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Emergency Response Fund Bill 2019

2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Emergency Response Fund Bill 2019

 

No.      , 2019

 

(Finance)

 

 

 

A Bill for an Act to establish the Emergency Response Fund, and for other purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                              1

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

2............ Commencement................................................................................... 1

3............ Simplified outline of this Act.............................................................. 2

4............ Definitions.......................................................................................... 3

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

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

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

Part 2—Emergency Response Fund                                                                           9

Division 1—Introduction                                                                                             9

8............ Simplified outline of this Part.............................................................. 9

Division 2—Establishment of the Emergency Response Fund and the Emergency Response Fund Special Account                                                                                                     10

9............ Establishment of the Emergency Response Fund.............................. 10

10.......... Transfer of balance of the Education Investment Fund Special Account  10

11.......... Transfer of investments of the Education Investment Fund.............. 10

12.......... Establishment of the Emergency Response Fund Special Account... 11

Division 3—Credits of amounts to the Emergency Response Fund Special Account      12

13.......... Credits of amounts............................................................................ 12

Division 4—Debits of amounts from the Emergency Response Fund 13

14.......... Main purposes of the Emergency Response Fund Special Account. 13

15.......... Purposes of the Emergency Response Fund Special Account—purposes related exclusively to the investments etc. of the Emergency Response Fund............................................................... 13

16.......... Purposes of the Emergency Response Fund Special Account—purposes not related exclusively to the Emergency Response Fund................................................................................. 14

17.......... Future Fund Board must ensure that the balance of the Emergency Response Fund Special Account is sufficient to cover authorised debits etc.......................................................................... 16

18.......... Transfers from the Emergency Response Fund to the Future Fund.. 16

Part 3—Arrangements and grants relating to natural disasters              17

Division 1—Introduction                                                                                           17

19.......... Simplified outline of this Part............................................................ 17

Division 2—Arrangements and grants                                                               18

20.......... Arrangements and grants.................................................................. 18

21.......... Terms and conditions of grants......................................................... 20

22.......... Emergency Management Minister has powers etc. of the Commonwealth               20

23.......... Conferral of powers on the Emergency Management Minister......... 21

24.......... Constitutional limits.......................................................................... 21

25.......... Executive power of the Commonwealth............................................ 22

26.......... Publication of information relating to arrangements and grants......... 22

Division 3—Home Affairs Emergency Response Fund Special Account               24

27.......... Home Affairs Emergency Response Fund Special Account............. 24

28.......... Transfers from the Emergency Response Fund Special Account to the Home Affairs Emergency Response Fund Special Account............................................................................................. 24

29.......... Other credits to the Home Affairs Emergency Response Fund Special Account     26

30.......... Purposes of the Home Affairs Emergency Response Fund Special Account           26

31.......... Excess balance of the Home Affairs Emergency Response Fund Special Account must be transferred to the Emergency Response Fund Special Account....................................................... 27

Division 4—Channelling State/Territory grants through the COAG Reform Fund       28

32.......... Channelling State/Territory grants through the COAG Reform Fund 28

33.......... Debits from the COAG Reform Fund.............................................. 28

Division 5—Annual limit on amounts debited from the Emergency Response Fund Special Account   30

34.......... Annual limit on amounts debited from the Emergency Response Fund Special Account         30

Part 4—Investment of the Emergency Response Fund                                 31

35.......... Simplified outline of this Part............................................................ 31

36.......... Objects of investment of the Emergency Response Fund................. 31

37.......... Investment of the Emergency Response Fund.................................. 31

38.......... Management of investments of the Emergency Response Fund....... 32

39.......... Emergency Response Fund Investment Mandate.............................. 32

40.......... Obligation on Future Fund Board in performing investment functions 34

41.......... Limitation on Emergency Response Fund Investment Mandate........ 34

42.......... Future Fund Board to be consulted on Emergency Response Fund Investment Mandate        35

43.......... Compliance with Emergency Response Fund Investment Mandate.. 35

44.......... Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001     36

45.......... Borrowing......................................................................................... 36

46.......... Emergency Response Fund investment policies................................ 37

47.......... Derivatives........................................................................................ 38

48.......... Additional financial assets................................................................. 39

49.......... Securities lending arrangements........................................................ 39

50.......... Investment managers......................................................................... 40

51.......... Refund of franking credits................................................................ 40

52.......... Realisation of non-financial assets.................................................... 41

53.......... Additional function of the Future Fund Board.................................. 41

Part 5—Reporting obligations etc.                                                                              42

54.......... Simplified outline of this Part............................................................ 42

55.......... Finance Minister may require Future Fund Board to prepare reports or give information        42

56.......... Keeping the responsible Ministers informed etc................................ 43

57.......... Finance Minister may give reports, documents and other information to other Ministers        43

Part 6—Miscellaneous                                                                                                        44

58.......... Simplified outline of this Part............................................................ 44

59.......... Delegation by the Finance Minister................................................... 44

60.......... Delegation by the Treasurer.............................................................. 44

61.......... Delegation by the Emergency Management Minister........................ 45

62.......... Transitional—receipts relating to the Education Investment Fund..... 46

63.......... Review of operation of Act............................................................... 46

64.......... Rules................................................................................................. 47

 



A Bill for an Act to establish the Emergency Response Fund, and for other purposes

The Parliament of Australia enacts: