{"id":"qld:act-2020-029","name":"Queensland Future Fund Act 2020","slug":"queensland-future-fund-act-2020","collection":"act","jurisdiction":"qld","status":"in_force","isInForce":true,"actNumber":"29 of 2020","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":29569,"registerId":"qld-act-2020-029-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"pt.1","sectionType":"part","heading":"Preliminary","content":"# Preliminary","sortOrder":0},{"sectionNumber":"sec.1","sectionType":"section","heading":"Short title","content":"### sec.1 Short title\n\nThis Act may be cited as the Queensland Future Fund Act 2020 .","sortOrder":1},{"sectionNumber":"sec.2","sectionType":"section","heading":"Definitions","content":"### sec.2 Definitions\n\nIn this Act—\nDebt Retirement Fund see section 9 (1) .\nQueensland Future Fund see section 4 .","sortOrder":2},{"sectionNumber":"sec.3","sectionType":"section","heading":"Act binds all persons","content":"### sec.3 Act binds all persons\n\nThis Act binds all persons, including the State.","sortOrder":3},{"sectionNumber":"pt.2","sectionType":"part","heading":"Queensland Future Fund","content":"# Queensland Future Fund","sortOrder":4},{"sectionNumber":"pt.2-div.1","sectionType":"division","heading":"Preliminary","content":"## Preliminary","sortOrder":5},{"sectionNumber":"sec.4","sectionType":"section","heading":"Meaning of Queensland Future Fund","content":"### sec.4 Meaning of Queensland Future Fund\n\nA fund established under this Act is a Queensland Future Fund .","sortOrder":6},{"sectionNumber":"sec.5","sectionType":"section","heading":"Administration of Queensland Future Fund","content":"### sec.5 Administration of Queensland Future Fund\n\nThe Treasurer is responsible for administering a Queensland Future Fund.\nA Queensland Future Fund does not form part of the consolidated fund.\nAccounts for a Queensland Future Fund must be kept as special purpose accounts of the department under the Financial Accountability Act 2009 .\nUnder the Financial Accountability Act 2009 , section 69A (3) , special purpose accounts under that Act are not, and do not form part of, departmental accounts under that Act.\n(sec.5-ssec.1) The Treasurer is responsible for administering a Queensland Future Fund.\n(sec.5-ssec.2) A Queensland Future Fund does not form part of the consolidated fund.\n(sec.5-ssec.3) Accounts for a Queensland Future Fund must be kept as special purpose accounts of the department under the Financial Accountability Act 2009 . Under the Financial Accountability Act 2009 , section 69A (3) , special purpose accounts under that Act are not, and do not form part of, departmental accounts under that Act.","sortOrder":7},{"sectionNumber":"sec.6","sectionType":"section","heading":"Treasurer may have regard to relevant information","content":"### sec.6 Treasurer may have regard to relevant information\n\nIn performing a function or exercising a power under this Act, the Treasurer may have regard to any information the Treasurer considers relevant, including, for example, information or advice provided to the Treasurer by another entity.","sortOrder":8},{"sectionNumber":"sec.7","sectionType":"section","heading":"Information about Queensland Future Fund to be included in annual financial statements","content":"### sec.7 Information about Queensland Future Fund to be included in annual financial statements\n\nThe department’s annual financial statements prepared under the Financial Accountability Act 2009 , section 62 for a financial year must include the following information about a Queensland Future Fund—\ndetails of contributions made to the fund in the financial year;\ndetails of payments made from the fund in the financial year, including the purpose of each payment and whether the payment was made in compliance with this Act.\n- (a) details of contributions made to the fund in the financial year;\n- (b) details of payments made from the fund in the financial year, including the purpose of each payment and whether the payment was made in compliance with this Act.","sortOrder":9},{"sectionNumber":"sec.8","sectionType":"section","heading":"Particular State assets given for purpose of contributing to Queensland Future Fund must be held by State","content":"### sec.8 Particular State assets given for purpose of contributing to Queensland Future Fund must be held by State\n\nThis section applies in relation to a prescribed State asset that is given by a State entity to another State entity for the purpose of contributing an investment to a Queensland Future Fund.\nThe prescribed State asset must be held, directly or indirectly, by a State entity in perpetuity.\nIn this section—\nprescribed State asset means an asset or part of an asset, or an interest in an asset or part of an asset, that—\nimmediately before being given to a State entity for the purpose of contributing an investment to a Queensland Future Fund, is held, directly or indirectly, by a State entity; and\nis prescribed by regulation to be a prescribed State asset.\nState entity means—\na government entity under the Public Sector Act 2022 , section 276 ; or\na government owned corporation.\ns 8 amd 2022 No. 34 s 365 sch 3\n(sec.8-ssec.1) This section applies in relation to a prescribed State asset that is given by a State entity to another State entity for the purpose of contributing an investment to a Queensland Future Fund.\n(sec.8-ssec.2) The prescribed State asset must be held, directly or indirectly, by a State entity in perpetuity.