Definitions
4 Definitions
In this Act:
Aboriginal person has the same meaning as in the Aboriginal and Torres Strait Islander Act 2005.
acquire includes acquire by way of issue.
Agency means the Future Fund Management Agency.
Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.
asset has the same meaning as in the Future Fund Act 2006.
balance of the Housing Australia Future Fund means the sum of:
amounts standing to the credit of the Housing Australia Future Fund Special Account; and
the value of investments of the Housing Australia Future Fund.
bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
business entity means:
a company; or
a partnership; or
a trust; or
a body politic.
child: without limiting who is a child of another person for the purposes of this Act, a person is the child of another person if the person is a child of the other person within the meaning of the Family Law Act 1975.
Commonwealth employee means:
a person who is employed by the Commonwealth or an authority of the Commonwealth; or
a person who holds, or is acting in, an office under:
a law of the Commonwealth; or
the Constitution.
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.
de facto partner of a person has the meaning given by the Acts Interpretation Act 1901.
derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.
designated annual amount has the meaning given by section 33B.
designated Minister means:
the Housing Minister; or
the Indigenous Australians Minister; or
the Social Services Minister; or
the Veterans’ Affairs Minister.
Executive Agency has the same meaning as in the Public Service Act 1999.
family member of a person means:
the person’s spouse; or
the person’s de facto partner; or
a child or step‑child of the person.
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 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.
Housing Australia Future Fund means the Housing Australia Future Fund established by section 9.
Housing Australia Future 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 Housing Australia Future Fund.
Housing Australia Future Fund Investment Mandate has the meaning given by subsection 41(3).
Housing Australia Future Fund Payments Special Account means the Housing Australia Future Fund Payments Special Account established by section 25.
Housing Australia Future Fund Special Account means the Housing Australia Future Fund Special Account established by section 10.
Housing Australia Special Account means the Housing Australia Special Account established by section 47A of the Housing Australia Act 2018.
Housing Minister means:
the Minister declared by the Prime Minister, by notifiable instrument, to be the Housing Minister for the purposes of this Act; or
if no declaration is in force under paragraph (a)—the Minister who administers the Housing Australia Act 2018.
Indigenous Australians Minister means the Minister who administers the Aboriginal and Torres Strait Islander Act 2005.
Indigenous person means:
an Aboriginal person; or
a Torres Strait Islander.
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 Housing Australia Future Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the Housing Australia Future Fund.
official of a Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
person includes a partnership.
See also subsection 2C(1) of the Acts Interpretation Act 1901.
realise includes redeem or dispose of.
responsible Ministers means:
the Treasurer; and
the Finance Minister.
rules means rules made under section 66.
Social Services Minister means the Minister who administers section 1 of the Social Security Act 1991.
stepchild: without limiting who is a stepchild of another person for the purposes of this Act, a child of a de facto partner of the other person is the stepchild of the other person if the child would be the other person’s stepchild except that the other person is not legally married to the partner.
Torres Strait Islander has the same meaning as in the Aboriginal and Torres Strait Islander Act 2005.
Treasury Department means the Department administered by the Treasurer.
value of an investment of the Housing Australia Future 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.
veteran has the same meaning as in the Australian Veterans’ Recognition (Putting Veterans and Their Families First) Act 2019.
Veterans’ Affairs Minister means the Minister who administers section 1 of the Military Rehabilitation and Compensation Act 2004.
This Act’s bill:Explanatory memorandumSecond reading speech
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