{"id":"victorian-future-fund-act-2023","name":"Victorian Future Fund Act 2023","slug":"victorian-future-fund-act-2023","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":178674,"registerId":"vic-victorian-future-fund-act-2023-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Victorian Future Fund Act 2023","content":"Version No. 002\n\n**Victorian Future Fund Act 2023**\n\n**No. 19 of 2023**\n\nVersion incorporating amendments as at  \n23 May 2025\n\n**TABLE OF PROVISIONS**\n\n*Section Page*\n\nPart 1—Preliminary 1\n\n1 Purposes 1\n\n2 Commencement 1\n\n3 Definitions 1\n\n4 Act binds the Crown 2\n\nPart 2—Victorian Future Fund 3\n\n5 Establishment and purpose of Fund 3\n\n6 Administration of Fund 3\n\n7 Application of Financial Management and Victorian Funds Management Corporation Acts 3\n\n8 Payments into the Fund 3\n\n9 Payments from the Fund 4\n\nPart 3—Management, reporting and auditing 5\n\n10 Appointment of fund manager 5\n\n11 Reporting 5\n\n12 Audit of Fund 6\n\nPart 4—General 7\n\n13 Regulations 7\n\n═════════════\n\nEndnotes 8\n\n1 General information 8\n\n2 Table of Amendments 10\n\n3 Explanatory details 11\n\n**Version No.** **002**\n\n**Victorian Future Fund Act 2023**\n\n**No. 19 of 2023**\n\nVersion incorporating amendments as at  \n23 May 2025\n\n**The Parliament of Victoria enacts:**\n\nPart 1—Preliminary\n\n\t1 Purposes\n\nThe purposes of this Act are—\n\n(a) to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used; and\n\n(b) to amend the **Duties Act 2000**.\n\n\t2 Commencement\n\n(1) Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed.\n\n(2) If a provision of this Act does not come into operation before 23 May 2024, it comes into operation on that day.\n\n\t3 Definitions\n\nIn this Act—\n\n***fund manager*** means—\n\n(a) the Victorian Funds Management Corporation, if an appointment under section 9A(3) of the **Victorian Funds Management Corporation Act 1994** is in effect in respect of the Victorian Future Fund; or\n\n(b) a person appointed under section 10, if an appointment referred to in paragraph (a) is not in effect;\n\n***public entity*** means any of the following—\n\n(a) a public entity within the meaning of the **Public Administration Act 2004**;\n\n(b) a public body within the meaning of the **Financial Management Act 1994**;\n\n(c) an entity prescribed by the regulations;\n\n***Secretary*** means Secretary to the Department of Treasury and Finance;\n\n***VicRoads Modernisation*** means the transfer of shares in R&L Services Victoria Pty Ltd (A.C.N. 657 005 493) and CP Services Victoria Pty Ltd (A.C.N. 657 005 439) and units in the Victorian R&L Services Trust and Victorian CP Services Trust, and related arrangements;\n\n***Victorian Funds Management Corporation*** means the body established by section 5(1) of the **Victorian Funds Management Corporation Act 1994**.\n\n\t4 Act binds the Crown\n\nThis Act binds the Crown in right of Victoria and, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.\n\nPart 2—Victorian Future Fund\n\n\t5 Establishment and purpose of Fund\n\n(1) There is established in the Public Account as part of the Trust Fund an account to be known as the Victorian Future Fund.\n\n(2) The purpose of the Victorian Future Fund is to provide funding for reducing the State's debt.\n\n\t6 Administration of Fund\n\nThe Treasurer is responsible for administering the Victorian Future Fund.\n\n\t7 Application of Financial Management and Victorian Funds Management Corporation Acts\n\n(1) Section 19(4) and (5) of the **Financial Management Act 1994** do not apply to the Victorian Future Fund.\n\n(2) The Victorian Future Fund is a fund administered by the State for the purposes of section 9A(3) of the **Victorian Funds Management Corporation Act 1994**.\n\n\t8 Payments into the Fund\n\n(1) The following are to be credited to the Victorian Future Fund—\n\n(a) amounts of money as determined by the Treasurer from the following—\n\n(i) money received by the State in connection with the VicRoads Modernisation, whether before, on or after the commencement of this section, including interest received on that money;\n\n(ii) money received by the State, whether before, on or after the commencement of this section, in relation to the sale of land by or on behalf of the State or a public entity, including the sale of land under the **Land Act 1958** or the **Sale of Land Act 1962**, and whether, in the case of the sale of land by or on behalf of a public entity, the money is paid to the State by way of dividend, capital distribution or otherwise;\n\n(b) any other amount of money determined by the Treasurer;\n\n(c) all money required or authorised to be paid into the Victorian Future Fund by any other Act;\n\n(d) all money received from the investment of money in the Victorian Future Fund.\n\n(2) An amount of money determined to be credited to the Victorian Future Fund by the Treasurer under subsection (1)(a) or (b) may be money paid out of the Consolidated Fund, which is appropriated to the necessary extent.\n\n\t9 Payments from the Fund\n\nMoney in the Victorian Future Fund may be applied only for the following purposes—\n\n(a) paying amounts determined by the Treasurer to reduce the State's debt;\n\n(b) paying amounts approved by the Treasurer for the costs and expenses incurred in—\n\n(i) administering the Victorian Future Fund, including costs and expenses associated with the appointment of a fund manager; and\n\n(ii) monitoring, auditing and reporting on the financial operations and financial position of the Victorian Future Fund.\n\nPart 3—Management, reporting and auditing\n\n\t10 Appointment of fund manager\n\n(1) The Treasurer may appoint a person to manage the Victorian Future Fund.