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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Investment Funds Legislation
Amendment Bill 2021
No. , 2021
(Finance)
A Bill for an Act to amend legislation relating to the
Future Fund, the Medical Research Future Fund
and the Emergency Response Fund, and for other
purposes
No. , 2021
Investment Funds Legislation Amendment Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Staff of the Future Fund Management Agency
3
Part 1--Amendments
3
Division 1--Main amendments
3
Future Fund Act 2006
3
Division 2--Consequential amendments
8
Aboriginal and Torres Strait Islander Land and Sea Future Fund Act
2018
8
DisabilityCare Australia Fund Act 2013
9
Emergency Response Fund Act 2019
9
Future Drought Fund Act 2019
9
Medical Research Future Fund Act 2015
9
Part 2--Transitional
11
Schedule 2--Freedom of information
17
Freedom of Information Act 1982
17
Schedule 3--Medical Research Future Fund
18
Part 1--Amendments
18
Medical Research Future Fund Act 2015
18
Part 2--Application and transitional
23
Schedule 4--Emergency Response Fund
27
Part 1--Amendments
27
Emergency Response Fund Act 2019
27
Part 2--Application
34
No. , 2021
Investment Funds Legislation Amendment Bill 2021
1
A Bill for an Act to amend legislation relating to the
1
Future Fund, the Medical Research Future Fund
2
and the Emergency Response Fund, and for other
3
purposes
4
The Parliament of Australia enacts:
5
1 Short title
6
This Act is the
Investment Funds Legislation Amendment Act 2021
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Investment Funds Legislation Amendment Bill 2021
No. , 2021
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
A single day to be fixed by Proclamation.
However, if the provisions do not commence
within the period of 6 months beginning on
the day this Act receives the Royal Assent,
they commence on the day after the end of
that period.
3. Schedules 2, 3
and 4
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Staff of the Future Fund Management Agency
Schedule 1
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
3
Schedule 1--Staff of the Future Fund
1
Management Agency
2
Part 1--Amendments
3
Division 1
--Main amendments
4
Future Fund Act 2006
5
1 Section 5
6
Insert:
7
APS Agency
means an Agency within the meaning of the
Public
8
Service Act 1999
.
9
APS Code of Conduct
means the Code of Conduct within the
10
meaning of the
Public Service Act 1999
.
11
APS employee
has the same meaning as in the
Public Service Act
12
1999
.
13
APS Values
has the same meaning as in the
Public Service Act
14
1999
.
15
employee of the Agency
means a person employed under
16
subsection 77(1).
17
fair work instrument
has the same meaning as in the
Fair Work
18
Act 2009
.
19
staff of the Agency
has the meaning given by subsection 77(6).
20
2 Section 77
21
Repeal the section, substitute:
22
77 Staff of the Agency
23
(1) The Chair may, on behalf of the Commonwealth, employ such
24
employees as the Chair thinks necessary in connection with the
25
performance of any of the Agency's functions.
26
Schedule 1
Staff of the Future Fund Management Agency
Part 1
Amendments
4
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(2) The Chair, on behalf of the Commonwealth, has all the rights,
1
duties and powers of an employer in respect of the engagement,
2
and employment, of employees of the Agency.
3
(3) The Chair may, from time to time, determine in writing the terms
4
and conditions of employment applying to an employee of the
5
Agency or employees of the Agency.
6
Note 1:
Certain terms and conditions of employment are applicable to an
7
employee of the Agency under the National Employment Standards.
8
Note 2:
Other Commonwealth laws deal with matters such as superannuation,
9
compensation, long service leave and maternity leave.
10
(4) A determination under subsection (3) is of no effect to the extent
11
that it would reduce the benefit to an employee of the Agency of an
12
individual term or condition applicable to the employee under a
13
fair work instrument.
14
Note:
A determination under subsection (3) would also be of no effect to the
15
extent that it would reduce the benefit to an employee of the Agency
16
of a term or condition applicable to the employee under the National
17
Employment Standards.
18
(5) A determination under subsection (3) may apply, adopt or
19
incorporate, with or without modification, any of the provisions of
20
a fair work instrument as in force from time to time.
21
Note:
A determination under subsection (3) may apply, adopt or incorporate,
22
with or without modification, any of the provisions of the National
23
Employment Standards. However, any modification of the provisions
24
of those Standards by a determination under subsection (3) would be
25
of no effect to the extent that it would reduce the benefit to an
26
employee of the Agency of a term or condition applicable to the
27
employee under those Standards.
28
(6) The staff of the Agency consists of persons employed under
29
subsection (1).
30
77A Relationship with Fair Work Acts
31
(1) This Act has effect subject to the
Fair Work Act 2009
and the
Fair
32
Work (Transitional Provisions and Consequential Amendments)
33
Act 2009
.
34
(2) Subsection (1) is not intended to imply anything about the
35
relationship between this Act and any Act other than the
Fair Work
36
Staff of the Future Fund Management Agency
Schedule 1
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
5
Act 2009
or the
Fair Work (Transitional Provisions and
1
Consequential Amendments) Act 2009
.
2
3 Paragraph 78(3)(a)
3
Omit "Agencies (within the meaning of the
Public Service Act 1999
)",
4
substitute "APS Agencies".
5
4 Section 79
6
Repeal the section, substitute:
7
79 Secondment of employees of the Agency
8
The Chair may, in writing, arrange for an employee of the Agency
9
to be seconded for a specified period to an APS Agency.
10
79A Voluntary moves to APS
11
(1) Section 26 of the
Public Service Act 1999
applies in relation to an
12
employee of the Agency as if:
13
(a) the employee were an APS employee; and
14
(b) the Agency were an APS Agency; and
15
(c) the Chair were an Agency Head.
