{"id":"C2013A00037","name":"DisabilityCare Australia Fund Act 2013","slug":"disabilitycare-australia-fund-act-2013","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"37 of 2013","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":8512,"registerId":"commonwealth-C2013A00037-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted.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.\n\n (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.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Simplified outline","content":"#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Crown to be bound","content":"#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.","sortOrder":5},{"sectionNumber":"6","sectionType":"section","heading":"Extension to external Territories","content":"#### 6 Extension to external Territories\n\n This Act extends to every external Territory.","sortOrder":6},{"sectionNumber":"7","sectionType":"section","heading":"Extra‑territorial application","content":"#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).","sortOrder":7},{"sectionNumber":"8","sectionType":"section","heading":"Object","content":"#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.","sortOrder":8},{"sectionNumber":"Part 2","sectionType":"part","heading":"DisabilityCare Australia Fund","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":9},{"sectionNumber":"Division 1","sectionType":"division","heading":"Introduction","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":10},{"sectionNumber":"9","sectionType":"section","heading":"Simplified outline","content":"#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.","sortOrder":11},{"sectionNumber":"Division 2","sectionType":"division","heading":"Establishment of the DisabilityCare Australia Fund etc.","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":12},{"sectionNumber":"10","sectionType":"section","heading":"Establishment of the DisabilityCare Australia Fund","content":"#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.","sortOrder":13},{"sectionNumber":"11","sectionType":"section","heading":"Establishment of the DisabilityCare Australia Fund Special Account","content":"#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.","sortOrder":14},{"sectionNumber":"Division 3","sectionType":"division","heading":"Credits of amounts to the DisabilityCare Australia Fund","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":15},{"sectionNumber":"12","sectionType":"section","heading":"Credits to Special Account—determinations by the Treasurer","content":"#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.","sortOrder":16},{"sectionNumber":"13","sectionType":"section","heading":"Maximum amount of credits for States and Territories for a financial year","content":"#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.","sortOrder":17},{"sectionNumber":"Division 4","sectionType":"division","heading":"Debits of amounts from the DisabilityCare Australia Fund, etc.","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":18},{"sectionNumber":"14","sectionType":"section","heading":"Purposes of the DisabilityCare Australia Fund Special Account—main purposes","content":"#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.","sortOrder":19},{"sectionNumber":"15","sectionType":"section","heading":"Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund","content":"#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).","sortOrder":20},{"sectionNumber":"16","sectionType":"section","heading":"Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund","content":"#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).","sortOrder":21},{"sectionNumber":"17","sectionType":"section","heading":"Reimbursing the Commonwealth—transfer to general CRF","content":"#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.","sortOrder":22},{"sectionNumber":"18","sectionType":"section","heading":"Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund","content":"#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.","sortOrder":23},{"sectionNumber":"19","sectionType":"section","heading":"Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories","content":"#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.","sortOrder":24},{"sectionNumber":"20","sectionType":"section","heading":"Reimbursing the States and Territories—recommendations about grants payments","content":"#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.","sortOrder":25},{"sectionNumber":"21","sectionType":"section","heading":"Reimbursing the States and Territories—debit from the Federation Reform Fund","content":"#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.","sortOrder":26},{"sectionNumber":"22","sectionType":"section","heading":"Reimbursing the States and Territories—grant to a State or Territory","content":"#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.","sortOrder":27},{"sectionNumber":"23","sectionType":"section","heading":"Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.","content":"#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.","sortOrder":28},{"sectionNumber":"Division 5","sectionType":"division","heading":"Inter‑fund transfers","content":"An Act to establish the DisabilityCare Australia Fund, and for related purposes\n\n## Part 1—Preliminary\n\n#### 1 Short title\n\n This Act may be cited as the DisabilityCare Australia Fund Act 2013.\n\n#### 2 Commencement\n\n (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.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

28 May 2013

2. Sections 3 to 8

1 July 2013.

1 July 2013

3. Parts 2, 3 and 4

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

4. Part 5

1 July 2013.

1 July 2013

5. Section 52

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

6. Section 53

1 July 2013.

1 July 2013

7. Sections 54 to 56

The later of:

(a) 1 July 2014; and

(b) the commencement of Schedule 1 to the Medicare Levy Amendment (DisabilityCare Australia) Act 2013.

However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur.

1 July 2014

(paragraph (a) applies)

\n```\n\n> 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.\n\n (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.\n\n#### 3 Simplified outline\n\n The following is a simplified outline of this Act:\n\n• This Act sets up the DisabilityCare Australia Fund, which consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n• This Act also sets up the DisabilityCare Australia Transitional Special Account, which will fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n> Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.\n\n#### 4 Definitions\n\n In this Act:\n\n> acquire includes acquire by way of issue.\n\n> Agency means the Future Fund Management Agency.\n\n> Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.\n\n> asset means:\n\n (a) any kind of real or personal property; or\n (b) any legal or equitable estate or interest in real or personal property; or\n (c) any legal or equitable right.\n\n> balance of the DisabilityCare Australia Fund means the sum of:\n\n (a) amounts standing to the credit of the DisabilityCare Australia Fund Special Account; and\n (b) the value of investments of the DisabilityCare Australia Fund.\n\n> bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> business entity means:\n\n (a) a company; or\n (b) a partnership; or\n (c) a trust; or\n (d) a body politic.\n\n> Chair means the Chair of the Future Fund Board.\n\n> debenture has the same meaning as in the Corporations Act 2001.\n\n> derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.\n\n> DisabilityCare Australia Fund means the DisabilityCare Australia Fund established by section 10.\n\n> DisabilityCare Australia Fund investment function of the Future Fund Board means:\n\n (a) a function or power conferred on the Future Fund Board by section 27, 28, 34, 36, 38 or 39; or\n (b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund.\n\n> DisabilityCare Australia Fund Investment Mandate has the meaning given by subsection 29(4).\n\n> DisabilityCare Australia Fund Special Account means the DisabilityCare Australia Fund Special Account established by section 11.\n\n> Federation Reform Fund means the Federation Reform Fund established by section 5 of the Federation Reform Fund Act 2008.\n\n> Finance Department means the Department administered by the Finance Minister.\n\n> Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.\n\n> financial asset has the same meaning as in the Future Fund Act 2006.\n\n> Future Fund Board means the Future Fund Board of Guardians.\n\n> Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.\n\n> 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).\n\n> investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:\n\n (a) invest amounts on behalf of the Future Fund Board;\n (b) manage the investment of funds on behalf of the Future Fund Board;\n (c) acquire derivatives on behalf of the Future Fund Board;\n (d) manage derivatives on behalf of the Future Fund Board;\n (e) enter into securities lending arrangements on behalf of the Future Fund Board;\n (f) realise financial assets on behalf of the Future Fund Board;\n (g) perform custodial functions in relation to the financial assets of the Future Fund Board.\n\n> investment of the DisabilityCare Australia Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the DisabilityCare Australia Fund.\n\n> modifications includes additions, omissions and substitutions.\n\n> National Disability Insurance Department means the Department administered by the National Disability Insurance Minister.\n\n> National Disability Insurance Minister means the Minister who administers the National Disability Insurance Scheme Act 2013.\n\n> person includes a partnership.\n\n> Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.\n\n> realise includes redeem or dispose of.\n\n> responsible Ministers means:\n\n (a) the Treasurer; and\n (b) the Finance Minister.\n\n> securities lending arrangement means an agreement of the kind known as a securities lending arrangement.\n\n> Treasury Department means the Department administered by the Treasurer.\n\n> value, of an investment of the DisabilityCare Australia 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.\n\n#### 5 Crown to be bound\n\n (1) This Act binds the Crown in each of its capacities.\n (2) This Act does not make the Crown liable to be prosecuted for an offence.\n\n#### 6 Extension to external Territories\n\n This Act extends to every external Territory.\n\n#### 7 Extra‑territorial application\n\n This Act extends to acts, omissions, matters and things outside Australia (unless the contrary intention appears).\n\n#### 8 Object\n\n The object of this Act is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) to fund the implementation of the National Disability Insurance Scheme Act 2013 in its initial period of operation.\n\n## Part 2—DisabilityCare Australia Fund\n\n### Division 1—Introduction\n\n#### 9 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• This Part sets up the DisabilityCare Australia Fund.\n\n• The DisabilityCare Australia Fund consists of:\n\n(a) the DisabilityCare Australia Fund Special Account; and\n\n(b) the investments of the DisabilityCare Australia Fund.\n\n• The Treasurer may determine that amounts are to be credited to the DisabilityCare Australia Fund Special Account.\n\n• Amounts may be debited from the DisabilityCare Australia Fund Special Account in accordance with the purposes of the DisabilityCare Australia Fund Special Account.\n\n• The main purposes of the DisabilityCare Australia Fund Special Account are:\n\n(a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n\n(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n• The Finance Minister is responsible for authorising debits (the amounts of which will be credited to the Federation Reform Fund) on the recommendation of the National Disability Insurance Minister.\n\n### Division 2—Establishment of the DisabilityCare Australia Fund etc.\n\n#### 10 Establishment of the DisabilityCare Australia Fund\n\n (1) The DisabilityCare Australia Fund is established by this section.\n (2) The Fund consists of:\n (a) the DisabilityCare Australia Fund Special Account; and\n (b) the investments of the DisabilityCare Australia Fund.\n\n#### 11 Establishment of the DisabilityCare Australia Fund Special Account\n\n (1) The DisabilityCare Australia Fund Special Account is established by this section.\n (2) The DisabilityCare Australia Fund Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013.\n\n> Note: An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.\n\n### Division 3—Credits of amounts to the DisabilityCare Australia Fund\n\n#### 12 Credits to Special Account—determinations by the Treasurer\n\n (1) The Treasurer may, by writing, determine that:\n (a) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account on a specified day; or\n (b) a specified amount is to be credited to the DisabilityCare Australia Fund Special Account in specified instalments on specified days.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) In making a determination under subsection (1), the Treasurer must have regard to the object of this Act.\n (3) A determination under subsection (1) is not a legislative instrument.\n\n#### 13 Maximum amount of credits for States and Territories for a financial year\n\n (1) For the financial year mentioned in column 1 of an item in the following table, the maximum amount of credits for States and Territories is the amount mentioned in column 2 of that item:\n\n```html\n

Maximum amount of credits for States and Territories

Item

Column 1
Financial year

Column 2
Maximum amount of credits for States and Territories

1

2014‑2015

$825.000 million

2

2015‑2016

$853.875 million

3

2016‑2017

$883.761 million

4

2017‑2018

$914.692 million

5

2018‑2019

$946.706 million

6

2019‑2020

$979.841 million

7

2020‑2021

$1014.136 million

8

2021‑2022

$1049.630 million

9

2022‑2023

$1086.367 million

10

2023‑2024

$1124.390 million

\n```\n\n (2) The consequences of the maximum amount of credits for States and Territories for a financial year being a particular amount are set out in section 19.\n\n### Division 4—Debits of amounts from the DisabilityCare Australia Fund, etc.\n\n#### 14 Purposes of the DisabilityCare Australia Fund Special Account—main purposes\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) to transfer amounts to the Federation Reform Fund in order to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013;\n (b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n#### 15 Purposes of the DisabilityCare Australia Fund Special Account—purposes related exclusively to the investments etc. of the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying the costs of, or incidental to, the acquisition of financial assets under section 27;\n (b) paying expenses of an investment of the DisabilityCare Australia Fund;\n (c) paying the costs of, or incidental to, the acquisition of derivatives under section 36;\n (d) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 39(1);\n (e) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the DisabilityCare Australia Fund;\n (f) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund;\n (g) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the DisabilityCare Australia Fund.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 16 Purposes of the DisabilityCare Australia Fund Special Account—purposes not related exclusively to the DisabilityCare Australia Fund\n\n Each of the following is a purpose of the DisabilityCare Australia Fund Special Account:\n (a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:\n (i) paragraph 15(e); or\n (ia) paragraph 15(e) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(e) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(e) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(e) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:\n (i) paragraph 15(f); or\n (ia) paragraph 15(f) of the Disaster Ready Fund Act 2019; or\n (ib) paragraph 13(f) of the Housing Australia Future Fund Act 2023; or\n (ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006; or\n (iia) paragraph 16(f) of the Future Drought Fund Act 2019; or\n (iv) paragraph 18(f) of the Medical Research Future Fund Act 2015; or\n (v) paragraph 15(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:\n (i) a paragraph of section 15; or\n (ia) a paragraph of section 15 of the Disaster Ready Fund Act 2019; or\n (ib) a paragraph of section 13 of the Housing Australia Future Fund Act 2023; or\n (ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006; or\n (iia) a paragraph of section 16 of the Future Drought Fund Act 2019; or\n (iv) a paragraph of section 18 of the Medical Research Future Fund Act 2015; or\n (v) a paragraph of section 15 of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;\n (d) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;\n (e) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006;\n (f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.\n\n> Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).\n\n#### 17 Reimbursing the Commonwealth—transfer to general CRF\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be debited from the DisabilityCare Australia Fund Special Account.\n (2) A direction under subsection (1) is not a legislative instrument.\n (3) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 18 Reimbursing the States and Territories—channelling of State/Territory grants payments through the Federation Reform Fund\n\n (1) The Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Federation Reform Fund;\n on a specified day.\n (2) The direction must be expressed to be given in order to enable the amount to be debited from the Federation Reform Fund for the purpose of making a specified grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (3) Two or more directions under subsection (1) may be set out in the same document.\n (4) A direction under subsection (1) is not a legislative instrument.\n (5) The Finance Minister must give a copy of a direction under subsection (1) to the Treasurer and the National Disability Insurance Minister.\n\n#### 19 Reimbursing the States and Territories—limit on annual debits based on maximum amount of credits for States and Territories\n\n (1) The total amount of debits from the DisabilityCare Australia Fund Special Account under section 18 in a financial year must not exceed the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (2) If a direction under subsection 18(1) would, apart from this section, result in a contravention of subsection (1), the direction is invalid.\n (3) Subsection (4) applies if the total amount of debits from the DisabilityCare Australia Fund Special Account under subsection 18(1) in a financial year falls short of the maximum amount of credits for States and Territories for the financial year under section 13 (taking into account the increase, if any, under a previous operation of subsection (4)).\n (4) Increase the maximum amount of credits for States and Territories for the next financial year by the amount of the shortfall.\n\n#### 20 Reimbursing the States and Territories—recommendations about grants payments\n\n A grant must not be specified under subsection 18(2) unless the National Disability Insurance Minister has recommended the specification of the grant.\n\n#### 21 Reimbursing the States and Territories—debit from the Federation Reform Fund\n\n Scope\n (1) This section applies if:\n (a) the Finance Minister gives a direction under subsection 18(1) for a purpose in relation to a grant of financial assistance to a State or Territory; and\n (b) the amount specified in the direction is credited to the Federation Reform Fund.\n Debit from the Federation Reform Fund\n (2) The Treasurer must ensure that, as soon as practicable after the amount is credited, the Federation Reform Fund is debited for the purposes of making the grant.\n\n#### 22 Reimbursing the States and Territories—grant to a State or Territory\n\n Scope\n (1) This section applies if:\n (a) an amount is to be debited from the Federation Reform Fund for the purpose of making a grant of financial assistance to a State or Territory; and\n (b) the grant is a grant of financial assistance in relation to reimbursing the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) the grant is covered by subsection 21(2).\n\n> Note: Subsection 21(2) deals with grants channelled through the Federation Reform Fund.\n\n Terms and conditions\n (2) The terms and conditions on which that financial assistance is granted are to be set out in a written agreement between the Commonwealth and the State or Territory.\n (3) An agreement under subsection (2) may be entered into by a Minister on behalf of the Commonwealth.\n\n#### 23 Future Fund Board must ensure that there is sufficient money in the DisabilityCare Australia Fund Special Account to cover authorised debits etc.\n\n The Future Fund Board must take all reasonable steps to ensure that the amount of money standing to the credit of the DisabilityCare Australia Fund Special Account is sufficient to cover the debit of amounts authorised, or proposed to be authorised, under section 17 or 18.\n\n> Note: This may require the Future Fund Board to realise an investment of the DisabilityCare Australia Fund in accordance with section 28.\n\n### Division 5—Inter‑fund transfers\n\n#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.\n\n## Part 3—Investment of the DisabilityCare Australia Fund\n\n#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.\n\n#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).\n\n#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.\n\n#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.\n\n#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).\n\n#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).\n\n#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.\n\n#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.\n\n#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).\n\n#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.