1) is not a legislative
14
instrument.
15
13 Maximum amount of credits for States and Territories for a
16
financial year
17
(1) For the financial year mentioned in column 1 of an item in the
18
following table, the maximum amount of credits for States and
19
Territories is the amount mentioned in column 2 of that item:
20
21
Maximum amount of credits for States and Territories
Item
Column 1
Financial year
Column 2
Maximum amount of
credits for States and
Territories
1
2014-2015
$825.000 million
2
2015-2016
$853.875 million
3
2016-2017
$883.761 million
4
2017-2018
$914.692 million
5
2018-2019
$946.706 million
DisabilityCare Australia Fund Part 2
Credits of amounts to the DisabilityCare Australia Fund Division 3
Section 13
DisabilityCare Australia Fund Bill 2013 No. , 2013 13
Maximum amount of credits for States and Territories
Item
Column 1
Financial year
Column 2
Maximum amount of
credits for States and
Territories
6
2019-2020
$979.841 million
7
2020-2021
$1014.136 million
8
2021-2022
$1049.630 million
9
2022-2023
$1086.367 million
10
2023-2024
$1124.390 million
(2) The consequences of the maximum amount of credits for States
1
and Territories for a financial year being a particular amount are
2
set out in section 19.
3
Part 2 DisabilityCare Australia Fund
Division 4 Debits of amounts from the DisabilityCare Australia Fund, etc.
Section 14
14 DisabilityCare Australia Fund Bill 2013 No. , 2013
Division 4--Debits of amounts from the DisabilityCare
1
Australia Fund, etc.
2
14 Purposes of the DisabilityCare Australia Fund Special Account--
3
main purposes
4
Each of the following is a purpose of the DisabilityCare Australia
5
Fund Special Account:
6
(a) to transfer amounts to the COAG Reform Fund in order to
7
reimburse the States and Territories for expenditure incurred
8
in relation to the National Disability Insurance Scheme Act
9
2013;
10
(b) to debit amounts in order to reimburse the Commonwealth
11
for expenditure incurred in relation to the National Disability
12
Insurance Scheme Act 2013.
13
15 Purposes of the DisabilityCare Australia Fund Special Account--
14
purposes related exclusively to the investments etc. of the
15
DisabilityCare Australia Fund
16
Each of the following is a purpose of the DisabilityCare Australia
17
Fund Special Account:
18
(a) paying the costs of, or incidental to, the acquisition of
19
financial assets under section 27;
20
(b) paying expenses of an investment of the DisabilityCare
21
Australia Fund;
22
(c) paying the costs of, or incidental to, the acquisition of
23
derivatives under section 36;
24
(d) paying or discharging the costs, expenses and other
25
obligations incurred by the Future Fund Board under a
26
contract between the Future Fund Board and an investment
27
manager engaged under subsection 39(1);
28
(e) paying or discharging the costs, expenses and other
29
obligations incurred in connection with the establishment,
30
maintenance or operation of a bank account of the Future
31
Fund Board, where the bank account relates exclusively to
32
the DisabilityCare Australia Fund;
33
DisabilityCare Australia Fund Part 2
Debits of amounts from the DisabilityCare Australia Fund, etc. Division 4
Section 16
DisabilityCare Australia Fund Bill 2013 No. , 2013 15
(f) paying a premium in respect of a contract of insurance
1
entered into by the Future Fund Board exclusively in
2
connection with the DisabilityCare Australia Fund;
3
(g) paying or discharging any other costs, expenses, obligations
4
or liabilities incurred by the Future Fund Board exclusively
5
in connection with the DisabilityCare Australia Fund.
6
Note:
See section 21 of the Financial Management and Accountability Act
7
1997 (debits from Special Accounts).
8
16 Purposes of the DisabilityCare Australia Fund Special Account--
9
purposes not related exclusively to the DisabilityCare
10
Australia Fund
11
Each of the following is a purpose of the DisabilityCare Australia
12
Fund Special Account:
13
(a) paying or discharging the costs, expenses and other
14
obligations incurred in connection with the establishment,
15
maintenance or operation of a bank account of the Future
16
Fund Board, where those costs, expenses or obligations are
17
not covered by:
18
(i) paragraph 15(e); or
19
(ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act
20
2006; or
21
(iii) paragraph 18(1)(j) of the Nation-building Funds Act
22
2008; or
23
(iv) paragraph 136(1)(j) of the Nation-building Funds Act
24
2008; or
25
(v) paragraph 137(e) of the Nation-building Funds Act
26
2008; or
27
(vi) paragraph 218(1)(f) of the Nation-building Funds Act
28
2008;
29
(b) paying a premium in respect of a contract of insurance
30
entered into by the Future Fund Board, where the premium is
31
not covered by:
32
(i) paragraph 15(f); or
33
(ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act
34
2006; or
35
Part 2 DisabilityCare Australia Fund
Division 4 Debits of amounts from the DisabilityCare Australia Fund, etc.
