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Future Drought Fund Bill 2019

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The Parliament of the

Commonwealth of Australia








Future Drought Fund Bill 2019



(1)     Clause 5, page 8 (after line 25), after the definition of person , insert:

prohibited financial asset : a financial asset is a prohibited financial asset if the financial asset includes an interest in a body corporate that produces fossil fuels.


(2)     Clause 39, page 41 (line 23), at the end of subclause (1), add “that are not prohibited financial assets”.


(3)     Clause 41, page 43 (line 30) to page 44 (line 6), omit subclause (7), substitute:

             (7)  A direction under subsection (1) is a legislative instrument.

             (8)  Despite regulations made for the purposes of paragraphs 44(2)(b) and 54(2)(b) of the Legislation Act 2003 , section 42 (disallowance) and Part 4 of Chapter 3 (sunsetting) of that Act apply to a direction under subsection (1).


(4)     Heading to clause 54, page 50 (line 25), at the end of the heading, add “ etc. ”.


(5)     Clause 54, page 50 (line 31), at the end of subclause (1), add:

               ; or (c)  an asset held by the Board as an investment of the Future Drought Fund is, or has become, a prohibited financial asset.