16
(2) An employee of the Agency who moves to an APS Agency under
17
that section is entitled to have the employee's employment, as an
18
employee of the Agency, treated as if it were:
19
(a) employment as an APS employee; and
20
(b) at a corresponding classification, as agreed between the Chair
21
and the Australian Public Service Commissioner.
22
79B Future Fund Management Agency Code of Conduct
23
(1) The Chair:
24
(a) must:
25
(i) determine, in writing, the Future Fund Management
26
Agency Code of Conduct; and
27
(ii) do so as soon as practicable after the commencement of
28
this section; and
29
Schedule 1
Staff of the Future Fund Management Agency
Part 1
Amendments
6
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(b) may, in writing, vary the Future Fund Management Agency
1
Code of Conduct.
2
(2) The Future Fund Management Agency Code of Conduct applies to:
3
(a) the Chair; and
4
(b) employees of the Agency.
5
(3) As far as practicable, the Future Fund Management Agency Code
6
of Conduct must be consistent with the APS Code of Conduct.
7
(4) The Future Fund Management Agency Code of Conduct must be
8
published on the Agency's website.
9
(5) To avoid doubt, an instrument under subsection (1) is not a
10
legislative instrument.
11
(6) Paragraph (1)(b) of this section does not, by implication, affect the
12
application of subsection 33(3) of the
Acts Interpretation Act 1901
13
to a provision of this Act (other than this section).
14
79C Future Fund Management Agency Values
15
(1) The Chair:
16
(a) must:
17
(i) determine, in writing, the Future Fund Management
18
Agency Values; and
19
(ii) do so as soon as practicable after the commencement of
20
this section; and
21
(b) may, in writing, vary the Future Fund Management Agency
22
Values.
23
(2) The Chair must uphold and promote the Future Fund Management
24
Agency Values.
25
(3) Employees of the Agency must uphold the Future Fund
26
Management Agency Values.
27
(4) As far as practicable, the Future Fund Management Agency Values
28
must be consistent with the APS Values.
29
(5) The Future Fund Management Agency Values must be published
30
on the Agency's website.
31
Staff of the Future Fund Management Agency
Schedule 1
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
7
(6) To avoid doubt, an instrument under subsection (1) is not a
1
legislative instrument.
2
(7) Paragraph (1)(b) of this section does not, by implication, affect the
3
application of subsection 33(3) of the
Acts Interpretation Act 1901
4
to a provision of this Act (other than this section).
5
79D Chair not subject to direction by the Board on certain matters
6
(1) To avoid doubt, the Chair is not subject to direction by the Board
7
in relation to the Chair's performance of functions, or exercise of
8
powers, under the
Public Governance, Performance and
9
Accountability Act 2013
in relation to the Agency.
10
(2) To avoid doubt, the Chair is not subject to direction by the Board
11
in relation to the Chair's performance of functions, or exercise of
12
powers, under:
13
(a) section 77; or
14
(b) section 78; or
15
(c) section 79; or
16
(d) section 79A; or
17
(e) section 79B; or
18
(f) section 79C.
19
5 Paragraph 83B(1)(f)
20
Repeal the paragraph, substitute:
21
(f) an employee of the Agency who holds, or performs the duties
22
of, a position within the Agency that is at a level equivalent
23
to that of an SES employee.
24
6 Subsection 83B(1) (note)
25
Omit "The expressions
SES employee
and
acting SES employee
are",
26
substitute "The expression
SES employee
is".
27
7 After section 83B
28
Insert:
29
Schedule 1
Staff of the Future Fund Management Agency
Part 1
Amendments
8
Investment Funds Legislation Amendment Bill 2021
No. , 2021
83C Delegation by the Chair
1
(1) The Chair may, by writing, delegate any or all of the Chair's
2
powers under:
3
(a) section 77; or
4
(b) section 78; or
5
(c) section 79; or
6
(d) section 79A;
7
to an employee of the Agency who holds, or performs the duties of,
8
a position within the Agency that is at a level equivalent to that of
9
an SES employee.
10
Note:
The expression
SES employee
is defined in section 2B of the
Acts
11
Interpretation Act 1901
.
12
(2) In exercising powers under a delegation, the delegate must comply
13
with any directions of the Chair.
14
Subdelegation
15
(3) An employee of the Agency (the
first delegate
) to whom powers
16
are delegated under subsection (1) may, by writing, delegate any of
17
those powers to another employee of the Agency (the
second
18
delegate
) who holds, or performs the duties of, a position within
19
the Agency that is at a level equivalent to that of an SES employee.
20
However, if the first delegate is subject to directions of the Chair in
21
relation to the exercise of a power delegated under this subsection,
22
the first delegate must give corresponding directions to the second
23
delegate.
24
(4) A power that is exercised by a person under a delegation under
25
subsection (3) is taken, for the purposes of this Act, to have been
26
exercised by the Chair.
27
Division 2
--Consequential amendments
28
Aboriginal and Torres Strait Islander Land and Sea Future
29
Fund Act 2018
30
8 Paragraph 52(2)(d)
31
Repeal the paragraph, substitute:
32
Staff of the Future Fund Management Agency
Schedule 1
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
9
(d) an employee of the Agency who holds, or performs the duties
1
of, a position within the Agency that is at a level equivalent
2
to that of an SES employee.
3
DisabilityCare Australia Fund Act 2013
4
9 Paragraph 52(3)(b)
5
Repeal the paragraph, substitute:
6
(b) an employee of the Agency who holds, or performs the duties
7
of, a position within the Agency that is at a level equivalent
8
to that of an SES employee.
9
10 Subsection 52(3) (note)
10
Omit "The expressions
SES employee
and
acting SES employee
are",
11
substitute "The expression
SES employee
is".
12
Emergency Response Fund Act 2019
13
11 Paragraph 59(2)(d)
14
Repeal the paragraph, substitute:
15
(d) an employee of the Agency who holds, or performs the duties
16
of, a position within the Agency that is at a level equivalent
17
to that of an SES employee.