Section 16
16 DisabilityCare Australia Fund Bill 2013 No. , 2013
(iii) paragraph 18(1)(k) of the Nation-building Funds Act
1
2008; or
2
(iv) paragraph 136(1)(k) of the Nation-building Funds Act
3
2008; or
4
(v) paragraph 137(f) of the Nation-building Funds Act
5
2008; or
6
(vi) paragraph 218(1)(g) of the Nation-building Funds Act
7
2008;
8
(c) paying or discharging any other costs, expenses, obligations
9
or liabilities incurred by the Future Fund Board, where the
10
costs, expenses, obligations or liabilities are not covered by:
11
(i) a paragraph of section 15; or
12
(ii) a paragraph of subclause 2(1) of Schedule 2 to the
13
Future Fund Act 2006; or
14
(iii) a paragraph of subsection 18(1) of the Nation-building
15
Funds Act 2008; or
16
(iv) a paragraph of subsection 136(1) of the Nation-building
17
Funds Act 2008; or
18
(v) a paragraph of section 137 of the Nation-building Funds
19
Act 2008; or
20
(vi) a paragraph of subsection 218(1) of the Nation-building
21
Funds Act 2008;
22
(d) paying remuneration, and other employment-related costs
23
and expenses, in respect of members of the staff of the
24
Agency;
25
(e) paying or discharging the costs, expenses and other
26
obligations incurred by the Commonwealth under a contract
27
entered into under section 78 or 82 of the Future Fund Act
28
2006;
29
(f) paying or discharging the costs, expenses and other
30
obligations incurred by the Commonwealth in connection
31
with the operation of the Agency.
32
Note:
See section 21 of the Financial Management and Accountability Act
33
1997 (debits from Special Accounts).
34
DisabilityCare Australia Fund Part 2
Debits of amounts from the DisabilityCare Australia Fund, etc. Division 4
Section 17
DisabilityCare Australia Fund Bill 2013 No. , 2013 17
17 Reimbursing the Commonwealth--transfer to general CRF
1
(1) The Finance Minister may, by writing, direct that a specified
2
amount is to be debited from the DisabilityCare Australia Fund
3
Special Account.
4
(2) A direction under subsection (1) is not a legislative instrument.
5
(3) The Finance Minister must give a copy of a direction under
6
subsection (1) to the Treasurer and the National Disability
7
Insurance Minister.
8
18 Reimbursing the States and Territories--channelling of
9
State/Territory grants payments through the COAG
10
Reform Fund
11
(1) The Finance Minister may, by writing, direct that a specified
12
amount is to be:
13
(a) debited from the DisabilityCare Australia Fund Special
14
Account; and
15
(b) credited to the COAG Reform Fund;
16
on a specified day.
17
(2) The direction must be expressed to be given in order to enable the
18
amount to be debited from the COAG Reform Fund for the
19
purpose of making a specified grant of financial assistance in
20
relation to reimbursing the States and Territories for expenditure
21
incurred in relation to the National Disability Insurance Scheme
22
Act 2013.
23
(3) Two or more directions under subsection (1) may be set out in the
24
same document.
25
(4) A direction under subsection (1) is not a legislative instrument.
26
(5) The Finance Minister must give a copy of a direction under
27
subsection (1) to the Treasurer and the National Disability
28
Insurance Minister.
29
Part 2 DisabilityCare Australia Fund
Division 4 Debits of amounts from the DisabilityCare Australia Fund, etc.
Section 19
18 DisabilityCare Australia Fund Bill 2013 No. , 2013
19 Reimbursing the States and Territories--limit on annual debits
1
based on maximum amount of credits for States and
2
Territories
3
(1) The total amount of debits from the DisabilityCare Australia Fund
4
Special Account under section 18 in a financial year must not
5
exceed the maximum amount of credits for States and Territories
6
for the financial year under section 13 (taking into account the
7
increase, if any, under a previous operation of subsection (4)).
8
(2) If a direction under subsection 18(1) would, apart from this section,
9
result in a contravention of subsection (1), the direction is invalid.
10
(3) Subsection (4) applies if the total amount of debits from the
11
DisabilityCare Australia Fund Special Account under
12
subsection 18(1) in a financial year falls short of the maximum
13
amount of credits for States and Territories for the financial year
14
under section 13 (taking into account the increase, if any, under a
15
previous operation of subsection (4)).
16
(4) Increase the maximum amount of credits for States and Territories
17
for the next financial year by the amount of the shortfall.
18
20 Reimbursing the States and Territories--recommendations about
19
grants payments
20
A grant must not be specified under subsection 18(2) unless the
21
National Disability Insurance Minister has recommended the
22
specification of the grant.
23
21 Reimbursing the States and Territories--debit from the COAG
24
Reform Fund
25
Scope
26
(1) This section applies if:
27
(a) the Finance Minister gives a direction under subsection 18(1)
28
for a purpose in relation to a grant of financial assistance to a
29
State or Territory; and
30
DisabilityCare Australia Fund Part 2
Debits of amounts from the DisabilityCare Australia Fund, etc. Division 4
Section 22
DisabilityCare Australia Fund Bill 2013 No. , 2013 19
(b) the amount specified in the direction is credited to the COAG
1
Reform Fund.
2
Debit from the COAG Reform Fund
3
(2) The Treasurer must ensure that, as soon as practicable after the
4
amount is credited, the COAG Reform Fund is debited for the
5
purposes of making the grant.
6
22 Reimbursing the States and Territories--grant to a State or
7
Territory
8
Scope
9
(1) This section applies if:
10
(a) an amount is to be debited from the COAG Reform Fund for
11
the purpose of making a grant of financial assistance to a
12
State or Territory; and
13
(b) the grant is a grant of financial assistance in relation to
14
reimbursing the States and Territories for expenditure
15
incurred in relation to the National Disability Insurance
16
Scheme Act 2013; and
17
(c) the grant is covered by subsection 21(2).