\n\n(2) The Treasurer may appoint a person under subsection (1) only if the Treasurer considers that the person has the necessary skills and experience to manage the Victorian Future Fund.\n\n(3) The terms of appointment of a person under this section are as determined by the Treasurer.\n\n(4) In addition to any other functions conferred by law, a person appointed under this section may, in accordance with the terms of the appointment, invest money in the Victorian Future Fund in any manner in which the State is authorised to invest that money.\n\n(5) Nothing in this section affects or takes away from section 9A(3) of the **Victorian Funds Management Corporation Act 1994**.\n\n\t11 Reporting\n\n(1) The following information must be included in the report of operations and financial statements of the Department of Treasury and Finance for a financial year under Part 7 of the **Financial Management Act 1994**—\n\n(a) the opening and closing balances of the Victorian Future Fund in the financial year;\n\n(b) details of contributions made to the Victorian Future Fund in the financial year;\n\n(c) details of payments made from the Victorian Future Fund in the financial year.\n\n(2) The fund manager must give the Minister or the Secretary any information that the Minister or the Secretary reasonably requires to comply with reporting obligations in respect of the Victorian Future Fund.\n\n\t12 Audit of Fund\n\n(1) The Treasurer may carry out, or appoint a person to carry out, an audit of the Victorian Future Fund.\n\n(2) The fund manager must give the Treasurer or the person carrying out an audit any information that the Treasurer or person reasonably requires in carrying out the audit.\n\n(3) Nothing in this section affects or takes away from the requirements of, or the powers of the Auditor‑General under, the **Audit Act 1994**.\n\nPart 4—General\n\n\t13 Regulations\n\n(1) The Governor in Council may make regulations prescribing any matter or thing that is required or permitted to be prescribed by this Act or necessary to be prescribed to give effect to this Act.\n\n(2) The regulations—\n\n(a) may be of a general or limited application; and\n\n(b) may differ according to differences in time, place or circumstances.\n\nPt 5 (Heading and ss 14, 15) repealed by No. 19/2023 s. 15.\n\n* * * * *\n\n═════════════\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\n*Minister's second reading speech—*\n\n*Legislative Assembly: 30 May 2023*\n\n*Legislative Council: 31 May 2023*\n\nThe long title for the Bill for this Act was \"A Bill for an Act to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used and to amend the **Duties Act 2000** and for other purposes.\"\n\nThe **Victorian Future Fund Act 2023** was assented to on 27 June 2023 and came into operation on 22 August 2023: Special Gazette (No. 447) 22 August 2023 page 1.\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original section or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.  \nSee section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThis publication incorporates amendments made to the **Victorian Future Fund Act 2023** by Acts and subordinate instruments.\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n**Victorian Future Fund Act 2023, No. 19/2023**\n\n| Assent Date: | 27.6.23 |\n| --- | --- |\n| Commencement Date: | S. 15 on 22.8.23: Special Gazette (No. 447) 22.8.23 p. 1 |\n| Note: | S. 15 repealed Pt 5 (ss 14, 15) on 23.5.25 |\n| Current State: | This information relates only to the provision/s amending the **Victorian Future Fund Act 2023** |\n\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n3 Explanatory details\n\nNo entries at date of publication.","sortOrder":0}],"analysis":{"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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The Act’s substantive core (establishing a fund for debt reduction under Treasurer administration) remains, but the statutory text was narrowed by later amendment: Part 5 (sections 14–15) was repealed on 23 May 2025 (Table of Amendments/Endnotes), reducing the Act’s original content. The Act also relies on external appointments under the VFMC Act, so operational scope depends on which appointment route is in effect (definition of fund manager; s7(2); s10(5))."},"complexity_factors":["Cross‑references to and interaction with other statutes (Victorian Funds Management Corporation Act 1994; Financial Management Act 1994; Audit Act 1994) create external compliance dependencies (ss3, 7, 12).","Wide Treasurer discretion to determine credits and payments into/out of the Fund, and to set terms of fund manager appointments (ss8(1)(a),(b), 8(2), 9, 10(1)–(3)).","Possible overlap or substitution between an appointment of VFMC under s9A(3) of the VFMC Act and Treasurer appointments under s10, requiring attention to which appointment is in effect (definition of fund manager; s7(2); s10(5)).","Funding mechanics permit retrospective crediting of receipts received before commencement and appropriation from the Consolidated Fund (s8(1)(a)(i)–(ii), s8(2)), which affects cash‑management and accounting treatment.","Narrow, specified permitted uses (debt reduction and Fund administration costs) constrain discretion over spending (s9).","Reporting and audit requirements impose information flows between the fund manager, Secretary/Minister and auditors (ss11–12).","Regulation‑making power allows further detail to be prescribed, potentially altering administrative obligations (s13)."],"plain_english_summary":"This Act creates the Victorian Future Fund in the Public Account to hold specified receipts (notably proceeds from the VicRoads Modernisation and land sales, and investment returns) and to apply that money to reduce the State’s debt. The Treasurer administers the Fund, decides what amounts are credited or paid out, may appoint a fund manager (including the VFMC under existing law), and must ensure reporting and audit of the Fund (ss5–6, 8–10, 11–12)."