18
Future Drought Fund Act 2019
19
12 Paragraph 61(2)(d)
20
Repeal the paragraph, substitute:
21
(d) an employee of the Agency who holds, or performs the duties
22
of, a position within the Agency that is at a level equivalent
23
to that of an SES employee.
24
Medical Research Future Fund Act 2015
25
13 Paragraph 60(2)(d)
26
Repeal the paragraph, substitute:
27
Schedule 1
Staff of the Future Fund Management Agency
Part 1
Amendments
10
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(d) an employee of the Agency who holds, or performs the duties
1
of, a position within the Agency that is at a level equivalent
2
to that of an SES employee.
3
Staff of the Future Fund Management Agency
Schedule 1
Transitional
Part 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
11
Part 2--Transitional
1
14 Transitional
--staff of the Future Fund Management
2
Agency
3
Scope
4
(1)
This item applies to a person who, immediately before the
5
commencement of this item, was:
6
(a) a member of the staff of the Future Fund Management
7
Agency; and
8
(b) engaged under the
Public Service Act 1999
.
9
Transitional
10
(2)
On and from the commencement of this item, the person is taken:
11
(a) to cease to be engaged under the
Public Service Act 1999
;
12
and
13
(b) to be employed under subsection 77(1) of the
Future Fund
14
Act 2006
(as amended by this Schedule); and
15
(c) to be employed on the same terms and conditions as those
16
that applied to the person immediately before the
17
commencement of this item; and
18
(d) to have accrued an entitlement to benefits, in connection with
19
the employment mentioned in paragraph (b), that is
20
equivalent to the entitlement that the person had accrued, in
21
connection with the person's employment, immediately
22
before the commencement of this item.
23
(3)
Paragraph (2)(c) is subject to any determination made by the Chair of
24
the Future Fund Board of Guardians under subsection 77(3) of the
25
Future Fund Act 2006
(as amended by this Schedule).
26
(4)
The person's service as an employee under subsection 77(1) of the
27
Future Fund Act 2006
(as amended by this Schedule) is taken, for all
28
purposes, to be continuous with the person's service as an APS
29
employee.
30
Schedule 1
Staff of the Future Fund Management Agency
Part 2
Transitional
12
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(5)
This item does not affect any promotion, performance management or
1
disciplinary actions (however described) in relation to the person that
2
had been started before the commencement of this item.
3
(6)
The person is not entitled to receive any payment or other benefit
4
merely because the person ceased to be an APS employee under
5
paragraph (2)(a).
6
(7)
The staffing procedures of the Future Fund Management Agency that
7
were in effect immediately before the commencement of this item
8
continue to apply on and from the commencement of this item in
9
relation to:
10
(a) processes begun before, but not completed by, the
11
commencement of this item; and
12
(b) things done by, for or in relation to:
13
(i) the Future Fund Management Agency; or
14
(ii) the person;
15
before the commencement of this item.
16
(8)
The Minister may, by legislative instrument, make rules prescribing
17
details relating to how the staffing procedures of the Future Fund
18
Management Agency will continue to apply under subitem (7).
19
(9)
The Chair of the Future Fund Board of Guardians may take disciplinary
20
action (however described) against the person in relation to conduct
21
that:
22
(a) occurred before the commencement of this item; and
23
(b) was engaged in by the person in connection with the person's
24
employment as an APS employee in the Agency.
25
(10)
Section 33 of the
Public Service Act 1999
, and regulations made for the
26
purposes of that section, continue to apply, in relation to review of APS
27
action (within the meaning of that section) in relation to the person's
28
employment as an APS employee, as if:
29
(a) a reference in that section and those regulations to an APS
30
employee included a reference to the person; and
31
(b) a reference in that section and those regulations to an Agency
32
Head included a reference to the Chair of the Future Fund
33
Board of Guardians; and
34
(c) a reference in those regulations to a former APS employee
35
did not include a reference to the person.
36
Staff of the Future Fund Management Agency
Schedule 1
Transitional
Part 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
13
Definition
1
(11)
In this item:
2
staffing procedures
includes procedures and policies related to:
3
(a) recruitment, promotion or performance management; or
4
(b) inefficiency, misconduct, forfeiture of position, fitness for
5
duty or loss of essential qualifications; or
6
(c) disciplinary action, grievance processes or reviews of, or
7
appeals against, staffing decisions; or
8
(d) transfers, resignations or termination of employment; or
9
(e) leave.
10
15 Transitional
--
Safety, Rehabilitation and Compensation
11
Act 1988
12
Scope
13
(1)
This item applies in relation to a person if:
14
(a) the person was a member of the staff of the Future Fund
15
Management Agency in its old capacity before the
16
commencement of this item (whether or not the person was
17
still a member of the staff of the Future Fund Management
18
Agency in its old capacity immediately before that
19
commencement); and
20
(b) the person was an employee (within the meaning of the
21
Safety, Rehabilitation and Compensation Act 1988
) of the
22
Future Fund Management Agency in its old capacity when
23
the person was a member of the staff as mentioned in
24
paragraph (a); and
25
(c) the person suffered an injury (within the meaning of that Act)
26
before the commencement of this item.
27
Application of the Safety, Rehabilitation and Compensation Act
28
1988
29
(2)
The
Safety, Rehabilitation and Compensation Act 1988
applies, on and
30
from the commencement of this item, as if the person had been an
31
employee of the Future Fund Management Agency in its new capacity
32
during the period that the person was a member of the staff of the
33
Future Fund Management Agency in its old capacity.
34
Schedule 1
Staff of the Future Fund Management Agency
Part 2
Transitional
14
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(3)
For the purposes of this item,
the Future Fund Management Agency
1
in its old capacity
means the Future Fund Management Agency in its
2
capacity as an entity covered by paragraph (a) of the definition of
Entity
3
in subsection 4(1) of the
Safety, Rehabilitation and Compensation Act
4
1988
.