18
Note:
Subsection 21(2) deals with grants channelled through the COAG
19
Reform Fund.
20
Terms and conditions
21
(2) The terms and conditions on which that financial assistance is
22
granted are to be set out in a written agreement between the
23
Commonwealth and the State or Territory.
24
(3) An agreement under subsection (2) may be entered into by a
25
Minister on behalf of the Commonwealth.
26
Part 2 DisabilityCare Australia Fund
Division 4 Debits of amounts from the DisabilityCare Australia Fund, etc.
Section 23
20 DisabilityCare Australia Fund Bill 2013 No. , 2013
23 Future Fund Board must ensure that there is sufficient money in
1
the DisabilityCare Australia Fund Special Account to
2
cover authorised debits etc.
3
The Future Fund Board must take all reasonable steps to ensure
4
that the amount of money standing to the credit of the
5
DisabilityCare Australia Fund Special Account is sufficient to
6
cover the debit of amounts authorised, or proposed to be
7
authorised, under section 17 or 18.
8
Note:
This may require the Future Fund Board to realise an investment of
9
the DisabilityCare Australia Fund in accordance with section 28.
10
DisabilityCare Australia Fund Part 2
Inter-fund transfers Division 5
Section 24
DisabilityCare Australia Fund Bill 2013 No. , 2013 21
Division 5--Inter-fund transfers
1
24 Transfers from the DisabilityCare Australia Fund to the Future
2
Fund
3
(1) If an amount is debited from the Future Fund Special Account for a
4
purpose mentioned in subclause 2(2) of Schedule 2 to the Future
5
Fund Act 2006, the Finance Minister may, by writing, direct that a
6
specified amount is to be:
7
(a) debited from the DisabilityCare Australia Fund Special
8
Account; and
9
(b) credited to the Future Fund Special Account;
10
on a specified day.
11
(2) The specified amount must not exceed the amount debited from the
12
Future Fund Special Account as mentioned in subsection (1).
13
(3) A direction under subsection (1) is not a legislative instrument.
14
Part 3 Investment of the DisabilityCare Australia Fund
Section 25
22 DisabilityCare Australia Fund Bill 2013 No. , 2013
Part 3--Investment of the DisabilityCare Australia
1
Fund
2
3
25 Simplified outline
4
The following is a simplified outline of this Part:
5
•
The Future Fund Board is responsible for deciding how to
6
invest the DisabilityCare Australia Fund.
7
•
Investments of the DisabilityCare Australia Fund will consist
8
of financial assets.
9
•
Investments of the DisabilityCare Australia Fund will be held
10
in the name of the Future Fund Board.
11
•
The Future Fund Board is bound by a DisabilityCare Australia
12
Fund Investment Mandate given to it by the responsible
13
Ministers.
14
26 Objects of investment of the DisabilityCare Australia Fund
15
(1) The main object of the acquisition by the Future Fund Board of a
16
financial asset as an investment of the DisabilityCare Australia
17
Fund is to enhance the Commonwealth's ability:
18
(a) to reimburse the States and Territories for expenditure
19
incurred in relation to the National Disability Insurance
20
Scheme Act 2013; and
21
(b) to reimburse the Commonwealth for expenditure incurred in
22
relation to the National Disability Insurance Scheme Act
23
2013.
24
(2) The ancillary objects of the acquisition by the Future Fund Board
25
of a financial asset as an investment of the DisabilityCare Australia
26
Fund are to enhance the ability of the Commonwealth and the
27
Future Fund Board to:
28
Investment of the DisabilityCare Australia Fund Part 3
Section 27
DisabilityCare Australia Fund Bill 2013 No. , 2013 23
(a) discharge costs, expenses, obligations and liabilities; and
1
(b) make payments;
2
as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).
3
27 Investment of the DisabilityCare Australia Fund
4
(1) The Future Fund Board may invest amounts standing to the credit
5
of the DisabilityCare Australia Fund Special Account in any
6
financial assets.
7
(2) Investments under subsection (1) are to be made in the name of the
8
Future Fund Board.
9
(3) Investments under subsection (1) are taken to be investments of the
10
DisabilityCare Australia Fund.
11
(4) This section does not authorise the acquisition of a derivative.
12
Note:
For acquisition of derivatives, see section 36.
13
28 Management of investments of the DisabilityCare Australia Fund
14
(1) Income derived from an investment of the DisabilityCare Australia
15
Fund is to be credited to the DisabilityCare Australia Fund Special
16
Account.
17
(2) A return of capital, or any other financial distribution, relating to
18
an investment of the DisabilityCare Australia Fund is to be credited
19
to the DisabilityCare Australia Fund Special Account.
20
(3) The Future Fund Board may realise an investment of the
21
DisabilityCare Australia Fund.
22
(4) Upon realisation of an investment of the DisabilityCare Australia
23
Fund, the proceeds of the investment are to be credited to the
24
DisabilityCare Australia Fund Special Account.
25
(5) At any time before an investment of the DisabilityCare Australia
26
Fund matures, the Future Fund Board may authorise the
27
re-investment of the proceeds upon maturity in a financial asset
28
investment with the same entity. The new investment is taken to be
29
an investment of the DisabilityCare Australia Fund.
30
Part 3 Investment of the DisabilityCare Australia Fund
Section 29
24 DisabilityCare Australia Fund Bill 2013 No. , 2013
(6) Section 39 of the Financial Management and Accountability Act
1
1997 does not apply to an investment of the DisabilityCare
2
Australia Fund.
