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Future Drought Fund Act 2019
This Act establishes the Future Drought Fund, which aims to enhance drought resilience in Australia. The Future Drought Fund consists of two main components: the Future Drought Fund Special Account and investments made by the Future Fund Board.
The Act provides for the transfer of funds from the Building Australia Fund to the Future Drought Fund, as well as the establishment of an Agriculture Future Drought Resilience Special Account. The balance of the Building Australia Fund is transferred to the Future Drought Fund Special Account, while its investments become part of the Future Drought Fund.
The Act also outlines the purposes of the Future Drought Fund Special Account, including transferring amounts to the Agriculture Future Drought Resilience Special Account and covering costs incurred by the Future Fund Board in managing the Future Drought Fund.
Key Provisions
- Establishment of the Future Drought Fund
- Transfer of funds from the Building Australia Fund to the Future Drought Fund
- Establishment of an Agriculture Future Drought Resilience Special Account
- Purpose of the Future Drought Fund Special Account
Key Amendments
The Act incorporates amendments made by the Future Drought Fund (Consequential Amendments) Act 2019.
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