\n\n#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.\n\n#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.\n\n#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.\n\n#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.\n\n#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.\n\n#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.\n\n## Part 4—Reporting obligations etc.\n\n#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.\n\n#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.\n\n#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.\n\n#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.\n\n## Part 6—Miscellaneous\n\n#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n\n#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.\n\n#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.\n\n#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":29},{"sectionNumber":"24","sectionType":"section","heading":"Transfers from the DisabilityCare Australia Fund to the Future Fund","content":"#### 24 Transfers from the DisabilityCare Australia Fund to the Future Fund\n\n (1) If an amount is debited from the Future Fund Special Account for a purpose mentioned in subclause 2(2) of Schedule 2 to the Future Fund Act 2006, the Finance Minister may, by writing, direct that a specified amount is to be:\n (a) debited from the DisabilityCare Australia Fund Special Account; and\n (b) credited to the Future Fund Special Account;\n on a specified day.\n (2) The specified amount must not exceed the amount debited from the Future Fund Special Account as mentioned in subsection (1).\n (3) A direction under subsection (1) is not a legislative instrument.","sortOrder":30},{"sectionNumber":"Part 3","sectionType":"part","heading":"Investment of the DisabilityCare Australia Fund","content":"## Part 3—Investment of the DisabilityCare Australia Fund","sortOrder":31},{"sectionNumber":"25","sectionType":"section","heading":"Simplified outline","content":"#### 25 Simplified outline\n\n The following is a simplified outline of this Part:\n\n• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.\n\n• Investments of the DisabilityCare Australia Fund will consist of financial assets.\n\n• Investments of the DisabilityCare Australia Fund will be held in the name of the Future Fund Board.\n\n• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.","sortOrder":32},{"sectionNumber":"26","sectionType":"section","heading":"Objects of investment of the DisabilityCare Australia Fund","content":"#### 26 Objects of investment of the DisabilityCare Australia Fund\n\n (1) The main object of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund is to enhance the Commonwealth’s ability:\n (a) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (b) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n (2) The ancillary objects of the acquisition by the Future Fund Board of a financial asset as an investment of the DisabilityCare Australia Fund are to enhance the ability of the Commonwealth and the Future Fund Board to:\n (a) discharge costs, expenses, obligations and liabilities; and\n (b) make payments;\n as mentioned in paragraphs 15(a) to (g) and 16(a) to (f).","sortOrder":33},{"sectionNumber":"27","sectionType":"section","heading":"Investment of the DisabilityCare Australia Fund","content":"#### 27 Investment of the DisabilityCare Australia Fund\n\n (1) The Future Fund Board may invest amounts standing to the credit of the DisabilityCare Australia Fund Special Account in any financial assets.\n (2) Investments under subsection (1) are to be made in the name of the Future Fund Board.\n (3) Investments under subsection (1) are taken to be investments of the DisabilityCare Australia Fund.\n (4) This section does not authorise the acquisition of a derivative.\n\n> Note: For acquisition of derivatives, see section 36.","sortOrder":34},{"sectionNumber":"28","sectionType":"section","heading":"Management of investments of the DisabilityCare Australia Fund","content":"#### 28 Management of investments of the DisabilityCare Australia Fund\n\n (1) Income derived from an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (2) A return of capital, or any other financial distribution, relating to an investment of the DisabilityCare Australia Fund is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) The Future Fund Board may realise an investment of the DisabilityCare Australia Fund.\n (4) Upon realisation of an investment of the DisabilityCare Australia Fund, the proceeds of the investment are to be credited to the DisabilityCare Australia Fund Special Account.\n (5) At any time before an investment of the DisabilityCare Australia Fund matures, the Future Fund Board may authorise the re‑investment of the proceeds upon maturity in a financial asset investment with the same entity. The new investment is taken to be an investment of the DisabilityCare Australia Fund.\n (6) Section 58 of the Public Governance, Performance and Accountability Act 2013 (which deals with investment by the Commonwealth) does not apply to an investment of the DisabilityCare Australia Fund.","sortOrder":35},{"sectionNumber":"29","sectionType":"section","heading":"DisabilityCare Australia Fund Investment Mandate","content":"#### 29 DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its DisabilityCare Australia Fund investment functions, and must give at least one such direction.\n\n> Note 1: DisabilityCare Australia Fund investment function is defined in section 4.\n\n> Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) Subsection (1) has effect subject to section 30.\n (3) In giving a direction under subsection (1), the responsible Ministers must have regard to:\n (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhancing the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (c) such other matters as the responsible Ministers consider relevant.\n (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate.\n (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to:\n (a) matters of risk and return; and\n (b) the allocation of financial assets.\n A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return.\n (6) Subsection (5) does not limit subsection (1).\n (7) Subsection (5) has effect subject to section 30.\n (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency.\n (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)).\n (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given.\n (11) A direction under subsection (1) is a legislative instrument.\n\n> Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.\n\n> Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.\n\n (12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to:\n (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and\n (b) enhance the Commonwealth’s ability:\n (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and\n (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.\n\n> Note: DisabilityCare Australia Fund investment function is defined in section 4.\n\n (13) Subsection (12) has effect subject to:\n (a) this Act; and\n (b) a direction under subsection (1).","sortOrder":36},{"sectionNumber":"30","sectionType":"section","heading":"Limitation on DisabilityCare Australia Fund Investment Mandate","content":"#### 30 Limitation on DisabilityCare Australia Fund Investment Mandate\n\n (1) The responsible Ministers must not give a direction under subsection 29(1) that has the purpose, or has or is likely to have the effect, of directly or indirectly requiring the Future Fund Board to:\n (a) invest an amount standing to the credit of the DisabilityCare Australia Fund Special Account in a particular financial asset; or\n (b) acquire a particular derivative; or\n (c) allocate financial assets to:\n (i) a particular business entity; or\n (ii) a particular activity; or\n (iii) a particular business.\n (2) Paragraphs (1)(a) and (b) do not limit paragraph (1)(c).","sortOrder":37},{"sectionNumber":"31","sectionType":"section","heading":"Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate","content":"#### 31 Future Fund Board to be consulted on DisabilityCare Australia Fund Investment Mandate\n\n (1) Before giving the Future Fund Board a direction under subsection 29(1), the responsible Ministers must:\n (a) send a draft of the direction to the Future Fund Board; and\n (b) invite the Future Fund Board to make a submission to the responsible Ministers on the draft direction within a time limit specified by the responsible Ministers; and\n (c) consider any submission that is received from the Future Fund Board within that time limit.