3
29 DisabilityCare Australia Fund Investment Mandate
4
(1) The responsible Ministers may give the Future Fund Board written
5
directions about the performance of its DisabilityCare Australia
6
Fund investment functions, and must give at least one such
7
direction.
8
Note 1:
DisabilityCare Australia Fund investment function is defined in
9
section 4.
10
Note 2:
For variation and revocation, see subsection 33(3) of the Acts
11
Interpretation Act 1901.
12
(2) Subsection (1) has effect subject to section 30.
13
(3) In giving a direction under subsection (1), the responsible
14
Ministers must have regard to:
15
(a) maximising the return earned on the DisabilityCare Australia
16
Fund, consistent with international best practice for
17
institutional investment; and
18
(b) enhancing the Commonwealth's ability:
19
(i) to reimburse the States and Territories for expenditure
20
incurred in relation to the National Disability Insurance
21
Scheme Act 2013; and
22
(ii) to reimburse the Commonwealth for expenditure
23
incurred in relation to the National Disability Insurance
24
Scheme Act 2013; and
25
(c) such other matters as the responsible Ministers consider
26
relevant.
27
(4) Directions under subsection (1) are to be known collectively as the
28
DisabilityCare Australia Fund Investment Mandate.
29
(5) A direction under subsection (1) may set out the policies to be
30
pursued by the Future Fund Board in relation to:
31
(a) matters of risk and return; and
32
(b) the allocation of financial assets.
33
Investment of the DisabilityCare Australia Fund Part 3
Section 29
DisabilityCare Australia Fund Bill 2013 No. , 2013 25
A policy relating to the allocation of financial assets must not be
1
inconsistent with a policy relating to matters of risk and return.
2
(6) Subsection (5) does not limit subsection (1).
3
(7) Subsection (5) has effect subject to section 30.
4
(8) The DisabilityCare Australia Fund Investment Mandate prevails
5
over subsection (12) to the extent of any inconsistency.
6
(9) The responsible Ministers must not give a direction under
7
subsection (1) that is inconsistent with this Act (other than
8
subsection (12)).
9
(10) A direction under subsection (1) must not take effect before the
10
15th day after the day on which it is given.
11
(11) A direction under subsection (1) is a legislative instrument.
12
Note 1:
Section 42 (disallowance) of the Legislative Instruments Act 2003
13
does not apply to the direction--see section 44 of that Act.
14
Note 2:
Part 6 (sunsetting) of the Legislative Instruments Act 2003 does not
15
apply to the direction--see section 54 of that Act.
16
(12) In the performance of its DisabilityCare Australia Fund investment
17
functions, the Future Fund Board must seek to:
18
(a) maximise the return earned on the DisabilityCare Australia
19
Fund, consistent with international best practice for
20
institutional investment; and
21
(b) enhance the Commonwealth's ability:
22
(i) to reimburse the States and Territories for expenditure
23
incurred in relation to the National Disability Insurance
24
Scheme Act 2013; and
25
(ii) to reimburse the Commonwealth for expenditure
26
incurred in relation to the National Disability Insurance
27
Scheme Act 2013.
28
Note:
DisabilityCare Australia Fund investment function is defined in
29
section 4.
30
(13) Subsection (12) has effect subject to:
31
(a) this Act; and
32
(b) a direction under subsection (1).
33
Part 3 Investment of the DisabilityCare Australia Fund
Section 30
26 DisabilityCare Australia Fund Bill 2013 No. , 2013
30 Limitation on DisabilityCare Australia Fund Investment
1
Mandate
2
(1) The responsible Ministers must not give a direction under
3
subsection 29(1) that has the purpose, or has or is likely to have the
4
effect, of directly or indirectly requiring the Future Fund Board to:
5
(a) invest an amount standing to the credit of the DisabilityCare
6
Australia Fund Special Account in a particular financial
7
asset; or
8
(b) acquire a particular derivative; or
9
(c) allocate financial assets to:
10
(i) a particular business entity; or
11
(ii) a particular activity; or
12
(iii) a particular business.
13
(2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).
14
31 Future Fund Board to be consulted on DisabilityCare Australia
15
Fund Investment Mandate
16
(1) Before giving the Future Fund Board a direction under
17
subsection 29(1), the responsible Ministers must:
18
(a) send a draft of the direction to the Future Fund Board; and
19
(b) invite the Future Fund Board to make a submission to the
20
responsible Ministers on the draft direction within a time
21
limit specified by the responsible Ministers; and
22
(c) consider any submission that is received from the Future
23
Fund Board within that time limit.
24
(2) If:
25
(a) the responsible Ministers give the Future Fund Board a
26
direction under subsection 29(1); and
27
(b) the Future Fund Board made a submission to the responsible
28
Ministers on a draft of the direction within the time limit
29
specified by the responsible Ministers;
30
the submission is to be tabled in each House of the Parliament with
31
the direction.
32
Note:
For tabling of the direction, see section 38 of the Legislative
33
Instruments Act 2003.
34
Investment of the DisabilityCare Australia Fund Part 3
Section 32
DisabilityCare Australia Fund Bill 2013 No. , 2013 27
(3) A time limit specified under this section must be reasonable.
1
32 Compliance with DisabilityCare Australia Fund Investment
2
Mandate
3
(1) The Future Fund Board must take all reasonable steps to comply
4
with the DisabilityCare Australia Fund Investment Mandate.
