Commonwealth legislation

Future Fund (Crediting of Initial Amount) Determination 2006

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This determination made the opening deposit into Australia's sovereign wealth fund.

What it does It credits $18 billion into the newly created Future Fund's bank account (called the "Fund Account") on 5 May 2006.

Why it matters The Future Fund was established to save money today so the government can pay future superannuation (retirement) benefits owed to public servants. This $18 billion was the seed money that started the fund. Think of it as the first transfer into a national savings account that would grow over time through investments and additional contributions.

Who made it The Treasurer (Peter Costello) and the Minister for Finance (Nick Minchin) issued this instrument under powers granted by the Future Fund Act 2006.

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Future Fund (Crediting of Initial Amount) Determination 2006

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Future Fund (Crediting of Initial Amount) Determination 20061

Future Fund Act 2006

WE, PETER HOWARD COSTELLO, Treasurer, and NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, the responsible Ministers within the meaning of section 5 of the Future Fund Act 2006, make this Determination under paragraph 2 (1) (a) of Schedule 1 to that Act.

Dated 3 May 2006

PETER COSTELLO NICK MINCHIN

Treasurer Minister for Finance and Administration

1 Name of Determination

This Determination is the Future Fund (Crediting of Initial Amount) Determination 2006.

2 Commencement

This Determination commences on registration.

3 Crediting of initial amount

For paragraph 2 (1) (a) of Schedule 1 to the Future Fund Act 2006, the amount of $18 billion is to be credited to the Fund Account on 5 May 2006.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.

Note: Section 42 of the Legislative Instruments Act 2003 (which deals with disallowance of legislative instruments) does not apply to this instrument: see subclause 2 (4) of Schedule 1 to the Future Fund Act 2006.

Note: The Fund Account is the Future Fund Special Account established by section 12 of the Future Fund Act 2006.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Future Fund (Crediting of Initial Amount) Determination 2006