\n (2) If:\n (a) the responsible Ministers give the Future Fund Board a direction under subsection 29(1); and\n (b) the Future Fund Board made a submission to the responsible Ministers on a draft of the direction within the time limit specified by the responsible Ministers;\n the submission is to be tabled in each House of the Parliament with the direction.\n\n> Note: For tabling of the direction, see section 38 of the Legislation Act 2003.\n\n (3) A time limit specified under this section must be reasonable.","sortOrder":38},{"sectionNumber":"32","sectionType":"section","heading":"Compliance with DisabilityCare Australia Fund Investment Mandate","content":"#### 32 Compliance with DisabilityCare Australia Fund Investment Mandate\n\n (1) The Future Fund Board must take all reasonable steps to comply with the DisabilityCare Australia Fund Investment Mandate.\n (2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:\n (a) informing the responsible Ministers of the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) setting out the action that the Future Fund Board proposes to take in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the DisabilityCare Australia Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:\n (a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the DisabilityCare Australia Fund Investment Mandate; and\n (b) to take action specified in the notice, within a period specified in the notice, in order to comply with the DisabilityCare Australia Fund Investment Mandate.\n (4) The Future Fund Board must comply with a direction under subsection (3).\n (5) A failure to comply with:\n (a) the DisabilityCare Australia Fund Investment Mandate; or\n (b) a direction under subsection (3);\n does not affect the validity of any transaction.\n (6) A direction under subsection (3) is not a legislative instrument.","sortOrder":39},{"sectionNumber":"33","sectionType":"section","heading":"Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001","content":"#### 33 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001\n\n (1) Subsections 606(1A) and (2A) and section 611 of the Corporations Act 2001 do not apply to an acquisition by the Future Fund Board if the acquisition is the result of the performance by the Future Fund Board of its DisabilityCare Australia Fund investment functions.\n (2) A failure by the Future Fund Board to comply with section 606 of the Corporations Act 2001 (as modified by this section) does not affect the validity of any transaction.\n\n> Note: See also section 39 of the Future Fund Act 2006 (application of the Corporations Act 2001).","sortOrder":40},{"sectionNumber":"34","sectionType":"section","heading":"Borrowing","content":"#### 34 Borrowing\n\n (1) The Future Fund Board must not borrow money for a purpose in connection with the DisabilityCare Australia Fund unless the borrowing is authorised by subsection (2) or (3).\n (2) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if:\n (a) the purpose of the borrowing is to enable the Future Fund Board to cover settlement of a transaction for the acquisition of one or more financial assets; and\n (b) at the time the relevant acquisition decision was made, it was likely that the borrowing would not be needed; and\n (c) the period of the borrowing does not exceed 7 days; and\n (d) if the borrowing were to take place, the total amount borrowed by the Future Fund Board would not exceed 10% of the balance of the DisabilityCare Australia Fund.\n (3) The Future Fund Board is authorised to borrow money for a purpose in connection with the DisabilityCare Australia Fund if the borrowing takes place in such circumstances (if any) as are specified in the regulations.","sortOrder":41},{"sectionNumber":"35","sectionType":"section","heading":"DisabilityCare Australia Fund investment policies","content":"#### 35 DisabilityCare Australia Fund investment policies\n\n (1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the DisabilityCare Australia Fund:\n (a) the investment strategy for the DisabilityCare Australia Fund;\n (b) benchmarks and standards for assessing the performance of the DisabilityCare Australia Fund;\n (c) risk management for the DisabilityCare Australia Fund;\n (d) a matter relating to international best practice for institutional investment;\n (e) a matter specified in the regulations.\n\n> Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.\n\n (2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the DisabilityCare Australia Fund Investment Mandate.\n Publication of policies\n (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet.\n (4) The Future Fund Board must ensure that the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section.\n Review of policies\n (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1).\n (6) If there is a change in the DisabilityCare Australia Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1).\n Compliance with policies\n (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1).\n (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction.\n Policies\n (9) A policy formulated under subsection (1) is not a legislative instrument.","sortOrder":42},{"sectionNumber":"36","sectionType":"section","heading":"Derivatives","content":"#### 36 Derivatives\n\n (1) The Future Fund Board may acquire a derivative for the purpose of:\n (a) protecting the value of an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (b) protecting the return on an investment of the DisabilityCare Australia Fund (other than a derivative); or\n (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the DisabilityCare Australia Fund; or\n (d) achieving transactional efficiency for a purpose in connection with the DisabilityCare Australia Fund;\n but must not acquire a derivative for the purpose of:\n (e) speculation; or\n (f) leverage.\n (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Future Fund Board under subsection 35(1).\n (3) A derivative acquired under subsection (1) is to be held in the name of the Future Fund Board.\n (4) A derivative acquired under subsection (1) is taken to be an investment of the DisabilityCare Australia Fund.","sortOrder":43},{"sectionNumber":"37","sectionType":"section","heading":"Additional financial assets","content":"#### 37 Additional financial assets\n\n If, as a result of:\n (a) the Future Fund Board’s holding of an investment of the DisabilityCare Australia Fund; or\n (b) the exercise of any rights or powers conferred on the Future Fund Board in its capacity as the holder of an investment of the DisabilityCare Australia Fund;\n the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.","sortOrder":44},{"sectionNumber":"38","sectionType":"section","heading":"Securities lending arrangements","content":"#### 38 Securities lending arrangements\n\n (1) The Future Fund Board may enter into securities lending arrangements for a purpose in connection with the DisabilityCare Australia Fund.\n (2) Any money received by the Future Fund Board under a securities lending arrangement entered into under subsection (1) is to be credited to the DisabilityCare Australia Fund Special Account.\n (3) To avoid doubt, a securities lending arrangement entered into under subsection (1) may provide for the Future Fund Board to realise an investment of the DisabilityCare Australia Fund.\n (4) If, as the result of the operation of a securities lending arrangement entered into under subsection (1), the Future Fund Board becomes the holder of a financial asset, that financial asset is taken to be an investment of the DisabilityCare Australia Fund.","sortOrder":45},{"sectionNumber":"39","sectionType":"section","heading":"Investment managers","content":"#### 39 Investment managers\n\n (1) The Future Fund Board may engage one or more investment managers for purposes in connection with the DisabilityCare Australia Fund.\n (2) The Future Fund Board must not:\n (a) invest amounts under subsection 27(1); or\n (b) acquire derivatives under subsection 36(1); or\n (c) enter into a securities lending arrangement under subsection 38(1); or\n (d) realise financial assets that are investments of the DisabilityCare Australia Fund;\n unless the Future Fund Board does so:\n (e) through an investment manager engaged by the Future Fund Board under subsection (1) of this section; or\n (f) in a manner approved, in writing, by the responsible Ministers.\n (3) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) operates within this Act.