5
(2) As soon as practicable after the Future Fund Board becomes aware
6
that it has failed to comply with the DisabilityCare Australia Fund
7
Investment Mandate, the Future Fund Board must give the
8
responsible Ministers a written statement:
9
(a) informing the responsible Ministers of the failure to comply
10
with the DisabilityCare Australia Fund Investment Mandate;
11
and
12
(b) setting out the action that the Future Fund Board proposes to
13
take in order to comply with the DisabilityCare Australia
14
Fund Investment Mandate.
15
(3) If the responsible Ministers are satisfied that the Future Fund
16
Board has failed to comply with the DisabilityCare Australia Fund
17
Investment Mandate, the responsible Ministers may, by written
18
notice given to the Future Fund Board, direct the Future Fund
19
Board:
20
(a) to give the responsible Ministers, within a period specified in
21
the notice, a written explanation for the failure to comply
22
with the DisabilityCare Australia Fund Investment Mandate;
23
and
24
(b) to take action specified in the notice, within a period
25
specified in the notice, in order to comply with the
26
DisabilityCare Australia Fund Investment Mandate.
27
(4) The Future Fund Board must comply with a direction under
28
subsection (3).
29
(5) A failure to comply with:
30
(a) the DisabilityCare Australia Fund Investment Mandate; or
31
(b) a direction under subsection (3);
32
does not affect the validity of any transaction.
33
Part 3 Investment of the DisabilityCare Australia Fund
Section 33
28 DisabilityCare Australia Fund Bill 2013 No. , 2013
(6) A direction under subsection (3) is not a legislative instrument.
1
33 Future Fund Board must not trigger the takeover provisions of
2
the Corporations Act 2001
3
(1) Subsections 606(1A) and (2A) and section 611 of the Corporations
4
Act 2001 do not apply to an acquisition by the Future Fund Board
5
if the acquisition is the result of the performance by the Future
6
Fund Board of its DisabilityCare Australia Fund investment
7
functions.
8
(2) A failure by the Future Fund Board to comply with section 606 of
9
the Corporations Act 2001 (as modified by this section) does not
10
affect the validity of any transaction.
11
Note:
See also section 39 of the Future Fund Act 2006 (application of the
12
Corporations Act 2001).
13
34 Borrowing
14
(1) The Future Fund Board must not borrow money for a purpose in
15
connection with the DisabilityCare Australia Fund unless the
16
borrowing is authorised by subsection (2) or (3).
17
(2) The Future Fund Board is authorised to borrow money for a
18
purpose in connection with the DisabilityCare Australia Fund if:
19
(a) the purpose of the borrowing is to enable the Future Fund
20
Board to cover settlement of a transaction for the acquisition
21
of one or more financial assets; and
22
(b) at the time the relevant acquisition decision was made, it was
23
likely that the borrowing would not be needed; and
24
(c) the period of the borrowing does not exceed 7 days; and
25
(d) if the borrowing were to take place, the total amount
26
borrowed by the Future Fund Board would not exceed 10%
27
of the balance of the DisabilityCare Australia Fund.
28
(3) The Future Fund Board is authorised to borrow money for a
29
purpose in connection with the DisabilityCare Australia Fund if the
30
borrowing takes place in such circumstances (if any) as are
31
specified in the regulations.
32
Investment of the DisabilityCare Australia Fund Part 3
Section 35
DisabilityCare Australia Fund Bill 2013 No. , 2013 29
35 DisabilityCare Australia Fund investment policies
1
(1) The Future Fund Board must formulate written policies to be
2
complied with by it in relation to the following matters in
3
connection with the DisabilityCare Australia Fund:
4
(a) the investment strategy for the DisabilityCare Australia Fund;
5
(b) benchmarks and standards for assessing the performance of
6
the DisabilityCare Australia Fund;
7
(c) risk management for the DisabilityCare Australia Fund;
8
(d) a matter relating to international best practice for institutional
9
investment;
10
(e) a matter specified in the regulations.
11
Note:
For variation and revocation, see subsection 33(3) of the Acts
12
Interpretation Act 1901.
13
(2) The Future Fund Board must ensure that policies formulated under
14
subsection (1) are consistent with the DisabilityCare Australia
15
Fund Investment Mandate.
16
Publication of policies
17
(3) The Future Fund Board must cause copies of policies formulated
18
under subsection (1) to be published on the internet.
19
(4) The Future Fund Board must ensure that the first set of policies
20
formulated under subsection (1) is published on the internet as
21
soon as practicable after the commencement of this section.
22
Review of policies
23
(5) The Future Fund Board must conduct periodic reviews of policies
24
formulated under subsection (1).
25
(6) If there is a change in the DisabilityCare Australia Fund
26
Investment Mandate, the Future Fund Board must review any
27
relevant policies formulated under subsection (1).
28
Compliance with policies
29
(7) The Future Fund Board must take all reasonable steps to comply
30
with policies formulated under subsection (1).
31
Part 3 Investment of the DisabilityCare Australia Fund
Section 36
30 DisabilityCare Australia Fund Bill 2013 No. , 2013
(8) A failure to comply with a policy formulated under subsection (1)
1
does not affect the validity of any transaction.
2
Policies
3
(9) A policy formulated under subsection (1) is not a legislative
4
instrument.