\n(sec.8-ssec.3) In this section— prescribed State asset means an asset or part of an asset, or an interest in an asset or part of an asset, that— immediately before being given to a State entity for the purpose of contributing an investment to a Queensland Future Fund, is held, directly or indirectly, by a State entity; and is prescribed by regulation to be a prescribed State asset. State entity means— a government entity under the Public Sector Act 2022 , section 276 ; or a government owned corporation.\n- (a) immediately before being given to a State entity for the purpose of contributing an investment to a Queensland Future Fund, is held, directly or indirectly, by a State entity; and\n- (b) is prescribed by regulation to be a prescribed State asset.\n- (a) a government entity under the Public Sector Act 2022 , section 276 ; or\n- (b) a government owned corporation.","sortOrder":10},{"sectionNumber":"pt.2-div.2","sectionType":"division","heading":"Debt Retirement Fund","content":"## Debt Retirement Fund","sortOrder":11},{"sectionNumber":"sec.9","sectionType":"section","heading":"Establishment and purpose of Debt Retirement Fund","content":"### sec.9 Establishment and purpose of Debt Retirement Fund\n\nThe Queensland Future (Debt Retirement) Fund (the Debt Retirement Fund ) is established.\nThe purpose of the Debt Retirement Fund is to provide funding for reducing the State’s debt.\n(sec.9-ssec.1) The Queensland Future (Debt Retirement) Fund (the Debt Retirement Fund ) is established.\n(sec.9-ssec.2) The purpose of the Debt Retirement Fund is to provide funding for reducing the State’s debt.","sortOrder":12},{"sectionNumber":"sec.10","sectionType":"section","heading":"Contributions to Debt Retirement Fund","content":"### sec.10 Contributions to Debt Retirement Fund\n\nThe following must be contributed to the Debt Retirement Fund—\nan investment the Treasurer directs be contributed to the fund;\nan amount that must be contributed to the fund under another Act;\nmoneys from an investment contributed to the fund.\nAlso, an amount may be contributed to the fund if another Act states the amount may be contributed to the fund.\n(sec.10-ssec.1) The following must be contributed to the Debt Retirement Fund— an investment the Treasurer directs be contributed to the fund; an amount that must be contributed to the fund under another Act; moneys from an investment contributed to the fund.\n(sec.10-ssec.2) Also, an amount may be contributed to the fund if another Act states the amount may be contributed to the fund.\n- (a) an investment the Treasurer directs be contributed to the fund;\n- (b) an amount that must be contributed to the fund under another Act;\n- (c) moneys from an investment contributed to the fund.","sortOrder":13},{"sectionNumber":"sec.11","sectionType":"section","heading":"Payments from Debt Retirement Fund","content":"### sec.11 Payments from Debt Retirement Fund\n\nA payment from the Debt Retirement Fund may be made only for the following purposes—\npaying an amount to reduce the State’s debt;\npaying fees or expenses relating to the administration of the fund.\n- (a) paying an amount to reduce the State’s debt;\n- (b) paying fees or expenses relating to the administration of the fund.","sortOrder":14},{"sectionNumber":"pt.3","sectionType":"part","heading":"Miscellaneous","content":"# Miscellaneous","sortOrder":15},{"sectionNumber":"sec.12","sectionType":"section","heading":"Delegations","content":"### sec.12 Delegations\n\nThe Treasurer may delegate the Treasurer’s functions or powers under this Act to the accountable officer, other than a function or power in relation to the making of a payment from the Debt Retirement Fund to reduce the State’s debt.\nIn this section—\naccountable officer means the accountable officer of the department under the Financial Accountability Act 2009 .\n(sec.12-ssec.1) The Treasurer may delegate the Treasurer’s functions or powers under this Act to the accountable officer, other than a function or power in relation to the making of a payment from the Debt Retirement Fund to reduce the State’s debt.\n(sec.12-ssec.2) In this section— accountable officer means the accountable officer of the department under the Financial Accountability Act 2009 .","sortOrder":16},{"sectionNumber":"sec.13","sectionType":"section","heading":"Regulation-making power","content":"### sec.13 Regulation-making power\n\nThe Governor in Council may make regulations under this Act.","sortOrder":17}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of establishing a framework for future funds with the specific initial implementation being the Debt Retirement Fund. There is no evidence of scope creep; the Act establishes the mechanism (Queensland Future Fund) and immediately implements one instance (Debt Retirement Fund) without expanding into unrelated policy areas."},"complexity_factors":["Short statute with only 13 sections and straightforward structure","Minimal defined terms (only 4: 'Debt Retirement Fund', 'Queensland Future Fund', 'prescribed State asset', 'State entity', 'accountable officer')","Simple conditional logic—most provisions are directive rather than conditional","Limited cross-referencing (only references to Financial Accountability Act 2009 and Public Sector Act 2022 for administrative context)","No nested exceptions or complex temporal provisions","Single purpose framework with clear restrictions on fund usage","Regulation-making power exists but is standard and not heavily relied upon for core operation"],"plain_english_summary":"This legislation creates a special government savings account called the **Queensland Future Fund**, designed to help manage the state's finances. The first (and currently only) fund established under this law is the **Debt Retirement Fund**, which exists specifically to pay down Queensland's government debt.