1DisabilityCare Australia Fund Investment Mandate Directions 2014

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DisabilityCare Australia Fund Investment Mandate Directions 20141

DisabilityCare Australia Fund Act 2013

We, J.B. HOCKEY, Treasurer, and MATHIAS HUBERT PAUL CORMANN, Minister for Finance, give these Directions under subsection 29(1) of the DisabilityCare Australia Fund Act 2013.

Dated 1 JULY 2014

J.B. HOCKEY MATHIAS HUBERT PAUL CORMANN

Treasurer Minister for Finance

Part 1 Preliminary

1 Name of Directions

These Directions are the DisabilityCare Australia Fund Investment Mandate Directions 2014.

2 Commencement

These Directions commence on the 15th day after they are given.

Note Section 42 of the Legislative Instruments Act 2003 (which deals with the disallowance of legislative instruments) does not apply to this instrument: see section 44 of that Act. Part 6 of that Act (which deals with the sunsetting of legislative instruments) does not apply to this instrument: see section 54 of that Act.

3 Definitions

In these Directions:

Act means the DisabilityCare Australia Fund Act 2013.

Board means the Future Fund Board of Guardians.

Fund means the DisabilityCare Australia Fund.

responsible Ministers has the same meaning as in the Act.

4 Object of these Directions

(1) The DisabilityCare Australia Fund is a financing source to enhance the Commonwealth’s ability to reimburse the States and Territories and the Commonwealth for the expenditure incurred in relation to the National Disability Insurance Scheme Act 2013.

(2) The object of these Directions is to give guidance to the Board in relation to its investment strategy for the Fund. The Board is required by the Act to seek to maximise the return earned on the Fund, consistent with international best practice for institutional investment, subject to its obligations under the Act and any directions given by the responsible Ministers under the Act.

(3) These Directions are given under subsection 29(1) of the Act to articulate the Government’s expectations for how the Fund will be invested and managed by the Board.

(4) The responsible Ministers may review these Directions, in consultation with the Board, including after any request by the Board in the context of any material changes to either the prevailing investment conditions or the cashflow position of the Fund.