Bill
Future Drought Fund Bill 2019
lapsed, as at 2019-07-01. Finance portfolio.
- Sponsor
- Not recorded
- Portfolio
- Finance
Recorded stages
- introduced — 2018-11-28
- second reading — 2018-11-28
- second reading — 2019-02-20
- second reading — 2019-02-21
- second reading — 2019-02-21
- committee — 2019-02-21
- third reading — 2019-02-21
- introduced — 2019-04-02
- second reading — 2019-04-02
- other — 2019-07-01
Divisions
- Future Drought Fund Bill 2018, Future Drought Fund (Consequential Amendments) Bill 2018 - Second Reading - Speed things along — 2019-02-21, House of Representatives: affirmative, ayes 76, noes 66
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2019-02-21.36.2) to agree with the main idea of the bills. In parliamentary jargon, they voted to read the bills for a [second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What is the bills' main idea? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1819a/19bd058): > *The purpose of the Future Drought Fund Bill 2018 (the Fund Bill) is to establish the Future Drought Fund which includes the Future Drought Fund Special Account, and the Agriculture Future Drought Resilience Special Account to fund initiatives that enhance future drought resilience, preparedness and response across Australia.* > > *The purpose of the Future Drought Fund (Consequential Amendments) Bill 2018 (the Consequential Amendments Bill) is to make consequential amendments to a number of existing statutes to:* > > * *extend the Future Fund Board’s duties to include managing the Future Drought Fund and* > * *allow for amounts to be transferred between the Future Drought Fund and the Future Fund.* — 2019-02-21, House of Representatives: affirmative, ayes 76, noes 66
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2019-02-21.41.1) to agree with the bills as amended. This means they can now stop discussing the bills in detail and instead decide whether they want to pass the bill in the House. ### What do the bills do? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1819a/19bd058): > *The purpose of the Future Drought Fund Bill 2018 (the Fund Bill) is to establish the Future Drought Fund which includes the Future Drought Fund Special Account, and the Agriculture Future Drought Resilience Special Account to fund initiatives that enhance future drought resilience, preparedness and response across Australia.* > > *The purpose of the Future Drought Fund (Consequential Amendments) Bill 2018 (the Consequential Amendments Bill) is to make consequential amendments to a number of existing statutes to:* > > * *extend the Future Fund Board’s duties to include managing the Future Drought Fund and* > * *allow for amounts to be transferred between the Future Drought Fund and the Future Fund.* — 2019-02-21, House of Representatives: affirmative, ayes 75, noes 67
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-11-28.
The bill creates a government-backed investment account to pay for projects that make Australia better prepared for future droughts.
Money not yet spent from the Building Australia Fund, about $3.9 billion, would move into the new account, and yearly the Finance Minister must put $100 million into a separate grant account for drought resilience.
The investment account is expected to grow to about $5 billion by 2028-29, with the first payments from the fund starting on 1 July 2020.
- Establishes the Future Drought Fund and its associated special account.
- Transfers uncommitted Building Australia Fund money into the new fund.
- Creates the Agriculture Future Drought Resilience Special Account.
- Sets an annual $100 million debit from the fund to the agriculture special account.
- Requires the Agriculture Minister to get advice from the Regional Investment Corporation Board and a new Consultative Committee.
- Gives the Future Fund Board responsibility for investing the money.
Australian farmers, agricultural bodies, and the agencies and ministers responsible for drought programs are affected.
Sources
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