3Simplified outline

3 Simplified outline

The following is a simplified outline of this Act:

• This Act sets up the DisabilityCare Australia Fund, which consists of:

(a) the DisabilityCare Australia Fund Special Account; and

(b) the investments of the DisabilityCare Australia Fund.

• The main purposes of the DisabilityCare Australia Fund Special Account are:

(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

(b) to debit amounts in order to reimburse the Commonwealth for expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.

• The Future Fund Board is responsible for deciding how to invest the DisabilityCare Australia Fund.

• Investments of the DisabilityCare Australia Fund will consist of financial assets.

• The Future Fund Board is bound by a DisabilityCare Australia Fund Investment Mandate given to it by the responsible Ministers.

• 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.

Note: The Future Fund Act 2006 provides that the Future Fund Management Agency is responsible for assisting and advising the Future Fund Board.