34Limitation on total annual debits from the Disaster Ready Fund Special Account

34 Limitation on total annual debits from the Disaster Ready Fund Special Account

(1) The total amount debited from the Disaster Ready Fund Special Account under sections 28A and 32A during: (a) the financial year beginning on 1 July 2023; or (b) a later financial year; must not exceed: (c) $200 million; or (d) if another amount is applicable to the financial year in accordance with subsection (2) or (3)—that other amount. (2) For the purposes of paragraph (1)(d), the responsible Ministers may, by legislative instrument, determine the amount applicable to: (a) a specified financial year; and (b) each subsequent financial year. (3) For the purposes of paragraph (1)(d), the responsible Ministers may, by legislative instrument, determine: (a) one or more financial years; and (b) for each of those financial years—the amount applicable to the financial year concerned. (4) A determination under subsection (2) does not apply to a financial year that is covered by a determination under subsection (3). (5) In making a determination under subsection (2) or (3), the responsible Ministers must have regard to: (a) the advice given by the Future Fund Board under section 34A in relation to the impact of the making of the determination on the ability of the Future Fund Board to comply with this Act and the Disaster Ready Fund Investment Mandate; and (b) such other matters (if any) as the responsible Ministers consider relevant. Review (8) At least once every 5 years, the responsible Ministers must conduct a review of the operation of paragraphs (1)(c) and (d).