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Part 1—Preliminary

Part 1 Preliminary

   

1   Short title

                   This Act is the Emergency Response Fund Act 2019 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Simplified outline of this Act

•      This Act establishes the Emergency Response Fund, which will enhance the Commonwealth’s ability to:

       (a)     make arrangements with persons or bodies in relation to natural disasters; and

      (b)     make grants to persons or bodies in relation to natural disasters.

•      The Emergency Response Fund consists of:

       (a)     the Emergency Response Fund Special Account; and

      (b)     the investments of the Emergency Response Fund.

•      The balance of the Education Investment Fund Special Account is transferred to the Emergency Response Fund Special Account. The investments of the Education Investment Fund become investments of the Emergency Response Fund.

•      The Future Fund Board is responsible for deciding how to invest the Emergency Response Fund. In doing so, the Future Fund Board is bound by the Emergency Response Fund Investment Mandate given to it by the responsible Ministers.

•      The Emergency Management Minister may, on behalf of the Commonwealth:

       (a)     make an arrangement with a person or body in relation to a natural disaster; and

      (b)     make a grant to a person or body in relation to a natural disaster.

•      This Act establishes the Home Affairs Emergency Response Fund Special Account.

•      Amounts will be transferred from the Emergency Response Fund Special Account to the Home Affairs Emergency Response Fund Special Account.

•      The purposes of the Home Affairs Emergency Response Fund Special Account are as follows:

       (a)     to pay amounts payable by the Commonwealth under arrangements relating to a natural disaster;

      (b)     to make grants relating to a natural disaster.

•      Amounts will be transferred from the Emergency Response Fund Special Account to the COAG Reform Fund for the purposes of making grants to the States and Territories in relation to natural disasters.

4   Definitions

                   In this Act:

accountable authority has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .

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.

arrangement includes contract, agreement or deed. This definition does not apply to the expressions “securities lending arrangement” or “securities lending arrangements”.

asset has the same meaning as in the Future Fund Act 2006 .

balance of the Emergency Response Fund means the sum of:

                     (a)  amounts standing to the credit of the Emergency Response Fund Special Account; and

                     (b)  the value of investments of the Emergency Response Fund.

bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .

business entity means:

                     (a)  a company; or

                     (b)  a partnership; or

                     (c)  a trust; or

                     (d)  a body politic.

COAG Reform Fund means the COAG Reform Fund established by section 5 of the COAG Reform Fund Act 2008 .

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.

Covenant on Economic, Social and Cultural Rights means the International Covenant on Economic, Social and Cultural Rights done at New York on 16 December 1966.

Note:          The Covenant is in Australian Treaty Series 1976 No. 5 ([1976] ATS 5) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001 ) that is a financial asset.

Education Investment Fund means the Education Investment Fund that was established by section 131 of the Nation-building Funds Act 2008 before that section was repealed.

Education Investment Fund Special Account means the Education Investment Fund Special Account that was established by section 132 of the Nation-building Funds Act 2008 before that section was repealed.

Emergency Management Minister means:

                     (a)  if there is a Minister whose title includes “Emergency Management”—that Minister; or

                     (b)  otherwise—the Minister declared by the Prime Minister, by notifiable instrument, to be the Emergency Management Minister for the purposes of this Act.

Emergency Response Fund means the Emergency Response Fund established by section 9.

Emergency Response Fund investment function of the Future Fund Board means:

                     (a)  a function or power conferred on the Future Fund Board by section 37, 38, 45, 47, 49 or 50; or

                     (b)  a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the Emergency Response Fund.

Emergency Response Fund Investment Mandate has the meaning given by subsection 39(3).

Emergency Response Fund Special Account means the Emergency Response Fund Special Account established by section 12.

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 .

half-year means a period of 6 months starting on 1 January or 1 July.

Home Affairs Department means the Department administered by the Home Affairs Minister.

Home Affairs Emergency Response Fund Special Account means the Home Affairs Emergency Response Fund Special Account established by section 27.

Home Affairs Minister means the Minister administering the Australian Federal Police Act 1979 .

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:

                     (a)  invest amounts on behalf of the Future Fund Board;

                     (b)  manage the investment of funds on behalf of the Future Fund Board;

                     (c)  acquire derivatives on behalf of the Future Fund Board;

                     (d)  manage derivatives on behalf of the Future Fund Board;

                     (e)  enter into securities lending arrangements on behalf of the Future Fund Board;

                      (f)  realise financial assets on behalf of the Future Fund Board;

                     (g)  perform custodial functions in relation to the financial assets of the Future Fund Board.

investment of the Education Investment Fund has the same meaning as in the Nation-building Funds Act 2008 as in force immediately before the commencement of this section.

investment of the Emergency Response Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the Emergency Response Fund.

make , in relation to an arrangement, includes enter into.

natural disaster means natural disaster in Australia.

official of a Commonwealth entity has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .

person includes a partnership.

Note:          See also subsection 2C(1) of the Acts Interpretation Act 1901 .

realise includes redeem or dispose of.

responsible Ministers means:

                     (a)  the Treasurer; and

                     (b)  the Finance Minister.

rules means rules made under section 64.

Treasury Department means the Department administered by the Treasurer.

value of an investment of the Emergency Response 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.

5   Crown to be bound

             (1)  This Act binds the Crown in each of its capacities.

             (2)  This Act does not make the Crown liable to be prosecuted for an offence.

6   Extension to external Territories

                   This Act extends to every external Territory.

7   Extra-territorial application

                   This Act extends to acts, omissions, matters and things outside Australia.