3Simplified outline of this Act

3 Simplified outline of this Act

• This Act establishes the Aboriginal and Torres Strait Islander Land and Sea Future Fund, which will enhance the Commonwealth’s ability to make payments to the Indigenous Land and Sea Corporation.

• The Aboriginal and Torres Strait Islander Land and Sea Future Fund consists of:

(a) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and

(b) the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

• The balance of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account. The investments of the Aboriginal and Torres Strait Islander Land Account will become investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

• The Future Fund Board is responsible for deciding how to invest the Aboriginal and Torres Strait Islander Land and Sea Future Fund. In doing so, the Future Fund Board is bound by the Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate given to it by the responsible Ministers.

• The Indigenous Affairs Minister must, on behalf of the Commonwealth, make an annual payment to the Indigenous Land and Sea Corporation.

• The Indigenous Affairs Minister may, on behalf of the Commonwealth, make an additional payment to the Indigenous Land and Sea Corporation in respect of a financial year.

• This Act establishes the Indigenous Land and Sea Corporation Funding Special Account.

• Payments to the Indigenous Land and Sea Corporation will be channelled through the Indigenous Land and Sea Corporation Funding Special Account.

Note: The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005.