Anne Ruston (SA, Liberal Party, Assistant Minister for International Development and the Pacific) Share this | Hansard source

I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of the sittings:

Future Drought Fund Bill 2018; and

Future Drought Fund (Consequential Amendment) Bill 2018.

I also table a statement of reasons justifying the need for these bills to be considered during these sittings and seek leave for the statement to be incorporated in Hansard.

Leave granted.

The statement read as follows—

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2018 SPRING SITTINGS

Future Drought Fund Bill

Future Drought Fund (Consequential Amendments) Bill

Purpose of the Bills

The Future Drought Fund Bill will establish the Future Drought Fund (the Fund), the Future Drought Fund Special Account and the Agriculture Future Drought Resilience Special Account to fund initiatives which enhance future drought resilience, preparedness and response across regional Australia.

The Future Drought Fund (Consequential Amendments) Bill would make consequential amendments to a range of legislation including the Future Fund Act 2006 and the Nation-building Funds Act 2008 as a result of the Future Drought Fund Bill.

Uncommitted funds currently in the Building Australia Fund, approximately $3.9 billion, would be transferred to the fund on establishment. By 2028-29 it is expected that the fund would grow to approximately $5.0 billion through reinvestment of net earnings (less disbursements). The fund would provide disbursements of $100 million each financial year from 1 July 2020.

The fund would be managed by the Future Fund Board of Guardians.

Reasons for Urgency

Introduction and passage of the bills in the 2018 Spring sittings is necessary to ensure that there are earnings on the capital in the fund available to be drawn down from 1 July 2020, and that consequential amendments are made to relevant legislation at the same time as establishment of the Future Drought Fund.

(Circulated by authority of the Minister for Finance and the Public Service).