\n (4) The Future Fund Board must ensure that any investment manager engaged by the Future Fund Board under subsection (1) reports to:\n (a) the Future Fund Board; and\n (b) the Agency;\n on the state of the investments of the DisabilityCare Australia Fund at such times and in such manner as the Future Fund Board determines.","sortOrder":46},{"sectionNumber":"41","sectionType":"section","heading":"Refund of franking credits","content":"#### 41 Refund of franking credits\n\n If:\n (a) the Future Fund Board receives a refund of a tax offset under the Income Tax Assessment Act 1997; and\n (b) the tax offset is attributable to an investment of the DisabilityCare Australia Fund;\n the refund is to be credited to the DisabilityCare Australia Fund Special Account.\n\n> Note 1: See also section 84B of the Future Fund Act 2006.\n\n> Note 2: For refunds of tax offsets, see Division 63 of the Income Tax Assessment Act 1997.","sortOrder":47},{"sectionNumber":"42","sectionType":"section","heading":"Realisation of non‑financial assets","content":"#### 42 Realisation of non‑financial assets\n\n (1) If an asset held by the Future Fund Board as an investment of the DisabilityCare Australia Fund ceases to be a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware of the cessation; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had remained a financial asset, and an investment of the DisabilityCare Australia Fund, until the realisation.\n (2) If an asset acquired by the Future Fund Board, purportedly as an investment of the DisabilityCare Australia Fund, is not a financial asset:\n (a) the Future Fund Board must realise the asset as soon as practicable after the Future Fund Board becomes aware that the asset is not a financial asset; and\n (b) this Act (other than this section) applies in relation to the asset (including in relation to the realisation of the asset) as if the asset had been a financial asset, and an investment of the DisabilityCare Australia Fund, from the time of its acquisition by the Future Fund Board until the realisation.","sortOrder":48},{"sectionNumber":"43","sectionType":"section","heading":"Additional function of the Future Fund Board","content":"#### 43 Additional function of the Future Fund Board\n\n The functions of the Future Fund Board include the function of investing amounts in accordance with this Act.","sortOrder":49},{"sectionNumber":"Part 4","sectionType":"part","heading":"Reporting obligations etc.","content":"## Part 4—Reporting obligations etc.","sortOrder":50},{"sectionNumber":"44","sectionType":"section","heading":"Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.","content":"#### 44 Finance Minister to prepare report on balance of DisabilityCare Australia Special Account etc.\n\n (1) At the end of each quarter starting on or after 1 July 2014, the Finance Minister must cause a report to be prepared setting out:\n (a) the balance of the DisabilityCare Australia Fund at the end of the quarter; and\n (b) the total States’ and Territories’ share of the DisabilityCare Australia Fund.\n (2) The Finance Minister must cause the report to be published on the internet as soon as practicable after the end of the quarter.\n (3) In this section:\n\n> quarter means a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October of a year.","sortOrder":51},{"sectionNumber":"45","sectionType":"section","heading":"Finance Minister may require Future Fund Board to prepare reports or give information","content":"#### 45 Finance Minister may require Future Fund Board to prepare reports or give information\n\n Reports\n (1) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a report about one or more specified matters relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the report to the Finance Minister within the period specified in the notice.\n Information\n (2) The Finance Minister may, by written notice given to the Future Fund Board, require the Future Fund Board to:\n (a) prepare a document setting out specified information relating to the performance of the Future Fund Board’s functions under this Act; and\n (b) give copies of the document to the Finance Minister within the period specified in the notice.\n Compliance\n (3) The Future Fund Board must comply with a requirement under subsection (1) or (2).\n Publication of reports and documents\n (4) The Finance Minister may cause to be published (whether on the internet or otherwise):\n (a) a report under subsection (1); or\n (b) a document under subsection (2).\n Reports and documents\n (5) A report under subsection (1) is not a legislative instrument.\n (6) A document under subsection (2) is not a legislative instrument.","sortOrder":52},{"sectionNumber":"46","sectionType":"section","heading":"Keeping the responsible Ministers informed etc.","content":"#### 46 Keeping the responsible Ministers informed etc.\n\n (1) The Future Fund Board must keep the responsible Ministers informed of the operations of the Future Fund Board under this Act.\n (2) The Future Fund Board must give the Finance Minister such reports, documents and information in relation to those operations as are appropriate.","sortOrder":53},{"sectionNumber":"47","sectionType":"section","heading":"Finance Minister may give reports to other Ministers etc.","content":"#### 47 Finance Minister may give reports to other Ministers etc.\n\n The Finance Minister may give:\n (a) the Treasurer; or\n (b) the National Disability Insurance Minister;\n any of the following:\n (c) a report under subsection 45(1) or 46(2);\n (d) a document under subsection 45(2) or 46(2);\n (e) any other information or document obtained by the Finance Minister under this Act.","sortOrder":54},{"sectionNumber":"Part 6","sectionType":"part","heading":"Miscellaneous","content":"## Part 6—Miscellaneous","sortOrder":55},{"sectionNumber":"52","sectionType":"section","heading":"Delegation by the Finance Minister","content":"#### 52 Delegation by the Finance Minister\n\n Department\n (1) The Finance Minister may, by writing, delegate any or all of his or her powers under section 17, 18 or 24 to:\n (a) the Secretary of the Finance Department; or\n (b) an SES employee, or acting SES employee, in the Finance Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.\n Agency\n (3) The Finance Minister may, by writing, delegate any or all of his or her powers under section 24 to:\n (a) the Chair; or\n (b) an SES employee, or acting SES employee, in the Agency.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (4) In exercising powers under a delegation, the delegate must comply with any directions of the Finance Minister.","sortOrder":56},{"sectionNumber":"53","sectionType":"section","heading":"Delegation by the National Disability Insurance Minister","content":"#### 53 Delegation by the National Disability Insurance Minister\n\n (1) The National Disability Insurance Minister may, by writing, delegate his or her power under section 20 to:\n (a) the Secretary of the National Disability Insurance Department; or\n (b) an SES employee, or acting SES employee, in the National Disability Insurance Minister Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.\n\n (2) In exercising powers under a delegation, the delegate must comply with any directions of the National Disability Insurance Minister.","sortOrder":57},{"sectionNumber":"54","sectionType":"section","heading":"Delegation by the Treasurer","content":"#### 54 Delegation by the Treasurer\n\n The Treasurer may, by writing, delegate any or all of his or her functions under section 12 or subsection 21(2) to:\n (a) the Secretary of the Treasury Department; or\n (b) an SES employee, or acting SES employee, in the Treasury Department.