5
(4)
For the purposes of this item,
the Future Fund Management Agency
6
in its new capacity
means the Future Fund Management Agency in its
7
capacity as an entity covered by paragraph (c) of the definition of
Entity
8
in subsection 4(1) of the
Safety, Rehabilitation and Compensation Act
9
1988
.
10
16 Transitional
--delegations
11
Aboriginal and Torres Strait Islander Land and Sea Future Fund
12
Act 2018
13
(1)
If:
14
(a) a delegation was in force under subsection 52(2) of the
15
Aboriginal and Torres Strait Islander Land and Sea Future
16
Fund Act 2018
immediately before the commencement of
17
this item; and
18
(b) the delegation was to any person, who held, occupied or
19
performed the duties, from time to time, of:
20
(i) the position of Chief Executive Officer of the Future
21
Fund Management Agency; or
22
(ii) the position of Chief Operating Officer of the Future
23
Fund Management Agency;
24
then, despite those positions ceasing to be SES positions, the delegation
25
has effect after the commencement of this item, as if the delegation had
26
been made under subsection 52(2) of the
Aboriginal and Torres Strait
27
Islander Land and Sea Future Fund Act 2018
(as amended by this
28
Schedule).
29
DisabilityCare Australia Fund Act 2013
30
(2)
If:
31
(a) a delegation was in force under subsection 52(3) of the
32
DisabilityCare Australia Fund Act 2013
immediately before
33
the commencement of this item; and
34
Staff of the Future Fund Management Agency
Schedule 1
Transitional
Part 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
15
(b) the delegation was to any person, who held, occupied or
1
performed the duties, from time to time, of:
2
(i) the position of Chief Executive Officer of the Future
3
Fund Management Agency; or
4
(ii) the position of Chief Operating Officer of the Future
5
Fund Management Agency;
6
then, despite those positions ceasing to be SES positions, the delegation
7
has effect after the commencement of this item, as if the delegation had
8
been made under subsection 52(3) of the
DisabilityCare Australia Fund
9
Act 2013
(as amended by this Schedule).
10
Emergency Response Fund Act 2019
11
(3)
If:
12
(a) a delegation was in force under subsection 59(2) of the
13
Emergency Response Fund Act 2019
immediately before the
14
commencement of this item; and
15
(b) the delegation was to any person, who held, occupied or
16
performed the duties, from time to time, of:
17
(i) the position of Chief Executive Officer of the Future
18
Fund Management Agency; or
19
(ii) the position of Chief Operating Officer of the Future
20
Fund Management Agency;
21
then, despite those positions ceasing to be SES positions, the delegation
22
has effect after the commencement of this item, as if the delegation had
23
been made under subsection 59(2) of the
Emergency Response Fund Act
24
2019
(as amended by this Schedule).
25
Future Drought Fund Act 2019
26
(4)
If:
27
(a) a delegation was in force under subsection 61(2) of the
28
Future Drought Fund Act 2019
immediately before the
29
commencement of this item; and
30
(b) the delegation was to any person, who held, occupied or
31
performed the duties, from time to time, of:
32
(i) the position of Chief Executive Officer of the Future
33
Fund Management Agency; or
34
Schedule 1
Staff of the Future Fund Management Agency
Part 2
Transitional
16
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(ii) the position of Chief Operating Officer of the Future
1
Fund Management Agency;
2
then, despite those positions ceasing to be SES positions, the delegation
3
has effect after the commencement of this item, as if the delegation had
4
been made under subsection 61(2) of the
Future Drought Fund Act
5
2019
(as amended by this Schedule).
6
Medical Research Future Fund Act 2015
7
(5)
If:
8
(a) a delegation was in force under subsection 60(2) of the
9
Medical Research Future Fund Act 2015
immediately before
10
the commencement of this item; and
11
(b) the delegation was to any person, who held, occupied or
12
performed the duties, from time to time, of:
13
(i) the position of Chief Executive Officer of the Future
14
Fund Management Agency; or
15
(ii) the position of Chief Operating Officer of the Future
16
Fund Management Agency;
17
then, despite those positions ceasing to be SES positions, the delegation
18
has effect after the commencement of this item, as if the delegation had
19
been made under subsection 60(2) of the
Medical Research Future
20
Fund Act 2015
(as amended by this Schedule).
21
Freedom of information
Schedule 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
17
Schedule 2--Freedom of information
1
2
Freedom of Information Act 1982
3
1 Division 1 of Part II of Schedule 2 (after the item dealing
4
with the Export Finance and Insurance Corporation)
5
Insert:
6
Future Fund Board of Guardians, in relation to documents in respect of its investment
7
activities.
8
Future Fund Management Agency, in relation to documents in respect of the investment
9
activities of the Future Fund Board of Guardians.
10
Schedule 3
Medical Research Future Fund
Part 1
Amendments
18
Investment Funds Legislation Amendment Bill 2021
No. , 2021
Schedule 3--Medical Research Future Fund
1
Part 1--Amendments
2
Medical Research Future Fund Act 2015
3
1 Section 4 (paragraph b
eginning "The Medical Research
4
Future Fund Special Account can be debited")
5
After "certain", insert "persons and".
6
2 Section 4
(paragraph beginning "There is a limit")
7
After "financial year" (first occurring), insert "for grants purposes".
8
3 Section 4 (p
aragraph beginning "There is a limit")
9
Omit "The limit, which is called the maximum annual distribution, is
10
determined by the Future Fund Board for each financial year.".
11
4 Section 5 (definition of
maximum annual distribution
)
12
Repeal the definition.
13
5 Section 1
0 (paragraph beginning "The Medical Research
14
Future Fund Special Account can be debited")
15
After "certain", insert "persons and".
