3Simplified outline of this Act

3 Simplified outline of this Act

• This Act establishes the Disaster Ready Fund, which will enhance the Commonwealth’s ability to:

(a) make arrangements with persons or bodies in relation to natural disasters; and

(b) make grants to persons or bodies in relation to natural disasters.

• The Disaster Ready Fund consists of:

(a) the Disaster Ready Fund Special Account; and

(b) the investments of the Disaster Ready Fund.

• The Future Fund Board is responsible for deciding how to invest the Disaster Ready Fund. In doing so, the Future Fund Board is bound by the Disaster Ready Fund Investment Mandate given to it by the responsible Ministers.

• The Emergency Management Minister may, on behalf of the Commonwealth:

(a) make an arrangement with a person or body in relation to a natural disaster; and

(b) make a grant to a person or body in relation to a natural disaster.

• This Act establishes the Disaster Ready Fund Payments Special Account.

• Amounts will be transferred from the Disaster Ready Fund Special Account to the Disaster Ready Fund Payments Special Account.

• The purposes of the Disaster Ready Fund Payments Special Account are as follows:

(a) to pay amounts payable by the Commonwealth under arrangements relating to a natural disaster;

(b) to make grants relating to a natural disaster.

• Amounts will be transferred from the Disaster Ready Fund Special Account to the Federation Reform Fund for the purposes of making grants to the States and Territories in relation to natural disasters.