29DisabilityCare Australia Fund Investment Mandate

29 DisabilityCare Australia Fund Investment Mandate

(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.

Note 1: DisabilityCare Australia Fund investment function is defined in section 4.

Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

(2) Subsection (1) has effect subject to section 30. (3) In giving a direction under subsection (1), the responsible Ministers must have regard to: (a) maximising the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and (b) enhancing the Commonwealth’s ability: (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and (c) such other matters as the responsible Ministers consider relevant. (4) Directions under subsection (1) are to be known collectively as the DisabilityCare Australia Fund Investment Mandate. (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to: (a) matters of risk and return; and (b) the allocation of financial assets. A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return. (6) Subsection (5) does not limit subsection (1). (7) Subsection (5) has effect subject to section 30. (8) The DisabilityCare Australia Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency. (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)). (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given. (11) A direction under subsection (1) is a legislative instrument.

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.

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.

(12) In the performance of its DisabilityCare Australia Fund investment functions, the Future Fund Board must seek to: (a) maximise the return earned on the DisabilityCare Australia Fund, consistent with international best practice for institutional investment; and (b) enhance the Commonwealth’s ability: (i) to reimburse the States and Territories for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013; and (ii) to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.