Queensland Future Fund Act 2020

This Act may be cited as the Queensland Future Fund Act 2020.

In this Act—

Debt Retirement Fund see section 9(1).

Queensland Future Fund see section 4.

This Act binds all persons, including the State.

A fund established under this Act is a Queensland Future Fund.

The Treasurer is responsible for administering a Queensland Future Fund.

A Queensland Future Fund does not form part of the consolidated fund.

Accounts for a Queensland Future Fund must be kept as special purpose accounts of the department under the Financial Accountability Act 2009.

Note—

Under the Financial Accountability Act 2009, section 69A(3), special purpose accounts under that Act are not, and do not form part of, departmental accounts under that Act.

In performing a function or exercising a power under this Act, the Treasurer may have regard to any information the Treasurer considers relevant, including, for example, information or advice provided to the Treasurer by another entity.

The department’s annual financial statements prepared under the Financial Accountability Act 2009, section 62 for a financial year must include the following information about a Queensland Future Fund—

details of contributions made to the fund in the financial year;

details of payments made from the fund in the financial year, including the purpose of each payment and whether the payment was made in compliance with this Act.

This section applies in relation to a prescribed State asset that is given by a State entity to another State entity for the purpose of contributing an investment to a Queensland Future Fund.

The prescribed State asset must be held, directly or indirectly, by a State entity in perpetuity.

In this section—

prescribed State asset means an asset or part of an asset, or an interest in an asset or part of an asset, that—

immediately before being given to a State entity for the purpose of contributing an investment to a Queensland Future Fund, is held, directly or indirectly, by a State entity; and

is prescribed by regulation to be a prescribed State asset.

State entity means—

a government entity under the Public Sector Act 2022, section 276; or

a government owned corporation.

The Queensland Future (Debt Retirement) Fund (the Debt Retirement Fund) is established.

The purpose of the Debt Retirement Fund is to provide funding for reducing the State’s debt.

The following must be contributed to the Debt Retirement Fund—

an investment the Treasurer directs be contributed to the fund;

an amount that must be contributed to the fund under another Act;

moneys from an investment contributed to the fund.

Also, an amount may be contributed to the fund if another Act states the amount may be contributed to the fund.

A payment from the Debt Retirement Fund may be made only for the following purposes—

paying an amount to reduce the State’s debt;

paying fees or expenses relating to the administration of the fund.

The Treasurer may delegate the Treasurer’s functions or powers under this Act to the accountable officer, other than a function or power in relation to the making of a payment from the Debt Retirement Fund to reduce the State’s debt.

In this section—

accountable officer means the accountable officer of the department under the Financial Accountability Act 2009.