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DisabilityCare Australia Fund Bill 2013

2010-2011-2012-2013

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

DisabilityCare Australia Fund Bill 2013

 

No.      , 2013

 

(Finance and Deregulation)

 

 

 

A Bill for an Act to establish the DisabilityCare Australia Fund, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                              1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Simplified outline................................................................................ 3

4............ Definitions.......................................................................................... 4

5............ Crown to be bound............................................................................. 7

6............ Extension to external Territories.......................................................... 8

7............ Extra-territorial application.................................................................. 8

8............ Object.................................................................................................. 8

Part 2—DisabilityCare Australia Fund                                                                     9

Division 1—Introduction                                                                                             9

9............ Simplified outline................................................................................ 9

Division 2—Establishment of the DisabilityCare Australia Fund etc. 11

10.......... Establishment of the DisabilityCare Australia Fund.......................... 11

11.......... Establishment of the DisabilityCare Australia Fund Special Account 11

Division 3—Credits of amounts to the DisabilityCare Australia Fund   12

12.......... Credits to Special Account—determinations by the Treasurer.......... 12

13.......... Maximum amount of credits for States and Territories for a financial year              12

Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.    14

14.......... Purposes of the DisabilityCare Australia Fund Special Account—main purposes   14

15.......... Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund..................................................... 14

16.......... Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund.................................................................................. 15

17.......... Reimbursing the Commonwealth—transfer to general CRF............. 17

18.......... Reimbursing the States and Territories—channelling of State/Territory grants payments through the COAG Reform Fund.................................................................................................. 17

19.......... Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories.......................................................................................... 18

20.......... Reimbursing the States and Territories—recommendations about grants payments 18

21.......... Reimbursing the States and Territories—debit from the COAG Reform Fund        18

22.......... Reimbursing the States and Territories—grant to a State or Territory 19

23.......... Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc................................................................ 20

Division 5—Inter-fund transfers                                                                           21

24.......... Transfers from the DisabilityCare Australia Fund to the Future Fund 21

Part 3—Investment of the DisabilityCare Australia Fund                          22

25.......... Simplified outline.............................................................................. 22

26.......... Objects of investment of the DisabilityCare Australia Fund............. 22

27.......... Investment of the DisabilityCare Australia Fund.............................. 23

28.......... Management of investments of the DisabilityCare Australia Fund... 23

29.......... DisabilityCare Australia Fund Investment Mandate.......................... 24

30.......... Limitation on DisabilityCare Australia Fund Investment Mandate.... 26

31.......... Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate    26

32.......... Compliance with DisabilityCare Australia Fund Investment Mandate 27

33.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001     28

34.......... Borrowing......................................................................................... 28

35.......... DisabilityCare Australia Fund investment policies............................ 29

36.......... Derivatives........................................................................................ 30

37.......... Additional financial assets................................................................. 30

38.......... Securities lending arrangements........................................................ 31

39.......... Investment managers......................................................................... 31

40.......... Custody of securities......................................................................... 32

41.......... Refund of franking credits................................................................ 32

42.......... Realisation of non-financial assets.................................................... 33

43.......... Additional function of the Future Fund Board.................................. 33

Part 4—Reporting obligations etc.                                                                              34

44.......... Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.              34

45.......... Finance Minister may require Future Fund Board to prepare reports or give information        34

46.......... Keeping the responsible Ministers informed etc............................... 35

47.......... Finance Minister may give reports to other Ministers etc.................. 35

Part 5—DisabilityCare Australia Transitional Special Account              37

Division 1—Establishment of the DisabilityCare Australia Transitional Special Account          37

48.......... Establishment of the DisabilityCare Australia Transitional Special Account            37

Division 2—Credits of amounts to the DisabilityCare Australia Transitional Special Account               38

49.......... Credits to Special Account—determinations by National Disability Insurance Minister          38

Division 3—Debits of amounts from the DisabilityCare Australia Transitional Special Account           39

50.......... Purposes of the DisabilityCare Australia Transitional Special Account—General   39

Division 4—Payments                                                                                                 40

51.......... Authorisation of payments................................................................ 40

Part 6—Miscellaneous                                                                                                        41

52.......... Delegation by the Finance Minister................................................... 41

53.......... Delegation by the National Disability InsuranceMinister................. 41

54.......... Delegation by the Treasurer.............................................................. 42

55.......... Review of operation of Act............................................................... 42

56.......... Regulations....................................................................................... 42

 



A Bill for an Act to establish the DisabilityCare Australia Fund, and for related purposes

The Parliament of Australia enacts: