Version incorporating amendments as at
23 May 2025
TABLE OF PROVISIONS
Section Page
Part 1—Preliminary 1
1 Purposes 1
2 Commencement 1
3 Definitions 1
4 Act binds the Crown 2
Part 2—Victorian Future Fund 3
5 Establishment and purpose of Fund 3
6 Administration of Fund 3
7 Application of Financial Management and Victorian Funds Management Corporation Acts 3
8 Payments into the Fund 3
9 Payments from the Fund 4
Part 3—Management, reporting and auditing 5
10 Appointment of fund manager 5
11 Reporting 5
12 Audit of Fund 6
Part 4—General 7
13 Regulations 7
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Endnotes 8
1 General information 8
2 Table of Amendments 10
3 Explanatory details 11
Version No.002
Victorian Future Fund Act 2023
No. 19 of 2023
Version incorporating amendments as at
23 May 2025
The Parliament of Victoria enacts:
Part 1—Preliminary
1 Purposes
The purposes of this Act are—
(a) to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used; and
(b) to amend the Duties Act 2000.
2 Commencement
(1) Subject to subsection (2), this Act comes into operation on a day or days to be proclaimed.
(2) If a provision of this Act does not come into operation before 23 May 2024, it comes into operation on that day.
3 Definitions
In this Act—
fund manager means—
(a) the Victorian Funds Management Corporation, if an appointment under section 9A(3) of the Victorian Funds Management Corporation Act 1994 is in effect in respect of the Victorian Future Fund; or
(b) a person appointed under section 10, if an appointment referred to in paragraph (a) is not in effect;
public entity means any of the following—
(a) a public entity within the meaning of the Public Administration Act 2004;
(b) a public body within the meaning of the Financial Management Act 1994;
(c) an entity prescribed by the regulations;
Secretary means Secretary to the Department of Treasury and Finance;
VicRoads Modernisation means the transfer of shares in R&L Services Victoria Pty Ltd (A.C.N. 657 005 493) and CP Services Victoria Pty Ltd (A.C.N. 657 005 439) and units in the Victorian R&L Services Trust and Victorian CP Services Trust, and related arrangements;
Victorian Funds Management Corporation means the body established by section 5(1) of the Victorian Funds Management Corporation Act 1994.
4 Act binds the Crown
This Act binds the Crown in right of Victoria and, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.
Part 2—Victorian Future Fund
5 Establishment and purpose of Fund
(1) There is established in the Public Account as part of the Trust Fund an account to be known as the Victorian Future Fund.
(2) The purpose of the Victorian Future Fund is to provide funding for reducing the State's debt.
6 Administration of Fund
The Treasurer is responsible for administering the Victorian Future Fund.
7 Application of Financial Management and Victorian Funds Management Corporation Acts
(1) Section 19(4) and (5) of the Financial Management Act 1994 do not apply to the Victorian Future Fund.
(2) The Victorian Future Fund is a fund administered by the State for the purposes of section 9A(3) of the Victorian Funds Management Corporation Act 1994.
8 Payments into the Fund
(1) The following are to be credited to the Victorian Future Fund—
(a) amounts of money as determined by the Treasurer from the following—
(i) money received by the State in connection with the VicRoads Modernisation, whether before, on or after the commencement of this section, including interest received on that money;
(ii) money received by the State, whether before, on or after the commencement of this section, in relation to the sale of land by or on behalf of the State or a public entity, including the sale of land under the Land Act 1958 or the Sale of Land Act 1962, and whether, in the case of the sale of land by or on behalf of a public entity, the money is paid to the State by way of dividend, capital distribution or otherwise;
(b) any other amount of money determined by the Treasurer;
(c) all money required or authorised to be paid into the Victorian Future Fund by any other Act;
(d) all money received from the investment of money in the Victorian Future Fund.
(2) An amount of money determined to be credited to the Victorian Future Fund by the Treasurer under subsection (1)(a) or (b) may be money paid out of the Consolidated Fund, which is appropriated to the necessary extent.
9 Payments from the Fund
Money in the Victorian Future Fund may be applied only for the following purposes—
(a) paying amounts determined by the Treasurer to reduce the State's debt;
(b) paying amounts approved by the Treasurer for the costs and expenses incurred in—
(i) administering the Victorian Future Fund, including costs and expenses associated with the appointment of a fund manager; and
(ii) monitoring, auditing and reporting on the financial operations and financial position of the Victorian Future Fund.
Part 3—Management, reporting and auditing
10 Appointment of fund manager
(1) The Treasurer may appoint a person to manage the Victorian Future Fund.
(2) The Treasurer may appoint a person under subsection (1) only if the Treasurer considers that the person has the necessary skills and experience to manage the Victorian Future Fund.
(3) The terms of appointment of a person under this section are as determined by the Treasurer.
(4) In addition to any other functions conferred by law, a person appointed under this section may, in accordance with the terms of the appointment, invest money in the Victorian Future Fund in any manner in which the State is authorised to invest that money.
(5) Nothing in this section affects or takes away from section 9A(3) of the Victorian Funds Management Corporation Act 1994.
11 Reporting
(1) The following information must be included in the report of operations and financial statements of the Department of Treasury and Finance for a financial year under Part 7 of the Financial Management Act 1994—
(a) the opening and closing balances of the Victorian Future Fund in the financial year;
(b) details of contributions made to the Victorian Future Fund in the financial year;
(c) details of payments made from the Victorian Future Fund in the financial year.
(2) The fund manager must give the Minister or the Secretary any information that the Minister or the Secretary reasonably requires to comply with reporting obligations in respect of the Victorian Future Fund.
12 Audit of Fund
(1) The Treasurer may carry out, or appoint a person to carry out, an audit of the Victorian Future Fund.
(2) The fund manager must give the Treasurer or the person carrying out an audit any information that the Treasurer or person reasonably requires in carrying out the audit.
(3) Nothing in this section affects or takes away from the requirements of, or the powers of the Auditor‑General under, the Audit Act 1994.
Part 4—General
13 Regulations
(1) The Governor in Council may make regulations prescribing any matter or thing that is required or permitted to be prescribed by this Act or necessary to be prescribed to give effect to this Act.
(2) The regulations—
(a) may be of a general or limited application; and
(b) may differ according to differences in time, place or circumstances.
Pt 5 (Heading and ss 14, 15) repealed by No. 19/2023 s. 15.
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Endnotes
1 General information
See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
Minister's second reading speech—
Legislative Assembly: 30 May 2023
Legislative Council: 31 May 2023
The long title for the Bill for this Act was "A Bill for an Act to establish the Victorian Future Fund and set out the purposes for which money in the Victorian Future Fund may be used and to amend the Duties Act 2000 and for other purposes."
The Victorian Future Fund Act 2023 was assented to on 27 June 2023 and came into operation on 22 August 2023: Special Gazette (No. 447) 22 August 2023 page 1.
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).
• Examples, diagrams or notes
All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).
• Punctuation
All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).
• Provision numbers
All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).
2 Table of Amendments
This publication incorporates amendments made to the Victorian Future Fund Act 2023 by Acts and subordinate instruments.