\n\n**Key points:**\n\n- **Who runs it:** The Treasurer (Queensland's finance minister) manages the fund, though they can delegate some tasks to senior public servants—except for the actual decision to use the money to pay off debt.\n\n- **How it works:** Money goes into the fund through investments directed by the Treasurer, amounts required by other laws, or returns from existing investments. The fund operates as a \"special purpose account\"—meaning it's kept separate from the government's main bank account (the consolidated fund) and has its own distinct bookkeeping.\n\n- **What the money can be used for:** Strictly limited to two things—reducing state debt, and paying the administrative costs of running the fund itself.\n\n- **Special rule for state assets:** If the government transfers certain state-owned assets into the fund (like property or infrastructure), those assets must remain owned by a government entity forever—they can't be sold off to private owners.\n\n- **Transparency:** The fund's activities must be reported in the government's annual financial statements, showing what went in, what went out, and whether spending followed the rules.\n\n**Why it matters:** This creates a dedicated, legally protected pool of money that future governments can't easily raid for other purposes. It locks in funds specifically for debt reduction, making it harder for political pressures to divert the money elsewhere."},"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":4,"scope_assessment":{"changed":false,"description":"The Act's scope appears consistent with its stated intent. It establishes a framework for Queensland Future Funds and creates the Debt Retirement Fund for the specific purpose of reducing state debt. There is no evidence of scope creep — the Act is tightly focused on fund establishment, contribution rules, permissible payments, and accountability mechanisms. The framework's generality (allowing future funds to be created) appears to have been a deliberate design choice rather than an expansion of original purpose."},"complexity_factors":["Cross-references to multiple other Acts (Financial Accountability Act 2009, Public Sector Act 2022) that must be read alongside this Act to fully understand obligations","Layered fund structure — the Act creates a general 'Queensland Future Fund' framework plus one specific fund (Debt Retirement Fund), which could cause confusion about the distinction","The concept of 'prescribed State assets' and what qualifies is left to future regulations, creating incomplete picture from the Act alone","Technical financial/accounting concepts (special purpose accounts, consolidated fund, departmental accounts) that require familiarity with government financial frameworks","The perpetuity requirement on State asset ownership has significant long-term legal implications that are not elaborated upon in the Act itself"],"plain_english_summary":"## Queensland Future Fund Act 2020\n\n### What does this law do?\n\nThis Act creates a framework for the Queensland Government to set up special savings/investment funds, separate from the main government budget (the \"consolidated fund\"), to be managed by the Treasurer. The first fund it actually establishes is the **Debt Retirement Fund** — a dedicated pool of money with one main job: **paying down Queensland's state debt**.\n\n### Who does it affect?\n\n- **Queensland taxpayers** — this law is about how the government manages and reduces public debt on behalf of the community\n- **State government entities** — including government departments and government-owned corporations (like energy companies), which may be required to transfer assets into these funds\n- **The Treasurer** — given broad powers to direct investments into the fund and consult any relevant information in doing so\n\n### Key points to understand\n\n- **Separate from the main budget**: Money in a Queensland Future Fund is kept in special accounts and cannot be mixed with the general government budget. This provides a degree of quarantine and protection.\n- **Debt Retirement Fund**: The one fund actually created by this Act. Money goes in (from investments, Treasurer directions, or other laws), and can only come out to **pay off state debt** or cover administration costs. The Treasurer personally must authorise any debt repayments — this cannot be delegated.\n- **State assets stay in State hands**: If a government-owned asset (e.g. part of a power network) is transferred into a Queensland Future Fund, it **must remain owned by a government entity forever**. It cannot be privatised or sold to private hands as a result of this process.\n- **Transparency**: The annual financial statements of the relevant department must report on all contributions and payments in and out of the fund, including whether payments were lawful.\n- **Binds everyone including the State**: The law applies to the Queensland Government itself, not just private individuals.\n\n### Why does it matter?\n\nThis law creates a structured, legally protected mechanism for Queensland to save and invest money specifically to chip away at state debt — rather than those funds being redirected to other spending. It also creates a legal guarantee that government assets transferred into the fund cannot end up in private hands."