},"summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"Based on the available text, there is insufficient substantive legislative content to determine whether the scope changed from the original bill. The document appears to contain only version history and status metadata rather than the full operative provisions of the Act."},"complexity_factors":["The legislation provided is heavily truncated and contains only metadata (version history, status labels) with no substantive legislative text visible — this limits full analysis","Sovereign wealth/future fund legislation typically involves financial and investment law concepts that require some expertise to fully understand","Governance and accountability frameworks for public funds often involve cross-references to other legislation (e.g., Financial Management Act, Audit Act)","Rules around fund contributions, withdrawals, and permitted investments can involve technical financial definitions","Relatively contained subject matter (a single fund) keeps complexity moderate compared to broad regulatory schemes"],"plain_english_summary":"The Victorian Future Fund creates a dedicated, government‑run investment account to set aside and grow money for the state. It establishes legal rules for contributions, management, withdrawals and accountability, aiming to build financial reserves.\n\nIt affects Victorian taxpayers, the Government and Treasury who must manage it, and future administrations by locking in a long‑term savings approach to help manage debt and fund future priorities."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":true,"description":"The original Act had a dual purpose: (1) establishing the Victorian Future Fund, and (2) amending the Duties Act 2000. Part 5 (sections 14-15) contained these taxation amendments but was repealed on 23 May 2025. The Act has now narrowed to focus solely on the Fund's establishment and operation. The scope has contracted rather than expanded—originally a hybrid financial/taxation statute, now purely a fund management mechanism."},"complexity_factors":["Short statute: only 13 operative sections (with Part 5 repealed)","Minimal defined terms: only 5 defined terms in section 3 (fund manager, public entity, Secretary, VicRoads Modernisation, Victorian Funds Management Corporation)","Simple conditional logic: primarily 'if/then' appointments and determinations by the Treasurer","Limited cross-referencing: references to Financial Management Act 1994, Victorian Funds Management Corporation Act 1994, Audit Act 1994, and Duties Act 2000, but no complex nesting","Straightforward purpose: single objective (debt reduction) with restricted expenditure","No exceptions to exceptions: payment purposes in section 9 are exhaustive and unqualified"],"plain_english_summary":"**What this law does:**\n\nThis Act creates a special government bank account called the **Victorian Future Fund**. Its sole purpose is to **pay down Victoria's debt**.\n\n**Where the money comes from:**\nThe Fund receives money from three main sources:\n- **VicRoads Modernisation** — proceeds from the privatisation/restructuring of VicRoads registration and licensing services (specifically shares in R&L Services Victoria Pty Ltd, CP Services Victoria Pty Ltd, and related trust units)\n- **Land sales** — money from the State or public entities selling land, whether paid directly or via dividends/capital distributions\n- **Investment returns** — profits made from investing the Fund's money\n\nThe Treasurer can also direct other money into the Fund, and other laws can require payments into it.\n\n**How the money is used:**\nMoney can only leave the Fund for two reasons:\n1. **Debt reduction** — paying off the State's debt\n2. **Running costs** — administering the Fund itself, including paying the fund manager and audit/reporting expenses\n\n**Who runs it:**\n- The **Treasurer** oversees the Fund\n- A **fund manager** is appointed to invest the money (usually the Victorian Funds Management Corporation, but the Treasurer can appoint someone else with the right skills)\n- The Department of Treasury and Finance must report on the Fund's finances annually\n- The Fund can be audited by the Treasurer or an appointed auditor (in addition to the Auditor-General's normal powers)\n\n**Why it matters:**\nThis locks away specific asset sale proceeds (particularly from the VicRoads privatisation) so they can't be spent on day-to-day government expenses. Instead, they must be used to reduce debt. It's a way of ensuring one-off asset sales provide long-term financial benefit rather than being used for short-term spending.\n\n**Note on amendments:**\nThe Act originally included Part 5 (sections 14-15) which contained amendments to the Duties Act 2000. These were repealed on 23 May 2025, leaving the Act focused solely on establishing and operating the Fund."}},"importantCases":[],"_links":{"self":"/api/acts/victorian-future-fund-act-2023","history":"/api/acts/victorian-future-fund-act-2023/history","analysis":"/api/acts/victorian-future-fund-act-2023/analysis","conflicts":"/api/acts/victorian-future-fund-act-2023/conflicts","importantCases":"/api/acts/victorian-future-fund-act-2023/important-cases","documents":"/api/acts/victorian-future-fund-act-2023/documents"}}