\n\n> Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901.","sortOrder":58},{"sectionNumber":"55","sectionType":"section","heading":"Review of operation of Act","content":"#### 55 Review of operation of Act\n\n The responsible Ministers must cause a review of the operation of this Act to be undertaken before:\n (a) unless paragraph (b) applies—30 June 2024; or\n (b) if the responsible Ministers consider that another date is appropriate—that date.","sortOrder":59},{"sectionNumber":"56","sectionType":"section","heading":"Regulations","content":"#### 56 Regulations\n\n The Governor‑General may make regulations prescribing matters:\n (a) required or permitted by this Act to be prescribed; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.","sortOrder":60}],"analysis":{"issue_detection":{"absurdities":[{"type":"circular_definition","section":"Section 8(b)","severity":"medium","reasoning":"Section 8(b) states the object of the Act includes enhancing the Commonwealth's ability 'to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013'. The concept of the Commonwealth reimbursing itself is logically circular — you cannot reimburse yourself; you simply spend money. This framing appears throughout the Act (ss 14(b), 17, 26(1)(b), 29(3)(b)(ii), 29(12)(b)(ii)) and suggests an internal accounting transfer dressed up as a reimbursement, which is a legal fiction of questionable coherence.","confidence":0.75,"description":"The Commonwealth reimburses itself"},{"type":"other","section":"Section 19(3)-(4)","severity":"medium","reasoning":"Section 19(4) provides that any shortfall in State/Territory debits in one financial year is added to the maximum for the next financial year. There is no ceiling on how many years' worth of shortfalls can accumulate, nor any mechanism to prevent the cap from growing indefinitely. In an extreme scenario, if no debits are made for several years, the rolled-over cap could vastly exceed the Fund's balance, rendering the cap meaningless. The provision also refers to 'the increase, if any, under a previous operation of subsection (4)' suggesting iterative compounding but provides no cap on accumulation.","confidence":0.7,"description":"Unspent annual cap automatically rolls over, potentially inflating the cap without limit across successive years"},{"type":"other","section":"Section 53(1)(b)","severity":"low","reasoning":"Section 53(1)(b) provides that the National Disability Insurance Minister may delegate power to 'an SES employee, or acting SES employee, in the National Disability Insurance Minister Department'. The defined term in section 4 is 'National Disability Insurance Department', not 'National Disability Insurance Minister Department'. This is a clear drafting error that creates ambiguity about which department is intended, since 'National Disability Insurance Minister Department' is not a defined term in the Act.","confidence":0.9,"description":"Typographical/drafting error — reference to 'National Disability Insurance Minister Department' instead of 'National Disability Insurance Department'"},{"type":"self_contradicting","section":"Section 29(8) and 29(9)","severity":"medium","reasoning":"Section 29(8) provides that the Investment Mandate prevails over s29(12) (the Future Fund Board's duty to maximise returns) to the extent of any inconsistency. Section 29(9) provides that the Ministers must not give a direction inconsistent with 'this Act (other than subsection (12))'. Read together, the Ministers can give directions that override the Board's core investment duty in s29(12), yet cannot act inconsistently with any other provision of the Act. This creates an odd hierarchy where the Board's fundamental investment obligation is the most easily overridden provision, while ancillary provisions are more protected. The practical effect is that the Ministers can instruct the Board to act contrary to best-return principles, yet cannot override any other procedural or structural provision.","confidence":0.65,"description":"The Investment Mandate prevails over s29(12) but Ministers cannot give a direction inconsistent with the Act other than s29(12) — creating an uncertain carve-out"},{"type":"impossible_compliance","section":"Section 23","severity":"medium","reasoning":"Section 23 requires the Future Fund Board to take 'all reasonable steps' to ensure the Special Account has sufficient money to cover debits 'authorised, or proposed to be authorised, under section 17 or 18'. The Finance Minister alone authorises debits under ss 17 and 18, with no requirement to notify the Future Fund Board of proposed debits before issuing a direction. The Future Fund Board therefore has no formal mechanism to learn of 'proposed' authorisations in advance. It is impossible to take reasonable steps to cover an amount you have no lawful means of knowing in advance.","confidence":0.6,"description":"Future Fund Board obliged to ensure sufficient funds for debits it has no role in authorising"},{"type":"other","section":"Section 55","severity":"low","reasoning":"Section 55 requires the responsible Ministers to cause a review before 30 June 2024, unless they 'consider that another date is appropriate', in which case the review must occur before that other date. This effectively allows the Ministers to defer the review indefinitely by simply nominating a later date, rendering the statutory deadline meaningless. There is no outer limit on the alternative date the Ministers may choose.","confidence":0.72,"description":"Review deadline is self-defeating — the responsible Ministers set their own alternative deadline"},{"type":"other","section":"Part 2 heading and document structure","severity":"high","reasoning":"The document as presented contains at least three complete repetitions of Part 1 (Preliminary), including sections 1-8 with identical text, and then again reproduces Part 2 in full under a heading 'Division 1 Introduction'. While this may be a formatting/compilation artefact, if treated as the operative text of the Act it would mean the same provisions are enacted multiple times, creating uncertainty about which instance is operative and whether any later-appearing instance modifies or replaces the earlier one.","confidence":0.85,"description":"The document contains wholesale duplication of Parts 1 and 2, including all definitions, commencement tables and substantive provisions, appearing to reproduce the entire Act multiple times"}],"contradictions":[{"severity":"medium","section_a":"Section 29(1) — responsible Ministers must give at least one direction","section_b":"Section 29(10) — a direction must not take effect before the 15th day after it is given","confidence":0.6,"description":"If the Investment Mandate must exist before the Future Fund Board can lawfully invest (see s32), but no direction takes effect for 15 days after it is given, there is a gap period during which the Board is obliged to invest (s43, s27) but has no operative Mandate to guide it, and cannot comply with s32(1)."},{"severity":"medium","section_a":"Section 39(2) — Future Fund Board must invest only through an investment manager or with Ministerial approval","section_b":"Section 23 — Future Fund Board must take all reasonable steps to ensure sufficient money in the Special Account","confidence":0.65,"description":"Section 23 imposes an obligation on the Future Fund Board to ensure liquidity (which may require realising investments under s28). Section 39(2)(d) prohibits realisation of financial assets except through an investment manager or with Ministerial written approval. If no investment manager is currently engaged and Ministerial approval cannot be obtained promptly, the Board cannot comply with both obligations simultaneously — it cannot both realise assets quickly to meet a debit and comply with the requirement to act only through approved channels."},{"severity":"high","section_a":"Section 13 — maximum amount of credits for States and Territories (table ends at 2023-2024)","section_b":"Section 19(1) — annual debits must not exceed the maximum amount of credits for States and Territories for the financial year under section 13","confidence":0.8,"description":"The table in section 13 specifies maximum amounts only up to and including the 2023-2024 financial year. Section 19(1) cross-references section 13 as the source of the applicable maximum for each financial year. For financial years after 2023-2024, there is no maximum specified in section 13, meaning either no debits can be made (rendering the Fund inoperative) or there is no cap at all — the provision is silent and internally inconsistent for post-2024 operation. The rollover mechanism in s19(4) partially addresses this but only for accumulated shortfalls, not for years beyond the table."},{"severity":"medium","section_a":"Section 17(1) — Finance Minister may direct debits to reimburse the Commonwealth","section_b":"Section 20 — a grant must not be specified under s18(2) unless the National Disability Insurance Minister has recommended it","confidence":0.55,"description":"Section 17 allows the Finance Minister to unilaterally direct debits from the Special Account to reimburse the Commonwealth with no recommendation requirement. Section 20 imposes a mandatory recommendation requirement from the National Disability Insurance Minister before any State/Territory grant can be specified. This creates an asymmetry where Commonwealth reimbursements face no independent check, while State/Territory grants require an additional ministerial step. While not a direct logical contradiction, this structural inconsistency means the safeguard in s20 can be circumvented by characterising a payment as Commonwealth reimbursement rather than a State/Territory grant."