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This Act is the Future Drought Fund Act 2019.
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information | ||
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Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this Act | 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. | 1 September 2019 (F2019N00066) |
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
The object of this Act is to enhance the public good by building drought resilience.
• This Act establishes the Future Drought Fund, which will enhance the Commonwealth’s ability to:
make arrangements with persons or bodies in relation to drought resilience; and
make grants to persons or bodies in relation to drought resilience.
• The Future Drought Fund consists of:
the Future Drought Fund Special Account; and
the investments of the Future Drought Fund.
• The balance of the Building Australia Fund Special Account is transferred to the Future Drought Fund Special Account. The investments of the Building Australia Fund become investments of the Future Drought Fund.
• The Future Fund Board is responsible for deciding how to invest the Future Drought Fund. In doing so, the Future Fund Board is bound by the Future Drought Fund Investment Mandate given to it by the responsible Ministers.
• On or after 1 July 2020, the Drought Minister may, on behalf of the Commonwealth:
make an arrangement with a person or body in relation to drought resilience; and
make a grant to a person or body in relation to drought resilience.
• This Act establishes the Agriculture Future Drought Resilience Special Account.
• During the financial year beginning on 1 July 2020, and during each subsequent financial year, $100 million will be transferred from the Future Drought Fund Special Account to the Agriculture Future Drought Resilience Special Account.
• The purposes of the Agriculture Future Drought Resilience Special Account are as follows:
to pay amounts payable by the Commonwealth under arrangements relating to drought resilience;
to make grants relating to drought resilience.
• This Act establishes the Future Drought Fund Consultative Committee.
In this Act:
accountable authority has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
acquire includes acquire by way of issue.
advisory affairs of the Regional Investment Corporation Board means the affairs of the Regional Investment Corporation Board that relate to its function of giving advice to the Drought Minister under section 28.
Agency means the Future Fund Management Agency.
Agriculture Department means the Department administered by the Agriculture Minister.
Agriculture Future Drought Resilience Special Account means the Agriculture Future Drought Resilience Special Account established by section 33.
Agriculture Minister means the Minister administering the Primary Industries Research and Development Act 1989.
Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.
arrangement includes contract, agreement or deed. This definition does not apply to the expressions “securities lending arrangement” or “securities lending arrangements”.
asset has the same meaning as in the Future Fund Act 2006.
balance of the Future Drought Fund means the sum of:
amounts standing to the credit of the Future Drought Fund Special Account; and
the value of investments of the Future Drought Fund.
bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
Biodiversity Convention means the Convention on Biological Diversity, done at Rio de Janeiro on 5 June 1992, as amended and in force for Australia from time to time.
The Convention is in Australian Treaty Series 1993 No. 32 ([1993] ATS 32) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
Building Australia Fund means the Building Australia Fund that was established by section 12 of the Nation‑building Funds Act 2008 before that section was repealed.
Building Australia Fund Special Account means the Building Australia Fund Special Account that was established by section 13 of the Nation‑building Funds Act 2008 before that section was repealed.
business entity means:
a company; or
a partnership; or
a trust; or
a body politic.
Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.
The Convention is in Australian Treaty Series 1994 No. 2 ([1994] ATS 2) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies.
derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.
Desertification Convention means the United Nations Convention to Combat Desertification in those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa, done at Paris on 17 June 1994, as amended and in force for Australia from time to time.
The Convention is in Australian Treaty Series 2000 No. 18 ([2000] ATS 18) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
drought means drought in Australia.
Drought Minister means:
if there is a Minister whose title includes the word “Drought”—that Minister; or
otherwise—the Agriculture Minister.
drought resilience means:
resilience to drought; or
preparedness for drought; or
responsiveness to drought; or
management of exposure to drought; or
adaptation to the impact of drought; or
recovery from drought; or
long‑term drought‑related sustainability of farms and communities that:
have been affected by drought; or
are being affected by drought; or
are at significant risk of being affected by drought.
Drought Resilience Funding Plan has the meaning given by subsection 31(2).
Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.
Finance Department means the Department administered by the Finance Minister.
Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
financial asset has the same meaning as in the Future Fund Act 2006.
Future Drought Fund means the Future Drought Fund established by section 10.