16
6 Subsection 15(4)
17
Omit "(even if the amounts referred to in paragraph 34(4)(a) are not
18
preserved over the long-term)".
19
7 Paragraph 15A(2)(b)
20
After "grant", insert "or grants".
21
8 After subsection 15A(2)
22
Insert:
23
(2A) To avoid doubt, a requirement under subsection (1):
24
(a) may relate to one or more grants; and
25
(b) need not specify the grant or grants to which it relates.
26
Medical Research Future Fund
Schedule 3
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
19
9 After section 15A
1
Insert:
2
15B Limitation on total annual debits from the Medical Research
3
Future Fund Special Account
4
(1) The total amount debited from the Medical Research Future Fund
5
Special Account in:
6
(a) the financial year beginning on 1 July 2022; or
7
(b) a later financial year;
8
for the purposes mentioned in section 17 must not exceed:
9
(c) $650 million; or
10
(d) if another amount is applicable to the financial year in
11
accordance with subsection (2) or (3)--that other amount.
12
(2) For the purposes of paragraph (1)(d), the responsible Ministers
13
may, by legislative instrument, determine the amount applicable to:
14
(a) a specified financial year; and
15
(b) each subsequent financial year.
16
(3) For the purposes of paragraph (1)(d), the responsible Ministers
17
may, by legislative instrument, determine:
18
(a) one or more financial years; and
19
(b) for each of those financial years--the amount applicable to
20
the financial year concerned.
21
(4) A determination under subsection (2) does not apply to a financial
22
year that is covered by a determination under subsection (3).
23
Review
24
(5) At least once every 5 years the responsible Ministers must conduct
25
a review of the operation of paragraphs (1)(c) and (d).
26
10 Section 16
27
Repeal the section.
28
11 Paragraph 17(b)
29
Before "bodies", insert "persons or".
30
Schedule 3
Medical Research Future Fund
Part 1
Amendments
20
Investment Funds Legislation Amendment Bill 2021
No. , 2021
12 Subsection 20(5)
1
Repeal the subsection, substitute:
2
(5) If the Finance Minister personally gives a direction under
3
subsection (1), the Finance Minister must give a copy of the
4
direction to the Treasurer and the Health Minister.
5
(6) If a delegate of the Finance Minister gives a direction under
6
subsection (1), the delegate must give a copy of the direction to the
7
Treasury Department and the Health Department.
8
13 At the end of Subdivision C of Division 4 of Part 2
9
Add:
10
22A Instalments of grants
11
A grant referred to in subsection 20(2) may be made in instalments.
12
14 Section 24
13
Before "The purpose", insert "(1)".
14
15 Section 24
15
Before "bodies", insert "persons or".
16
16 After paragraph 24(d)
17
Insert:
18
; (e) a State or Territory;
19
(f) an authority of a State or Territory.
20
17 Section 24 (note 2)
21
Omit "A body that receives", substitute "The recipient of".
22
18 At the end of section 24
23
Add:
24
(2) For the purposes of this section,
corporation
means:
25
(a) a body corporate; or
26
(b) a corporation sole.
27
Medical Research Future Fund
Schedule 3
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
21
19 Subsection 25(5)
1
Repeal the subsection, substitute:
2
(5) If the Finance Minister personally gives a direction under
3
subsection (1), the Finance Minister must give a copy of the
4
direction to the Treasurer and the Health Minister.
5
(6) If a delegate of the Finance Minister gives a direction under
6
subsection (1), the delegate must give a copy of the direction to the
7
Treasury Department and the Health Department.
8
20 Subsection 26(1)
9
Before "bodies", insert "persons or".
10
21 Section 27 (heading)
11
Omit "
grant to a person other than a State
", substitute "
grants
".
12
22 Subsection 27(1)
13
After "the person", insert "or body".
14
23 Subsection 27(2)
15
After "The person", insert "or body".
16
24 At the end of Subdivision D of Division 4 of Part 2
17
Add:
18
28 Instalments of grants
19
A grant referred to in subsection 26(1) may be made in instalments.
20
25 Subsection 29(4)
21
Repeal the subsection, substitute:
22
(4) If the Finance Minister personally gives a direction under
23
subsection (1), the Finance Minister must give a copy of the
24
direction to the Treasurer and the Health Minister.
25
(5) If a delegate of the Finance Minister gives a direction under
26
subsection (1), the delegate must give a copy of the direction to the
27
Treasury Department and the Health Department.
28
Schedule 3
Medical Research Future Fund
Part 1
Amendments
22
Investment Funds Legislation Amendment Bill 2021
No. , 2021
26 At the end of Subdivision E of Division 4 of Part 2
1
Add:
2
30A Instalments of grants
3
A grant referred to in subsection 29(1) may be made in instalments.
4
27 Section 32A
5
Omit "5 years", substitute "6 years".
6
28 Section 32A
7
Omit "2 years", substitute "3 years".
8
29 Subsection 32D(2)
9
Omit "be determined and in force", substitute "come into force".
10
30 Subsection 32D(4)
11
Omit "5 years", substitute "6 years".
12
31 Subsection 32E(4)
13
Omit "be determined and in force", substitute "come into force".
14
32 Subsection 32E(5)
15
Omit "2 years", substitute "3 years".
16
33 Part 3
17
Repeal the Part.
18
34 Section 54 (paragraph beginning "Every 2 years")
19
Omit "Every 2 years", substitute "As soon as practicable after the most
20
recent Australian Medical Research and Innovation Priorities cease to
21
be in force".
22
Medical Research Future Fund
Schedule 3
Application and transitional
Part 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
23
Part 2--Application and transitional
1
35 Application
--copies of directions
2
The amendments made by items 12, 19 and 25 apply in relation to a
3
direction given after the commencement of this item.