5
36 Derivatives
6
(1) The Future Fund Board may acquire a derivative for the purpose
7
of:
8
(a) protecting the value of an investment of the DisabilityCare
9
Australia Fund (other than a derivative); or
10
(b) protecting the return on an investment of the DisabilityCare
11
Australia Fund (other than a derivative); or
12
(c) achieving indirect exposure to financial assets (other than
13
derivatives) for a purpose in connection with the
14
DisabilityCare Australia Fund; or
15
(d) achieving transactional efficiency for a purpose in connection
16
with the DisabilityCare Australia Fund;
17
but must not acquire a derivative for the purpose of:
18
(e) speculation; or
19
(f) leverage.
20
(2) The acquisition of a derivative under subsection (1) must be
21
consistent with the investment strategy embodied in a policy
22
formulated by the Future Fund Board under subsection 35(1).
23
(3) A derivative acquired under subsection (1) is to be held in the
24
name of the Future Fund Board.
25
(4) A derivative acquired under subsection (1) is taken to be an
26
investment of the DisabilityCare Australia Fund.
27
37 Additional financial assets
28
If, as a result of:
29
(a) the Future Fund Board's holding of an investment of the
30
DisabilityCare Australia Fund; or
31
Investment of the DisabilityCare Australia Fund Part 3
Section 38
DisabilityCare Australia Fund Bill 2013 No. , 2013 31
(b) the exercise of any rights or powers conferred on the Future
1
Fund Board in its capacity as the holder of an investment of
2
the DisabilityCare Australia Fund;
3
the Future Fund Board becomes the holder of a financial asset, that
4
financial asset is taken to be an investment of the DisabilityCare
5
Australia Fund.
6
38 Securities lending arrangements
7
(1) The Future Fund Board may enter into securities lending
8
arrangements for a purpose in connection with the DisabilityCare
9
Australia Fund.
10
(2) Any money received by the Future Fund Board under a securities
11
lending arrangement entered into under subsection (1) is to be
12
credited to the DisabilityCare Australia Fund Special Account.
13
(3) To avoid doubt, a securities lending arrangement entered into
14
under subsection (1) may provide for the Future Fund Board to
15
realise an investment of the DisabilityCare Australia Fund.
16
(4) If, as the result of the operation of a securities lending arrangement
17
entered into under subsection (1), the Future Fund Board becomes
18
the holder of a financial asset, that financial asset is taken to be an
19
investment of the DisabilityCare Australia Fund.
20
39 Investment managers
21
(1) The Future Fund Board may engage one or more investment
22
managers for purposes in connection with the DisabilityCare
23
Australia Fund.
24
(2) The Future Fund Board must not:
25
(a) invest amounts under subsection 27(1); or
26
(b) acquire derivatives under subsection 36(1); or
27
(c) enter into a securities lending arrangement under
28
subsection 38(1); or
29
(d) realise financial assets that are investments of the
30
DisabilityCare Australia Fund;
31
unless the Future Fund Board does so:
32
Part 3 Investment of the DisabilityCare Australia Fund
Section 40
32 DisabilityCare Australia Fund Bill 2013 No. , 2013
(e) through an investment manager engaged by the Future Fund
1
Board under subsection (1) of this section; or
2
(f) in a manner approved, in writing, by the responsible
3
Ministers.
4
(3) The Future Fund Board must ensure that any investment manager
5
engaged by the Future Fund Board under subsection (1) operates
6
within this Act.
7
(4) The Future Fund Board must ensure that any investment manager
8
engaged by the Future Fund Board under subsection (1) reports to:
9
(a) the Future Fund Board; and
10
(b) the Agency;
11
on the state of the investments of the DisabilityCare Australia Fund
12
at such times and in such manner as the Future Fund Board
13
determines.
14
40 Custody of securities
15
Section 40 of the Financial Management and Accountability Act
16
1997 does not apply to an investment of the DisabilityCare
17
Australia Fund.
18
41 Refund of franking credits
19
If:
20
(a) the Future Fund Board receives a refund of a tax offset under
21
the Income Tax Assessment Act 1997; and
22
(b) the tax offset is attributable to an investment of the
23
DisabilityCare Australia Fund;
24
the refund is to be credited to the DisabilityCare Australia Fund
25
Special Account.
26
Note 1:
See also section 84B of the Future Fund Act 2006.
27
Note 2:
For refunds of tax offsets, see Division 63 of the Income Tax
28
Assessment Act 1997.
29
Investment of the DisabilityCare Australia Fund Part 3
Section 42
DisabilityCare Australia Fund Bill 2013 No. , 2013 33
42 Realisation of non-financial assets
1
(1) If an asset held by the Future Fund Board as an investment of the
2
DisabilityCare Australia Fund ceases to be a financial asset:
3
(a) the Future Fund Board must realise the asset as soon as
4
practicable after the Future Fund Board becomes aware of the
5
cessation; and
6
(b) this Act (other than this section) applies in relation to the
7
asset (including in relation to the realisation of the asset) as if
8
the asset had remained a financial asset, and an investment of
9
the DisabilityCare Australia Fund, until the realisation.
10
(2) If an asset acquired by the Future Fund Board, purportedly as an
11
investment of the DisabilityCare Australia Fund, is not a financial
12
asset:
13
(a) the Future Fund Board must realise the asset as soon as
14
practicable after the Future Fund Board becomes aware that
15
the asset is not a financial asset; and
16
(b) this Act (other than this section) applies in relation to the
17
asset (including in relation to the realisation of the asset) as if
18
the asset had been a financial asset, and an investment of the
19
DisabilityCare Australia Fund, from the time of its
20
acquisition by the Future Fund Board until the realisation.