Future Drought Fund investment function of the Future Fund Board means:
a function or power conferred on the Future Fund Board by section 39, 40, 47, 49, 51 or 52; or
a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the Future Drought Fund.
Future Drought Fund Investment Mandate has the meaning given by subsection 41(3).
Future Drought Fund Special Account means the Future Drought Fund Special Account established by section 13.
Future Fund Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006.
Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.
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 manager means a person or body (other than the Agency) who undertakes to do any or all of the following:
invest amounts on behalf of the Future Fund Board;
manage the investment of funds on behalf of the Future Fund Board;
acquire derivatives on behalf of the Future Fund Board;
manage derivatives on behalf of the Future Fund Board;
enter into securities lending arrangements on behalf of the Future Fund Board;
realise financial assets on behalf of the Future Fund Board;
perform custodial functions in relation to the financial assets of the Future Fund Board.
investment of the Building Australia Fund has the same meaning as in the Nation‑building Funds Act 2008 as in force immediately before the commencement of Schedule 2 to the Future Drought Fund (Consequential Amendments) Act 2019.
investment of the Future Drought Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the Future Drought Fund.
Kyoto Protocol means the Kyoto Protocol to the United Nations Framework Convention on Climate Change, done at Kyoto on 11 December 1997, as amended and in force for Australia from time to time.
The Protocol is in Australian Treaty Series 2008 No. 2 ([2008] ATS 2) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
make, in relation to an arrangement, includes enter into.
member of the Regional Investment Corporation Board includes the Chair of the Regional Investment Corporation Board.
official of a Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
Paris Agreement means the Paris Agreement, done at Paris on 12 December 2015, as amended and in force for Australia from time to time.
The Agreement is in Australian Treaty Series 2016 No. 24 ([2016] ATS 24) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
person includes a partnership.
See also subsection 2C(1) of the Acts Interpretation Act 1901.
Ramsar Convention means the Convention on Wetlands of International Importance especially as Waterfowl Habitat, done at Ramsar, Iran, on 2 February 1971, as amended and in force for Australia from time to time.
The Convention is in Australian Treaty Series 1975 No. 48 ([1975] ATS 48) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
realise includes redeem or dispose of.
Regional Investment Corporation Board means the Board of the Regional Investment Corporation.
The Regional Investment Corporation is established by section 7 of the Regional Investment Corporation Act 2018.
responsible Ministers means:
the Treasurer; and
the Finance Minister.
rules means rules made under section 66.
Treasury Department means the Department administered by the Treasurer.
value of an investment of the Future Drought Fund means the market value of the investment. For this purpose, disregard anything that would prevent or restrict conversion of a financial asset to money.
This Act binds the Crown in each of its capacities.
This Act does not make the Crown liable to be prosecuted for an offence.
This Act extends to every external Territory.
This Act extends to acts, omissions, matters and things outside Australia.
• The Future Drought Fund consists of:
the Future Drought Fund Special Account; and
the investments of the Future Drought Fund.
• The balance of the Building Australia Fund Special Account is transferred to the Future Drought Fund Special Account. The investments of the Building Australia Fund become investments of the Future Drought Fund.
• The responsible Ministers may determine that additional amounts be credited to the Future Drought Fund Special Account.
• A purpose of the Future Drought Fund Special Account is to transfer amounts to the Agriculture Future Drought Resilience Special Account.
• The Future Drought Fund Special Account can be debited in relation to costs and other obligations incurred by the Future Fund Board in managing the Future Drought Fund.
The Future Drought Fund is established by this section.
The Future Drought Fund consists of:
the Future Drought Fund Special Account; and
the investments of the Future Drought Fund.
As soon as practicable after the commencement of this section, there is to be credited to the Future Drought Fund Special Account an amount equal to the balance of the Building Australia Fund Special Account immediately before the commencement of this section.
The balance of the Building Australia Fund Special Account does not include the value of an investment of the Building Australia Fund.
Scope
This section applies to a financial asset if, immediately before the commencement of this section, the asset was an investment of the Building Australia Fund.
Transfer
Immediately after the commencement of this section, the financial asset is taken to cease to be an investment of the Building Australia Fund and to become an investment of the Future Drought Fund.