4
36 Application
--duration of the Australian Medical Research
5
and Innovation Strategy and the Australian Medical
6
Research and Innovation Priorities
7
(1)
The amendment of subsection 32D(4) of the
Medical Research Future
8
Fund Act 2015
made by this Schedule does not apply to the
Australian
9
Medical Research and Innovation Strategy 2016-2021
.
10
(2)
The amendment of subsection 32E(5) of the
Medical Research Future
11
Fund Act 2015
made by this Schedule does not apply to the
Australian
12
Medical Research and Innovation Priorities 2020-2022
.
13
37 Transitional provisions relating to the Australian Medical
14
Research and Innovation Strategy and the Australian
15
Medical Research and Innovation Priorities
--
16
commencement before the end of 8 November 2021
17
Scope
18
(1)
This item applies if this Schedule commences before the end of
19
8 November 2021.
20
Australian Medical Research and Innovation Strategy
21
(2)
In determining whether the Australian Medical Research Advisory
22
Board complied with:
23
(a) section 32EA of the
Medical Research Future Fund Act
24
2015
; or
25
(b) section 17 of the
Legislation Act 2003
;
26
in relation to the Australian Medical Research and Innovation Strategy
27
that next follow the
Australian Medical Research and Innovation
28
Strategy 2016-2021
, it is immaterial whether the consultation involved
29
a strategy that had a duration of 5 years or 6 years.
30
Schedule 3
Medical Research Future Fund
Part 2
Application and transitional
24
Investment Funds Legislation Amendment Bill 2021
No. , 2021
Australian Medical Research and Innovation Priorities
1
(3)
The
Australian Medical Research and Innovation Priorities 2020-2022
2
cease to be in force at the end of 8 November 2021.
3
(4)
The following provisions apply to the Australian Medical Research and
4
Innovation Priorities (the
new priorities
) that next follow the
Australian
5
Medical Research and Innovation Priorities 2020-2022
:
6
(a) the new priorities cease to be in force at the end of
7
8 November 2024;
8
(b) in determining whether the Australian Medical Research
9
Advisory Board complied with:
10
(i) section 32EA of the
Medical Research Future Fund Act
11
2015
; or
12
(ii) section 17 of the
Legislation Act 2003
;
13
in relation to the new priorities:
14
(iii) it is immaterial whether the consultation involved
15
priorities that had a duration of 2 years or 3 years; and
16
(iv) it is immaterial whether the consultation, or a part of the
17
consultation, occurred before or after the
18
commencement of this item.
19
(5)
Subitem (3) and paragraph (4)(a) have effect despite anything in:
20
(a) subsection 32E(5) of the
Medical Research Future Fund Act
21
2015
; or
22
(b) a determination made under section 32E of that Act.
23
38 Transitional provisions relating to the Australian Medical
24
Research and Innovation Strategy and the Australian
25
Medical Research and Innovation Priorities
--
26
commencement after the end of 8 November 2021
27
Scope
28
(1)
This item applies if this Schedule commences after the end of
29
8 November 2021.
30
Medical Research Future Fund
Schedule 3
Application and transitional
Part 2
No. , 2021
Investment Funds Legislation Amendment Bill 2021
25
Australian Medical Research and Innovation Strategy
1
(2)
The Australian Medical Research and Innovation Strategy that was in
2
force immediately before the commencement of this item ceases to be
3
in force at the end of 8 November 2027.
4
(3)
Subitem (2) has effect despite anything in:
5
(a) subsection 32D(4) of the
Medical Research Future Fund Act
6
2015
; or
7
(b) a determination made under section 32D of that Act.
8
Australian Medical Research and Innovation Priorities
9
(4)
The
Australian Medical Research and Innovation Priorities 2020-2022
10
cease to be in force immediately before the commencement of the
11
Australian Medical Research and Innovation Priorities that next follow
12
the
Australian Medical Research and Innovation Priorities 2020-2022
.
13
(5)
The following provisions apply to the Australian Medical Research and
14
Innovation Priorities (the
new priorities
) that next follow the
Australian
15
Medical Research and Innovation Priorities 2020-2022
:
16
(a) the new priorities cease to be in force at the end of
17
8 November 2024;
18
(b) the Australian Medical Research Advisory Board must take
19
all reasonable steps to ensure that the new priorities come
20
into force as soon as practicable after the commencement of
21
this Schedule;
22
(c) in determining whether the Australian Medical Research
23
Advisory Board complied with:
24
(i) section 32EA of the
Medical Research Future Fund Act
25
2015
; or
26
(ii) section 17 of the
Legislation Act 2003
;
27
in relation to the new priorities:
28
(iii) it is immaterial whether the consultation involved
29
priorities that had a duration of 2 years or any other
30
period; and
31
(iv) it is immaterial whether the consultation, or a part of the
32
consultation, occurred before or after the
33
commencement of this item.
34
Schedule 3
Medical Research Future Fund
Part 2
Application and transitional
26
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(6)
Subitem (4) and paragraphs (5)(a) and (b) have effect despite anything
1
in:
2
(a) subsection 32E(5) of the
Medical Research Future Fund Act
3
2015
; or
4
(b) a determination made under section 32E of that Act.
5
39 Transitional
--debits and credits
6
(1)
Despite the amendments made by the following items of this Schedule:
7
(a) item 2;
8
(b) item 3;
9
(c) item 5;
10
(d) item 7;
11
(e) item 10;
12
(f) item 33;
13
the
Medical Research Future Fund Act 2015
continues to apply, in
14
relation to debits in a financial year ending before 1 July 2022, as if
15
those amendments had not been made.
16
(2)
Despite the amendment made by item 6 of this Schedule,
17
subsection 15(4) of the
Medical Research Future Fund Act 2015
18
continues to apply, in relation to credits in a financial year ending
19
before 1 July 2022, as if that amendment had not been made.
