An Act to establish the Aboriginal and Torres Strait Islander Land and Sea Future Fund, and for other purposes
[Assented to 30 November 2018]
The Parliament of Australia enacts:
Part 1—Preliminary
1 Short title
This Act is the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of this Act
A single day to be fixed by Proclamation.
However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.
1 February 2019
(F2018N00193)
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Simplified outline of this Act
• This Act establishes the Aboriginal and Torres Strait Islander Land and Sea Future Fund, which will enhance the Commonwealth’s ability to make payments to the Indigenous Land Corporation.
• The Aboriginal and Torres Strait Islander Land and Sea Future Fund consists of:
(a) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and
(b) the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
• The balance of the Aboriginal and Torres Strait Islander Land Account will be transferred to the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account. The investments of the Aboriginal and Torres Strait Islander Land Account will become investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
• The Future Fund Board is responsible for deciding how to invest the Aboriginal and Torres Strait Islander Land and Sea Future Fund. In doing so, the Future Fund Board is bound by the Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate given to it by the responsible Ministers.
• The Indigenous Affairs Minister must, on behalf of the Commonwealth, make an annual payment to the Indigenous Land Corporation.
• The Indigenous Affairs Minister may, on behalf of the Commonwealth, make an additional payment to the Indigenous Land Corporation in respect of a financial year.
• This Act establishes the Indigenous Land Corporation Funding Special Account.
• Payments to the Indigenous Land Corporation will be channelled through the Indigenous Land Corporation Funding Special Account.
Note: The Aboriginal and Torres Strait Islander Land Account was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005.
4 Definitions
In this Act:
Aboriginal and Torres Strait Islander Land Account means the Aboriginal and Torres Strait Islander Land Account that was continued in existence by repealed section 192W of the Aboriginal and Torres Strait Islander Act 2005.
Aboriginal and Torres Strait Islander Land and Sea Future Fund means the Aboriginal and Torres Strait Islander Land and Sea Future Fund established by section 9.
Aboriginal and Torres Strait Islander Land and Sea Future Fund investment function of the Future Fund Board means:
(a) a function or power conferred on the Future Fund Board by section 30, 31, 38, 40, 42 or 43; or
(b) a right or power conferred on the Future Fund Board in its capacity as the holder of an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
Aboriginal and Torres Strait Islander Land and Sea Future Fund Investment Mandate has the meaning given by subsection 32(3).
Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account means the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account established by section 12.
acquire includes acquire by way of issue.
Agency means the Future Fund Management Agency.
Appropriation Act means an Act appropriating money for expenditure out of the Consolidated Revenue Fund.
asset has the same meaning as in the Future Fund Act 2006.
balance of the Aboriginal and Torres Strait Islander Land and Sea Future Fund means the sum of:
(a) amounts standing to the credit of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account; and
(b) the value of investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
bank has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
business day means a day that is not a Saturday, a Sunday or a public holiday in the Australian Capital Territory.
business entity means:
(a) a company; or
(b) a partnership; or
(c) a trust; or
(d) a body politic.
derivative means a derivative (within the meaning of Chapter 7 of the Corporations Act 2001) that is a financial asset.
Finance Department means the Department administered by the Finance Minister.
Finance Minister has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
financial asset has the same meaning as in the Future Fund Act 2006.
Future Fund Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006.
Future Fund Special Account means the Future Fund Special Account established by section 12 of the Future Fund Act 2006.
indexation factor has the meaning given by section 24.
Indigenous Affairs Department means the Department administered by the Indigenous Affairs Minister.
Indigenous Affairs Minister means the Minister who administers Part 4A of the Aboriginal and Torres Strait Islander Act 2005.
Indigenous Land Corporation means the Indigenous Land Corporation established by section 191A of the Aboriginal and Torres Strait Islander Act 2005.
Indigenous Land Corporation Board has the same meaning as in the Aboriginal and Torres Strait Islander Act 2005.
Indigenous Land Corporation Funding Special Account means the Indigenous Land Corporation Funding Special Account established by section 20.
investment means any mode of application of money or financial assets for the purpose of gaining a return (whether by way of income, capital gain or any other form of return).
investment manager means a person or body (other than the Agency) who undertakes to do any or all of the following:
(a) invest amounts on behalf of the Future Fund Board;
(b) manage the investment of funds on behalf of the Future Fund Board;
(c) acquire derivatives on behalf of the Future Fund Board;
(d) manage derivatives on behalf of the Future Fund Board;
(e) enter into securities lending arrangements on behalf of the Future Fund Board;
(f) realise financial assets on behalf of the Future Fund Board;
(g) perform custodial functions in relation to the financial assets of the Future Fund Board.
investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund means a financial asset that, under a provision of this Act, is taken to be an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund.
official has the same meaning as in the Public Governance, Performance and Accountability Act 2013.
person includes a partnership.
Note: See also subsection 2C(1) of the Acts Interpretation Act 1901.
quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
realise includes redeem or dispose of.
responsible Ministers means:
(a) the Treasurer; and
(b) the Finance Minister.
rules means rules made under section 56.
Treasury Department means the Department administered by the Treasurer.
value of an investment of the Aboriginal and Torres Strait Islander Land and Sea Future Fund means the market value of the investment. For this purpose, disregard anything that would prevent or restrict conversion of a financial asset to money.
5 Crown to be bound
(1) This Act binds the Crown in each of its capacities.
(2) This Act does not make the Crown liable to be prosecuted for an offence.
6 Extension to external Territories
This Act extends to every external Territory.
7 Extra‑territorial application
This Act extends to acts, omissions, matters and things outside Australia.