},"issue_detection":{"absurdities":[{"type":"circular_definition","section":"sec.4","severity":"medium","reasoning":"Section 4 defines a Queensland Future Fund as 'a fund established under this Act', using the indefinite article 'a' throughout. This means the Act contemplates an unlimited number of Queensland Future Funds, yet the Act only actually establishes one fund (the Debt Retirement Fund under s.9). The definition provides no criteria distinguishing one fund from another, no cap on how many may exist, and no mechanism beyond s.9 for establishing them. The plural, open-ended definition is never operationalised beyond the single fund, making the general framework provisions (ss.5-8) largely theoretical superstructure over a single concrete fund.","confidence":0.72,"description":"Circular and indefinitely plural definition of 'Queensland Future Fund'"},{"type":"impossible_compliance","section":"sec.8","severity":"high","reasoning":"Section 8(2) requires that a prescribed State asset contributed to a Queensland Future Fund must be held by a State entity 'in perpetuity'. However, the entire purpose of the Debt Retirement Fund under s.9(2) is to provide funding for reducing the State's debt, and s.11(a) expressly permits payments from the fund to reduce State debt. If a prescribed State asset (e.g. an infrastructure asset transferred to the fund) must be held in perpetuity, it can never be liquidated or expended to retire debt, rendering the contribution to the fund meaningless for its statutory purpose. The perpetual holding obligation is irreconcilable with the fund's spending mandate.","confidence":0.85,"description":"Asset must be held 'in perpetuity' creating an impossible compliance obligation for a fund whose purpose is to spend money"},{"type":"circular_definition","section":"sec.10","severity":"medium","reasoning":"Section 10(1)(c) provides that 'moneys from an investment contributed to the fund' must be contributed to the Debt Retirement Fund. On its face, this means that income or proceeds generated by assets already in the fund must be contributed to the fund — i.e. they must go into the fund from the fund. While this may be intended to mean that returns are retained within the fund rather than paid out, the drafting creates a circular obligation: money that arises from fund assets is required to be 'contributed' to the same fund it already belongs to. This is logically vacuous — one cannot contribute to a fund something that is already in it.","confidence":0.78,"description":"Circular contribution: moneys from an investment contributed to the fund must be contributed back to the fund"},{"type":"other","section":"sec.7","severity":"low","reasoning":"Section 7(b) requires that annual financial statements include details of payments from the fund 'including whether the payment was made in compliance with this Act'. This presupposes that non-compliant payments are possible and will be disclosed. However, the Act contains no provision invalidating non-compliant payments, no penalty for making them, and no mechanism to recover or reverse them. The reporting obligation acknowledges illegality can occur but provides no legal consequence, making the compliance disclosure purely informational and legally toothless.","confidence":0.68,"description":"Annual reporting obligation requires disclosure of whether payments complied with the Act, but there is no enforcement mechanism or consequence specified for non-compliant payments"}],"contradictions":[{"severity":"high","section_a":"sec.8(2)","section_b":"sec.11(a)","confidence":0.82,"description":"Prescribed State assets must be held in perpetuity, but payments from the fund to retire debt are expressly permitted"},{"severity":"low","section_a":"sec.4","section_b":"sec.9(1)","confidence":0.6,"description":"Section 4 defines a Queensland Future Fund as any fund 'established under this Act', implying multiple funds may exist. Section 9 establishes only one specific fund (the Debt Retirement Fund). The general framework in ss.5-8 applies to 'a Queensland Future Fund' but has no operative second fund to attach to, creating a structural contradiction between the Act's general framework and its sole operative instrument."},{"severity":"medium","section_a":"sec.12(1)","section_b":"sec.11(b)","confidence":0.55,"description":"Section 12(1) prohibits delegation of any function or power 'in relation to the making of a payment from the Debt Retirement Fund to reduce the State's debt', but does not restrict delegation of the power to make payments for fees or expenses of administration under s.11(b). This asymmetry is internally consistent on its face but creates a practical contradiction: the Treasurer personally controls debt reduction payments but can delegate administrative expense payments, meaning a delegated officer could potentially manipulate what is characterised as an 'administrative expense' to circumvent the non-delegable debt retirement payment restriction."}]}},"importantCases":[],"_links":{"self":"/api/acts/queensland-future-fund-act-2020","history":"/api/acts/queensland-future-fund-act-2020/history","analysis":"/api/acts/queensland-future-fund-act-2020/analysis","conflicts":"/api/acts/queensland-future-fund-act-2020/conflicts","importantCases":"/api/acts/queensland-future-fund-act-2020/important-cases","documents":"/api/acts/queensland-future-fund-act-2020/documents"}}