Commonwealth Numbered Acts Commonwealth Numbered ActsIn this Act:
"actuary" means a person who is a Fellow or an Accredited Member of the Institute of Actuaries of Australia.
"Agency" means the Future Fund Management Agency established by section 74.
(a) any kind of real or personal property; or
(b) any legal or equitable estate or interest in real or personal property; or
(c) any legal or equitable right.
"balance" of the Fund means the sum of:
(a) amounts standing to the credit of the Fund Account; and
(b) the value of investments of the Fund.
"bank" has the same meaning as in the Financial Management and Accountability Act 1997 .
"Board" means the Future Fund Board of Guardians established by section 34.
"Board member" means a member of the Board, and includes the Chair.
"business judgment" means any decision to take or not take action in respect of a matter relevant to the operations of the Board.
"Chair" means the Chair of the Board.
"Commonwealth authority" has the same meaning as in the Commonwealth Authorities and Companies Act 1997 .
"Commonwealth company" has the same meaning as in the Commonwealth Authorities and Companies Act 1997.
"Commonwealth-owned financial asset" means a financial asset held by the Commonwealth.
"derivative" means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001 ) that is a financial asset.
"designated actuary" has the meaning given by clause 2 of Schedule 3.
(a) dishonest according to the standards of ordinary people; and
(b) known by the person to be dishonest according to the standards of ordinary people.
"Finance Minister" has the same meaning as in the Financial Management and Accountability Act 1997 .
"financial asset" has the meaning given by section 6.
"foreign listed company" means a company:
(a) any of the shares of which are listed for quotation in the official list of a stock exchange in a foreign country; and
(b) none of the shares of which are listed for quotation in the official list of a stock exchange in Australia.
"Fund" means the Future Fund established by section 11.
"Fund Account" means the Future Fund Special Account established by section 12.
"funded component" of a superannuation benefit means the part (if any) of the superannuation benefit that, for actuarial purposes, is treated as the funded component. For this purpose, disregard Schedule 2.
"GFS Australia" means the publication of the Australian Bureau of Statistics known as Australian System of Government Finance Statistics: Concepts, Sources and Methods, as updated from time to time. This updating takes 2 forms:
(a) from time to time, a new version of the publication is produced;
(b) from time to time, material in the current version of the publication is updated by other publications of the Australian Bureau of Statistics.
"GFS system" has the same meaning as in GFS Australia.
"investment" means any mode of application of money or financial assets for the purpose of gaining a return (whether by way of income, capital gain or any other form of return).
"investment function" of the Board means:
(a) a function or power conferred on the Board by section 16, 17, 23, 25, 27 or 28; or
(b) a right or power conferred on the Board in its capacity as the holder of an investment of the Fund.
"investment manager" means a person or body (other than the Agency) who undertakes to do any or all of the following:
(a) invest amounts on behalf of the Board;
(b) manage the investment of funds on behalf of the Board;
(c) acquire derivatives on behalf of the Board;
(d) manage derivatives on behalf of the Board;
(e) enter into securities lending arrangements on behalf of the Board;
(f) realise financial assets on behalf of the Board;
(g) perform custodial functions in relation to the financial assets of the Board.
"Investment Mandate" has the meaning given by subsection 18(3).
"investment of the Fund" means a financial asset that, under a provision of this Act, is taken to be an investment of the Fund.
"involved" , in relation to a contravention, has the same meaning as in the Commonwealth Authorities and Companies Act 1997 .
"nominated Minister" has the meaning given by section 83.
"person" (except in Division 7 of Part 4) includes a partnership.
Note: See also paragraph 22(1)(a) of the Acts Interpretation Act 1901 .
"realise" includes redeem or dispose of.
"responsible Ministers" means:
(a) the Treasurer; and
(b) the Finance Minister.
"securities lending arrangement" means an agreement of the kind known as a securities lending arrangement.
"South Australian railways arrangement" means an arrangement between the Commonwealth and South Australia dealing with employer superannuation liabilities arising in relation to former employees of the South Australian railways.
"superannuation benefit" means a pension, allowance or other benefit payable under:
(a) the Superannuation Act 1922 ; or
(b) the Superannuation Act 1976 ; or
(c) the scheme established under the Superannuation Act 1990 ; or
(d) the Parliamentary Contributory Superannuation Act 1948 ; or
(e) the scheme established under the Military Superannuation and Benefits Act 1991 ; or
(f) the Defence Forces Retirement Benefits Act 1948 ; or
(g) the Defence Force Retirement and Death Benefits Act 1973 ; or
(h) the Judges’ Pensions Act 1968 ; or
(i) section 4, 4A or 4AA of the Governor‑General Act 1974 .
"superannuation liability" means a liability to make a payment of a superannuation benefit.
"target asset level declaration" means a declaration under subclause 3(1) of Schedule 3.
"Tasmanian" railways arrangement means an arrangement between the Commonwealth and Tasmania dealing with employer superannuation liabilities arising in relation to former employees of the Tasmanian railways.
"unfunded superannuation liability" means:
(a) so much of a superannuation liability as is not attributable to the funded component of a superannuation benefit; or
(b) an amount payable by the Commonwealth under a South Australian railways arrangement; or
(c) an amount payable by the Commonwealth under a Tasmanian railways arrangement.
"value" means market value. For this purpose, disregard anything that would prevent or restrict conversion of a financial asset to money.