20
Emergency Response Fund
Schedule 4
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
27
Schedule 4--Emergency Response Fund
1
Part 1--Amendments
2
Emergency Response Fund Act 2019
3
1 Section 3
(paragraph beginning "This Act establishes the
4
Home Affairs")
5
Omit "Home Affairs Emergency Response Fund Special Account",
6
substitute "Emergency Response Fund Payments Special Account".
7
2 Section 3
(paragraph beginning "Amounts will be
8
transferred from the Emergency Response Fund
9
Special Account to the Home Affairs")
10
Omit "Home Affairs Emergency Response Fund Special Account",
11
substitute "Emergency Response Fund Payments Special Account".
12
3 Section 3
(paragraph beginning "The purposes of the Home
13
Affairs")
14
Omit "Home Affairs Emergency Response Fund Special Account",
15
substitute "Emergency Response Fund Payments Special Account".
16
4 Section 4
17
Insert:
18
Emergency Response Fund Payments Special Account
means the
19
Emergency Response Fund Payments Special Account referred to
20
in section 27.
21
5 Section 4 (definition of
Home Affairs Department
)
22
Repeal the definition.
23
6 Section 4 (definition of
Home Affairs Emergency Response
24
Fund Special Account
)
25
Repeal the definition.
26
Schedule 4
Emergency Response Fund
Part 1
Amendments
28
Investment Funds Legislation Amendment Bill 2021
No. , 2021
7 Section 4 (definition of
Home Affairs Minister
)
1
Repeal the definition.
2
8 Section 4
3
Insert:
4
NRRA
means the body known as the National Recovery and
5
Resilience Agency that was established as an Executive Agency
6
under section 65 of the
Public Service Act 1999
.
7
9 Section 8
(paragraph beginning "Each of the following")
8
Omit "Home Affairs Emergency Response Fund Special Account",
9
substitute "Emergency Response Fund Payments Special Account".
10
10 Paragraph 14(a)
11
Omit "Home Affairs Emergency Response Fund Special Account",
12
substitute "Emergency Response Fund Payments Special Account".
13
11 Section 1
9 (paragraph beginning "This Part establishes")
14
Omit "Home Affairs Emergency Response Fund Special Account",
15
substitute "Emergency Response Fund Payments Special Account".
16
12 Section 1
9 (paragraph beginning "Amounts will be
17
transferred")
18
Omit "Home Affairs Emergency Response Fund Special Account",
19
substitute "Emergency Response Fund Payments Special Account".
20
13 Section 1
9 (paragraph beginning "The purposes of")
21
Omit "Home Affairs Emergency Response Fund Special Account",
22
substitute "Emergency Response Fund Payments Special Account".
23
14 Subsection 26(1)
24
Omit "Home Affairs Department's", substitute "NRRA's".
25
15 Division 3 of Part 3 (heading)
26
Omit "
Home Affairs Emergency Response Fund Special Account
",
27
substitute "
Emergency Response Fund Payments Special Account
".
28
Emergency Response Fund
Schedule 4
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
29
16 Section 27
1
Repeal the section, substitute:
2
27 Emergency Response Fund Payments Special Account
3
(1) The Home Affairs Emergency Response Fund Special Account is
4
continued in existence with the new name the Emergency
5
Response Fund Payments Special Account.
6
(2) The Emergency Response Fund Payments Special Account is a
7
special account for the purposes of the
Public Governance,
8
Performance and Accountability Act 2013
.
9
Note:
An Appropriation Act may contain a provision to the effect that, if any
10
of the purposes of a special account is a purpose that is covered by an
11
item in the Appropriation Act (whether or not the item expressly
12
refers to the special account), then amounts may be debited against the
13
appropriation for that item and credited to that special account.
14
(3) The accountable authority of the NRRA is responsible for the
15
Emergency Response Fund Payments Special Account.
16
17 Section 28 (heading)
17
Omit "
Home Affairs Emergency Response Fund Special Account
",
18
substitute "
Emergency Response Fund Payments Special Account
".
19
18 Subsections 28(1) and (4)
20
Omit "Home Affairs Emergency Response Fund Special Account",
21
substitute "Emergency Response Fund Payments Special Account".
22
19 Paragraphs 28(7)(a) and (d)
23
Omit "Home Affairs Emergency Response Fund Special Account",
24
substitute "Emergency Response Fund Payments Special Account".
25
20 Subsection 28(9)
26
Repeal the subsection, substitute:
27
(9) If the Finance Minister personally gives a direction under
28
subsection (7), the Finance Minister must give a copy of the
29
direction to the Treasurer and the Emergency Management
30
Minister.
31
Schedule 4
Emergency Response Fund
Part 1
Amendments
30
Investment Funds Legislation Amendment Bill 2021
No. , 2021
(10) If a delegate of the Finance Minister gives a direction under
1
subsection (7), the delegate must give a copy of the direction to the
2
Treasury Department and the NRRA.
3
21 Section 28A (heading)
4
Omit "
Home Affairs Emergency Response Fund Special Account
",
5
substitute "
Emergency Response Fund Payments Special Account
".
6
22 Subsections 28A(1) and (4)
7
Omit "Home Affairs Emergency Response Fund Special Account",
8
substitute "Emergency Response Fund Payments Special Account".
9
23 Paragraphs 28A(7)(a) and (d)
10
Omit "Home Affairs Emergency Response Fund Special Account",
11
substitute "Emergency Response Fund Payments Special Account".
12
24 Subsection 28A(9)
13
Repeal the subsection, substitute:
14
(9) If the Finance Minister personally gives a direction under
15
subsection (7), the Finance Minister must give a copy of the
16
direction to the Treasurer and the Emergency Management
17
Minister.
18
(10) If a delegate of the Finance Minister gives a direction under
19
subsection (7), the delegate must give a copy of the direction to the
20
Treasury Department and the NRRA.