21
43 Additional function of the Future Fund Board
22
The functions of the Future Fund Board include the function of
23
investing amounts in accordance with this Act.
24
Part 4 Reporting obligations etc.
Section 44
34 DisabilityCare Australia Fund Bill 2013 No. , 2013
Part 4--Reporting obligations etc.
1
2
44 Finance Minister to prepare report on balance of DisabilityCare
3
Australia Special Account etc.
4
(1) At the end of each quarter starting on or after 1 July 2014, the
5
Finance Minister must cause a report to be prepared setting out:
6
(a) the balance of the DisabilityCare Australia Fund at the end of
7
the quarter; and
8
(b) the total States' and Territories' share of the DisabilityCare
9
Australia Fund.
10
(2) The Finance Minister must cause the report to be published on the
11
internet as soon as practicable after the end of the quarter.
12
(3) In this section:
13
quarter means a period of 3 months commencing on 1 January,
14
1 April, 1 July or 1 October of a year.
15
45 Finance Minister may require Future Fund Board to prepare
16
reports or give information
17
Reports
18
(1) The Finance Minister may, by written notice given to the Future
19
Fund Board, require the Future Fund Board to:
20
(a) prepare a report about one or more specified matters relating
21
to the performance of the Future Fund Board's functions
22
under this Act; and
23
(b) give copies of the report to the Finance Minister within the
24
period specified in the notice.
25
Information
26
(2) The Finance Minister may, by written notice given to the Future
27
Fund Board, require the Future Fund Board to:
28
Reporting obligations etc. Part 4
Section 46
DisabilityCare Australia Fund Bill 2013 No. , 2013 35
(a) prepare a document setting out specified information relating
1
to the performance of the Future Fund Board's functions
2
under this Act; and
3
(b) give copies of the document to the Finance Minister within
4
the period specified in the notice.
5
Compliance
6
(3) The Future Fund Board must comply with a requirement under
7
subsection (1) or (2).
8
Publication of reports and documents
9
(4) The Finance Minister may cause to be published (whether on the
10
internet or otherwise):
11
(a) a report under subsection (1); or
12
(b) a document under subsection (2).
13
Reports and documents
14
(5) A report under subsection (1) is not a legislative instrument.
15
(6) A document under subsection (2) is not a legislative instrument.
16
46 Keeping the responsible Ministers informed etc.
17
(1) The Future Fund Board must keep the responsible Ministers
18
informed of the operations of the Future Fund Board under this
19
Act.
20
(2) The Future Fund Board must give the Finance Minister such
21
reports, documents and information in relation to those operations
22
as are appropriate.
23
47 Finance Minister may give reports to other Ministers etc.
24
The Finance Minister may give:
25
(a) the Treasurer; or
26
(b) the National Disability Insurance Minister;
27
any of the following:
28
(c) a report under subsection 45(1) or 46(2);
29
Part 4 Reporting obligations etc.
Section 47
36 DisabilityCare Australia Fund Bill 2013 No. , 2013
(d) a document under subsection 45(2) or 46(2);
1
(e) any other information or document obtained by the Finance
2
Minister under this Act.
3
DisabilityCare Australia Transitional Special Account Part 5
Establishment of the DisabilityCare Australia Transitional Special Account Division 1
Section 48
DisabilityCare Australia Fund Bill 2013 No. , 2013 37
Part 5--DisabilityCare Australia Transitional
1
Special Account
2
Division 1--Establishment of the DisabilityCare Australia
3
Transitional Special Account
4
48 Establishment of the DisabilityCare Australia Transitional
5
Special Account
6
(1) The DisabilityCare Australia Transitional Special Account is
7
established by this section.
8
(2) The DisabilityCare Australia Transitional Special Account is a
9
Special Account for the purposes of the Financial Management
10
and Accountability Act 1997.
11
Note:
An Appropriation Act may contain a provision to the effect that, if any
12
of the purposes of a Special Account is a purpose that is covered by an
13
item in the Appropriation Act (whether or not the item expressly refers
14
to the Special Account), then amounts may be debited against the
15
appropriation for that item and credited to that Special Account.
16
Part 5 DisabilityCare Australia Transitional Special Account
Division 2 Credits of amounts to the DisabilityCare Australia Transitional Special
Account
Section 49
38 DisabilityCare Australia Fund Bill 2013 No. , 2013
Division 2--Credits of amounts to the DisabilityCare
1
Australia Transitional Special Account
2
49 Credits to Special Account--determinations by National
3
Disability Insurance Minister
4
(1) The National Disability Insurance Minister may, by writing,
5
determine that:
6
(a) a specified amount is to be credited to the DisabilityCare
7
Australia Transitional Special Account on a specified day; or
8
(b) a specified amount is to be credited to the DisabilityCare
9
Australia Transitional Special Account in specified
10
instalments on specified days.
11
Note:
For variation and revocation, see subsection 33(3) of the Acts
12
Interpretation Act 1901.
13
(2) In making a determination under subsection (1), the National
14
Disability Insurance Minister must have regard to the object of this
15
Act.
16
(3) A determination under subsection (1) is not a legislative
17
instrument.
