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Future Fund Bill 2006

Part 1 Introduction


1   Simplified outline

                   The following is a simplified outline of this Schedule:

•      An initial amount of $18 billion must be credited to the Fund Account.

•      The responsible Ministers may determine that additional amounts are to be credited to the Fund Account, so long as the additional amounts do not result in the balance of the Fund exceeding the target asset level.

•      The responsible Ministers may transfer Commonwealth-owned financial assets to the Fund.

Note:          The target asset level is specified in a declaration (a target asset level declaration ) given by the designated actuary under Schedule 3. The target asset level represents the amount that is expected to offset the present value of projected unfunded superannuation liabilities.