21
25 Section 29 (heading)
22
Omit "
Home Affairs Emergency Response Fund Special Account
",
23
substitute "
Emergency Response Fund Payments Special Account
".
24
26 Section 29
25
Omit "Home Affairs Emergency Response Fund Special Account",
26
substitute "Emergency Response Fund Payments Special Account".
27
27 Section 30 (heading)
28
Omit "
Home Affairs Emergency Response Fund Special Account
",
29
substitute "
Emergency Response Fund Payments Special Account
".
30
Emergency Response Fund
Schedule 4
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
31
28 Section 30
1
Omit "Home Affairs Emergency Response Fund Special Account",
2
substitute "Emergency Response Fund Payments Special Account".
3
29 Section 31 (heading)
4
Omit "
Home Affairs Emergency Response Fund Special Account
",
5
substitute "
Emergency Response Fund Payments Special Account
".
6
30 Paragraph 31(1)(a)
7
Omit "Home Affairs Emergency Response Fund Special Account",
8
substitute "Emergency Response Fund Payments Special Account".
9
31 Subparagraph 31(2)(a)(i)
10
Omit "Home Affairs Emergency Response Fund Special Account",
11
substitute "Emergency Response Fund Payments Special Account".
12
32 Subsection 31(4)
13
Repeal the subsection, substitute:
14
(4) If the Emergency Management Minister personally gives a
15
direction under subsection (2), the Emergency Management
16
Minister must give a copy of the direction to the Treasurer and the
17
Finance Minister.
18
(5) If a delegate of the Emergency Management Minister gives a
19
direction under subsection (2), the delegate must give a copy of the
20
direction to the Treasury Department and the Finance Department.
21
33 Subsection 32(1)
22
Repeal the subsection, substitute:
23
(1A) If the Emergency Management Minister decides that a grant of
24
financial assistance should be made to a State or Territory under
25
subsection 20(1), the Emergency Management Minister may
26
request the Finance Minister to transfer a specified amount (which
27
must equal the amount of the grant) from the Emergency Response
28
Fund Special Account to the COAG Reform Fund.
29
(1) If the Emergency Management Minister requests the Finance
30
Minister under subsection (1A) to transfer an amount from the
31
Schedule 4
Emergency Response Fund
Part 1
Amendments
32
Investment Funds Legislation Amendment Bill 2021
No. , 2021
Emergency Response Fund Special Account to the COAG Reform
1
Fund, the Finance Minister must, by writing, direct that, on a
2
specified day, a specified amount (which must equal the requested
3
amount) is to be:
4
(a) debited from the Emergency Response Fund Special
5
Account; and
6
(b) credited to the COAG Reform Fund.
7
34 Subsection 32(3)
8
Omit "give a direction under subsection (1) if doing so", substitute
9
"make a request under subsection (1A) if a direction given in response
10
to the request".
11
35 Subsection 32(6)
12
Repeal the subsection, substitute:
13
(6) If the Finance Minister personally gives a direction under
14
subsection (1), the Finance Minister must give a copy of the
15
direction to the Treasurer and the Emergency Management
16
Minister.
17
(7) If a delegate of the Finance Minister gives a direction under
18
subsection (1), the delegate must give a copy of the direction to the
19
Treasury Department and the NRRA.
20
36 Subsection 32A(1)
21
Repeal the subsection, substitute:
22
(1A) If the Emergency Management Minister decides that a grant of
23
financial assistance should be made to a State or Territory under
24
subsection 20(1A), the Emergency Management Minister may
25
request the Finance Minister to transfer a specified amount (which
26
must equal the amount of the grant) from the Emergency Response
27
Fund Special Account to the COAG Reform Fund.
28
(1) If the Emergency Management Minister requests the Finance
29
Minister under subsection (1A) to transfer an amount from the
30
Emergency Response Fund Special Account to the COAG Reform
31
Fund, the Finance Minister must, by writing, direct that, on a
32
specified day, a specified amount (which must equal the requested
33
amount) is to be:
34
Emergency Response Fund
Schedule 4
Amendments
Part 1
No. , 2021
Investment Funds Legislation Amendment Bill 2021
33
(a) debited from the Emergency Response Fund Special
1
Account; and
2
(b) credited to the COAG Reform Fund.
3
37 Subsection 32A(3)
4
Omit "give a direction under subsection (1) if doing so", substitute
5
"make a request under subsection (1A) if a direction given in response
6
to the request".
7
38 Subsection 32A(6)
8
Repeal the subsection, substitute:
9
(6) If the Finance Minister personally gives a direction under
10
subsection (1), the Finance Minister must give a copy of the
11
direction to the Treasurer and the Emergency Management
12
Minister.
13
(7) If a delegate of the Finance Minister gives a direction under
14
subsection (1), the delegate must give a copy of the direction to the
15
Treasury Department and the NRRA.
16
39 Subsection 59(1)
17
Omit "or 28A", substitute ", 28A, 32 or 32A".
18
40 Paragraph 61(1)(a)
19
Repeal the paragraph, substitute:
20
(a) the accountable authority of the NRRA; or
21
41 Paragraph 61(1)(b)
22
Omit "of the Home Affairs Department", substitute "in the NRRA".
23
42 Paragraph 61(3)(a)
24
Repeal the paragraph, substitute:
25
(a) the accountable authority of the NRRA; or
26
43 Paragraph 61(3)(b)
27
Omit "in the Home Affairs Department", substitute "in the NRRA".
28
Schedule 4
Emergency Response Fund
Part 2
Application
34
Investment Funds Legislation Amendment Bill 2021
No. , 2021
Part 2--Application
1
44 Application
--copies of directions
2
The amendments made by items 20, 24, 32, 35 and 38 apply in relation
3
to a direction given after the commencement of this item.
4