},{"severity":"low","section_a":"Section 27(4) — section 27 does not authorise acquisition of a derivative","section_b":"Section 39(2)(b) — Future Fund Board must not acquire derivatives under s36(1) except through an investment manager or with Ministerial approval","confidence":0.5,"description":"Section 36(4) provides that a derivative acquired under s36(1) is taken to be an investment of the DisabilityCare Australia Fund. The definition of 'DisabilityCare Australia Fund investment function' in s4 includes powers conferred by s36. However, s39(2) requires that all derivative acquisitions under s36(1) be made through an investment manager or with Ministerial approval, while s36 on its face confers the power directly on the Future Fund Board. The Board therefore holds a power it cannot directly exercise without an intermediary, creating a structural inconsistency between the grant of power and its permitted mode of exercise."}]},"kimi_summary":{"_metrics":{"completionTokens":619},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":false,"description":"The legislation appears consistent with its original purpose. It establishes a dedicated fund for NDIS reimbursement with investment and payment mechanisms as originally enacted. No significant scope expansion is evident from the provided text."},"complexity_factors":["Multiple commencement dates with conditional triggers (e.g., 'the later of 1 July 2014 or commencement of Schedule 1 to the Medicare Levy Amendment Act')","Extensive cross-referencing to other legislation (Future Fund Act 2006, Corporations Act 2001, Public Governance Performance and Accountability Act 2013, etc.)","Detailed statutory table prescribing maximum annual amounts for 10 financial years (2014-15 to 2023-24)","Complex defined terms including nested definitions ('financial asset' defined by reference to Future Fund Act 2006)","Layered purposes for the Special Account — main purposes, exclusive purposes, and non-exclusive purposes with extensive cross-references to other funds","Conditional borrowing powers with multiple cumulative requirements (7-day limit, 10% balance cap, etc.)","Investment Mandate framework with hierarchy of compliance and limitations on ministerial directions","Inter-fund transfer mechanisms between DisabilityCare Australia Fund and Future Fund"],"plain_english_summary":"This Act creates a **special savings and investment fund** to help pay for Australia's National Disability Insurance Scheme (NDIS).\n\n**What it does:**\n- Establishes the **DisabilityCare Australia Fund** — a pool of money made up of a special government bank account plus investments\n- The **Treasurer** decides how much money goes into the fund\n- The **Future Fund Board** (the same body that manages Australia's sovereign wealth fund) invests the money to earn returns\n- Money from the fund is used to **reimburse** (pay back) both the Commonwealth and the States/Territories for money they've spent on the NDIS\n\n**Key features:**\n- **Annual caps** on how much can be paid to States/Territories — starting at $825 million in 2014-15 and rising to over $1.1 billion by 2023-24\n- **Investment rules**: The Future Fund Board must follow an \"Investment Mandate\" set by the Treasurer and Finance Minister, aiming to maximise returns while protecting the fund's ability to pay for disability services\n- **Restrictions**: The Board can't be forced to invest in specific companies or assets, and can't use derivatives for speculation\n\n**Who it affects:**\n- People with disabilities (indirectly — this funds the NDIS)\n- State and Territory governments (they get reimbursed for NDIS spending)\n- The Future Fund Board and its investment managers\n\n**Why it matters:**\nThis was the original funding mechanism for the NDIS, designed to build up a pool of invested funds that could grow over time and help cover the scheme's costs. (Note: \"DisabilityCare Australia\" was the original name for what became the NDIS.)"},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":7,"scope_assessment":{"changed":false,"description":"The Act's scope remains consistent with its original intent — establishing a dedicated investment fund to financially support the NDIS by reimbursing Commonwealth, State and Territory governments for NDIS expenditure and funding early implementation. The cross-references to additional fund Acts (such as the Disaster Ready Fund and Housing Australia Future Fund) in the shared-costs provisions reflect administrative updates as new sovereign funds were created using the same Future Fund Board infrastructure, but do not alter the Fund's core purpose or scope."},"complexity_factors":["Multiple interlocking government funds and accounts (DisabilityCare Australia Fund, Federation Reform Fund, Future Fund Special Account, Transitional Special Account) requiring understanding of how money flows between them","Dependency on multiple other Acts: Future Fund Act 2006, Medicare Levy Amendment (DisabilityCare Australia) Act 2013, Public Governance Performance and Accountability Act 2013, Corporations Act 2001, Federation Reform Fund Act 2008, and several other fund acts","Complex staged commencement structure with conditional provisions that only take effect if companion Medicare Levy legislation commences","Layered investment governance framework including Investment Mandate, investment policies, compliance obligations, and modified application of Corporations Act takeover provisions","Intricate debit/credit mechanics with annual caps, rollover provisions for unused amounts, and multi-ministerial approval chains (Finance Minister acts on recommendation of National Disability Insurance Minister)","Cross-references to provisions in multiple other fund Acts (Disaster Ready Fund, Housing Australia Future Fund, Future Drought Fund, Medical Research Future Fund, Aboriginal and Torres Strait Islander Land and Sea Future Fund) for shared cost allocation","Technical financial concepts: derivatives, securities lending arrangements, franking credit refunds, and the distinction between financial and non-financial assets","Multiple delegation chains across three ministers and several departments/agencies"],"plain_english_summary":"The Act establishes the DisabilityCare Australia Fund — a government savings and investment vehicle, managed by the Future Fund Board, to provide long‑term financing for the National Disability Insurance Scheme. Funded mainly by a Medicare Levy increase, it holds a special account and investments, pays reimbursements to states, territories and the Commonwealth for NDIS costs, and is tightly managed and reported to ensure sustainable support for people with disability and taxpayers."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"Yes. The Act as shown includes later cross‑references and purpose links that broaden administrative interactions beyond the original narrowly stated NDIS reimbursement purpose. For example, section 16 (purposes not related exclusively to the DisabilityCare Australia Fund) now lists other Future Fund‑style Acts (Disaster Ready Fund Act 2019, Future Drought Fund Act 2019, Medical Research Future Fund Act 2015, Housing Australia Future Fund Act 2023, Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018). Those additions (inserted after the Act’s original enactment) extend how the Special Account can be used to pay costs where those costs are not covered by other funds, creating tighter administrative linkage and shared expense coverage across multiple Commonwealth special‑account vehicles. Mechanically, that increases the Fund’s administrative and payment role beyond the original explicit purpose of holding and investing money to reimburse States/Territories and the Commonwealth for NDIS‑related expenditure (sections 8, 14–15). It therefore represents a significant growth in operational scope — from a single‑purpose reimbursement fund to a node in a network of Commonwealth special accounts that can share certain operating expenses and inter‑fund transfers (see sections 15–16, 24)."