18
DisabilityCare Australia Transitional Special Account Part 5
Debits of amounts from the DisabilityCare Australia Transitional Special Account
Division 3
Section 50
DisabilityCare Australia Fund Bill 2013 No. , 2013 39
Division 3--Debits of amounts from the DisabilityCare
1
Australia Transitional Special Account
2
50 Purposes of the DisabilityCare Australia Transitional Special
3
Account--General
4
Each of the following is a purpose of the DisabilityCare Australia
5
Transitional Special Account:
6
(a) making payments in relation to the payment or discharge of
7
any expenses, charges and obligations incurred or undertaken
8
by the National Disability Insurance Scheme Launch
9
Transition Agency in relation to the National Disability
10
Insurance Scheme Act 2013, so long as the payments are
11
authorised under subsection 51(1);
12
(b) making payments in relation the payment or discharge of any
13
expenses, charges and obligations incurred or undertaken by
14
the National Disability Insurance Department, on behalf of
15
the Commonwealth, in order to administer the National
16
Disability Insurance Scheme Act 2013, so long as the
17
payments are authorised under subsection 51(1);
18
(c) making payments to the National Disability Insurance
19
Scheme Launch Transition Agency, so long as the payments
20
are authorised under subsection 51(2).
21
Note:
See section 21 of the Financial Management and Accountability Act
22
1997 (debits from Special Accounts).
23
Part 5 DisabilityCare Australia Transitional Special Account
Division 4 Payments
Section 51
40 DisabilityCare Australia Fund Bill 2013 No. , 2013
Division 4--Payments
1
51 Authorisation of payments
2
(1) The National Disability Insurance Minister may, by writing,
3
authorise a payment in relation to any of the following:
4
(a) the payment or discharge of any expenses, charges and
5
obligations incurred or undertaken by the National Disability
6
Insurance Scheme Launch Transition Agency in relation to
7
the National Disability Insurance Scheme Act 2013;
8
(b) the payment or discharge of any expenses, charges and
9
obligations incurred or undertaken by the National Disability
10
Insurance Department, on behalf of the Commonwealth, in
11
order to administer the National Disability Insurance Scheme
12
Act 2013.
13
(2) The National Disability Insurance Minister may, by writing,
14
authorise a payment to the National Disability Insurance Scheme
15
Launch Transition Agency.
16
(3) The National Disability Insurance Minister must authorise a
17
payment under subsection (2) equal to the balance of the
18
DisabilityCare Australia Transitional Special Account before:
19
(a) unless paragraph (b) applies--1 July 2014; or
20
(b) if the National Disability Insurance Minister considers that a
21
later day is appropriate, having regard to the object of this
22
Act--that later day.
23
(4) An instrument under subsection (1) or (2) is not a legislative
24
instrument.
25
Miscellaneous Part 6
Section 52
DisabilityCare Australia Fund Bill 2013 No. , 2013 41
Part 6--Miscellaneous
1
2
52 Delegation by the Finance Minister
3
Department
4
(1) The Finance Minister may, by writing, delegate any or all of his or
5
her powers under section 17, 18 or 24 to:
6
(a) the Secretary of the Finance Department; or
7
(b) an SES employee, or acting SES employee, in the Finance
8
Department.
9
Note:
The expressions SES employee and acting SES employee are defined
10
in section 2B of the Acts Interpretation Act 1901.
11
(2) In exercising powers under a delegation, the delegate must comply
12
with any directions of the Finance Minister.
13
Agency
14
(3) The Finance Minister may, by writing, delegate any or all of his or
15
her powers under section 24 to:
16
(a) the Chair; or
17
(b) an SES employee, or acting SES employee, in the Agency.
18
Note:
The expressions SES employee and acting SES employee are defined
19
in section 2B of the Acts Interpretation Act 1901.
20
(4) In exercising powers under a delegation, the delegate must comply
21
with any directions of the Finance Minister.
22
53 Delegation by the National Disability Insurance Minister
23
(1) The National Disability Insurance Minister may, by writing,
24
delegate any or all of his or her powers under section 20, 49 or 51
25
to:
26
(a) the Secretary of the National Disability Insurance
27
Department; or
28
(b) an SES employee, or acting SES employee, in the National
29
Disability Insurance Minister Department.
30
Part 6 Miscellaneous
Section 54
42 DisabilityCare Australia Fund Bill 2013 No. , 2013
Note:
The expressions SES employee and acting SES employee are defined
1
in section 2B of the Acts Interpretation Act 1901.
2
(2) In exercising powers under a delegation, the delegate must comply
3
with any directions of the National Disability Insurance Minister.
4
54 Delegation by the Treasurer
5
The Treasurer may, by writing, delegate any or all of his or her
6
functions under section 12 or subsection 21(2) to:
7
(a) the Secretary of the Treasury Department; or
8
(b) an SES employee, or acting SES employee, in the Treasury
9
Department.
10
Note:
The expressions SES employee and acting SES employee are defined
11
in section 2B of the Acts Interpretation Act 1901.
12
55 Review of operation of Act
13
The responsible Ministers must cause a review of the operation of
14
this Act to be undertaken before:
15
(a) unless paragraph (b) applies--30 June 2024; or
16
(b) if the responsible Ministers consider that another date is
17
appropriate--that date.
18
56 Regulations
19
The Governor-General may make regulations prescribing matters:
20
(a) required or permitted by this Act to be prescribed; or
21
(b) necessary or convenient to be prescribed for carrying out or
22
giving effect to this Act.
23
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