Bill
Emergency Response Fund Bill 2019
passed, as at 2019-10-28. Finance portfolio.
- Sponsor
- Not recorded
- Portfolio
- Finance
Recorded stages
- introduced — 2019-09-11
- second reading — 2019-09-11
- second reading — 2019-09-17
- second reading — 2019-09-17
- third reading — 2019-09-17
- introduced — 2019-09-18
- second reading — 2019-09-18
- second reading — 2019-10-17
- second reading — 2019-10-17
- committee — 2019-10-17
- other — 2019-10-17
- other — 2019-10-17
- third reading — 2019-10-17
- passed — 2019-10-17
- royal assent — 2019-10-28
Divisions
- Emergency Response Fund Bill 2019 and another - Second Reading - Invest — 2019-10-17, Senate: negative, ayes 7, noes 43
- Emergency Response Fund Bill 2019 and another - in Committee - $1 billion to TAFE — 2019-10-17, Senate: negative, ayes 5, noes 49
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2019-09-11.
The bill would create a dedicated fund to pay for emergency response and recovery after major natural disasters in Australia.
Money from the fund would be invested by the Future Fund Board, and the government would need to approve any withdrawals, which would be capped at $150 million per year.
Around $4 billion in uncommitted money from the Education Investment Fund would be moved into the new fund when it is set up.
- Establishes the Emergency Response Fund as a special account and investment vehicle.
- Transfers uncommitted Education Investment Fund money, about $4 billion, to the new fund.
- Limits annual withdrawals from the fund to $150 million, with a review of that limit after 10 years.
- Requires government approval for any fund disbursements.
- Gives the Future Fund Board responsibility for investing the fund's money.
- Requires the Emergency Management Minister to publish information about grants on the Department of Home Affairs website.
The Australian government, the Future Fund Board, state and territory governments, and communities affected by natural disasters.
Sources
em
billhome
frl act