},"complexity_factors":["Extensive interpretation/definitions section (section 4) with ~40 defined terms and cross‑references","Interlocking governance roles and delegated powers across multiple office holders (Treasurer, Finance Minister, National Disability Insurance Minister, Future Fund Board) with delegation rules (sections 12, 17–18, 20, 29, 52–54)","Investment Mandate regime that is a legislative instrument with consultation, but with statutory limits (sections 29–31, 30)","Multiple cross‑references to several external Acts (Future Fund Act 2006, Public Governance, Performance and Accountability Act 2013, Corporations Act 2001, Income Tax Assessment Act 1997)","Table of annual maximum credits (section 13) and mechanics to carry forward shortfalls (section 19) — time‑indexed numeric schedule","Conditional commencement provisions and references to commencement of other Acts (complex start dates in section 2)","Detailed operational rules for investments (derivatives, securities lending, use of managers) with exceptions and limits (sections 36–39)","Reporting and review obligations (quarterly public reports, ad hoc ministerial requests, statutory review) spread across several provisions (sections 44–55)","Provisions that modify application of general Commonwealth investment law (e.g. exclusion of PGPA section 58 in section 28(6))","Multiple nested conditional subsections and non‑legislative instrument statements adding to interpretive complexity (e.g. directions, notices, delegations)"],"plain_english_summary":"**What this Act does (mechanics)\n\n- Establishes the DisabilityCare Australia Fund made up of a Special Account and the Fund's investments (sections 10–11). \n- Gives the Treasurer power to put money into the Special Account by written determination (section 12). \n- Gives the Finance Minister power to direct amounts to be taken out (debited) from the Special Account either: \n - to reimburse the Commonwealth (transfer to the general Consolidated Revenue Fund) (section 17); or \n - to be credited to the Federation Reform Fund so that amounts can then be paid as grants to States and Territories to reimburse expenditure under the National Disability Insurance Scheme Act 2013 (sections 18, 21–22). \n- Sets an annual cap on the total amount that can be debited to reimburse States and Territories (the table in section 13 and the cap mechanics in section 19). \n- Requires the Future Fund Board to invest the Fund’s money in financial assets and to manage those investments (sections 26–29, 27–28). \n- Allows the responsible Ministers (Treasurer and Finance Minister) to give a written Investment Mandate to the Future Fund Board directing how to perform its investment functions (section 29), but forbids Ministers from directing the Board to buy a particular asset, derivative or to allocate to a particular business/activity (section 30). \n- Permits the Future Fund Board to use investment managers, to acquire derivatives for hedging / transactional purposes (not for speculation or leverage), and to enter securities‑lending arrangements (sections 36, 38–39). \n- Establishes reporting and oversight duties (quarterly public reporting of the Fund balance and States’ share (section 44), ad hoc Ministerial information requests (section 45), and ongoing reporting to the responsible Ministers (sections 45–47)). \n- Provides for delegations, a required statutory review (section 55) and regulation‑making power (section 56).\n\n**Who is affected and who decides\n\n- Decision‑makers: \n - Treasurer: decides (by written determination) what amounts are credited to the Special Account (section 12) and may delegate that function (section 54). \n - Finance Minister: authorises debits from the Special Account (sections 17–18), may direct inter‑fund transfers (section 24) and may delegate these powers (section 52). \n - National Disability Insurance Minister: must recommend grants to be specified for States/Territories (section 20) and may delegate that function (section 53). \n - Responsible Ministers (Treasurer and Finance Minister): set the Investment Mandate for the Future Fund Board (section 29). \n - Future Fund Board: carries out the investment function in accordance with the Act and the Investment Mandate (sections 27–29, 43). \n- Those economically affected: \n - States and Territories: recipients of the reimbursements channelled through the Federation Reform Fund (sections 18, 21–22). \n - The Commonwealth budget/taxpayers: payers of amounts credited to and debited from the Fund and liable for any shortfall between obligations and Fund performance (sections 12, 17, 19). \n - Investment managers, custodians and financial counterparties: potential contractors and counterparties to the Future Fund Board (sections 39, 38, 36).\n\n**Why it matters (stated purpose, then practical implications)\n\n- Stated purpose: the Act exists to enhance the Commonwealth’s ability to reimburse States/Territories and the Commonwealth for expenditure under the National Disability Insurance Scheme Act 2013 and to fund early implementation costs (section 8). \n\n- Practical implications and trade‑offs: \n - Centralises a pool of money to meet NDIS‑related reimbursement and early implementation needs, while aiming to grow that pool by investing it in financial assets (sections 10, 26–28). \n - Concentrated benefits: States and Territories receive identifiable, scheduled reimbursements (sections 13, 18). \n - Diffuse costs: the source of credits and ultimate backstop is Commonwealth revenue (sections 12, 17) — budgetary cost is borne by the Australian Government (and ultimately taxpayers). \n - Investment risk and fiscal risk: returns are uncertain; if investment returns are lower than expected the Commonwealth remains responsible for meeting policy obligations and the Future Fund Board may need to realise assets to meet authorised debits (section 23). \n - Administrative flexibility vs political control: Ministers can set an Investment Mandate (section 29) but are legally restricted from ordering the Board to buy particular assets or to target particular businesses/activities (section 30). This balances ministerial direction with professional investment discretion. \n - Compliance and operating burden: the Future Fund Board and the Agency must manage investment policies, hire/oversee managers, comply with reporting requirements and ensure liquidity for scheduled debits (sections 35, 39, 44–46, 23). \n - Inter‑fund interactions: the Act allows transfers to and from other special accounts (Future Fund Special Account and Federation Reform Fund) under written directions (sections 18, 24), which creates administrative interdependence among funds.\n\n**Effects on markets, private enterprise and contract freedom\n\n- The Fund invests in ordinary financial assets and uses private sector investment managers and counterparties (sections 27, 39). That preserves contract freedom for the Future Fund Board to engage external managers and counterparties. \n- The Act does not give Ministers power to compel investment in a specific private firm, product or activity (section 30). That limits risk of politically directed, single‑firm support through the Fund. \n- Because investments may include derivatives and securities‑lending (sections 36, 38), the Fund can engage in standard institutional investment practices; these activities may competitively interact with private funds (but the Act imposes professional investment duties and public reporting obligations to mitigate misuse).\n\n**Concrete behavioural changes the law creates\n\n- The Treasurer will determine and credit amounts into the Special Account (section 12). \n- The Finance Minister will authorise debits (section 17) and channel reimbursements through the Federation Reform Fund when authorised (section 18). \n- The Future Fund Board will actively invest and manage the Fund’s assets in accordance with the Investment Mandate and its investment policies; it must ensure sufficient liquidity to meet authorised debits (sections 29, 35, 23). \n- The Future Fund Board will engage investment managers and counterparties under statutory constraints and reporting obligations (sections 39, 45–46).\n\n**Key statutory references (examples)**\n- Establishment and composition: sections 10–11. \n- Treasurer credits: section 12. \n- Annual caps for State/Territory credits: section 13 and table; cap mechanics: section 19. \n- Purpose to reimburse States/Territories and Commonwealth: sections 14–16, 17–18. \n- Investment powers and limits, and Investment Mandate: sections 26–36 and 29–31. \n- Reporting: sections 44–47. \n- Delegations and review: sections 52–55.\n"}},"importantCases":[],"_links":{"self":"/api/acts/disabilitycare-australia-fund-act-2013","history":"/api/acts/disabilitycare-australia-fund-act-2013/history","analysis":"/api/acts/disabilitycare-australia-fund-act-2013/analysis","conflicts":"/api/acts/disabilitycare-australia-fund-act-2013/conflicts","importantCases":"/api/acts/disabilitycare-australia-fund-act-2013/important-cases","documents":"/api/acts/disabilitycare-australia-fund-act-2013/documents"}}