Bill
Investment Funds Legislation Amendment Bill 2021
lapsed, as at 2022-07-25. Finance portfolio.
- Sponsor
- Not recorded
- Portfolio
- Finance
Recorded stages
- introduced — 2021-08-25
- second reading — 2021-08-25
- second reading — 2021-11-22
- second reading — 2021-12-01
- second reading — 2021-12-01
- committee — 2021-12-01
- third reading — 2021-12-01
- introduced — 2021-12-02
- second reading — 2021-12-02
- other — 2022-07-25
Divisions
- Business - Consideration of Legislation - Investment Funds Legislation Amendment Bill 2021 — 2021-12-01, Senate: affirmative, ayes 33, noes 7
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2021-08-25.
This bill would change several laws to make the government's investment funds run more smoothly.
A new hiring system for the Future Fund Agency would let its chair set staff pay and conditions, while keeping workers as Commonwealth employees.
From 2022-23, the Medical Research Future Fund would have a fixed yearly cap of $650 million for spending, with a review every five years.
- The bill creates a new employment framework for Future Fund staff.
- It gives a partial freedom-of-information exemption for documents about the Future Fund Board's investments.
- It simplifies the Medical Research Future Fund's annual disbursement to a fixed $650 million from 2022-23.
- It lets state and territory governments receive funding directly from the Medical Research Future Fund Health Special Account.
- It moves responsibility for Emergency Response Fund spending from Emergency Management Australia to the National Recovery and Resilience Agency.
- It allows senior officials to handle some administrative directions instead of ministers when the Finance Minister has delegated the power.
The Future Fund Board and Agency, staff of those bodies, the Medical Research Future Fund, the Emergency Response Fund, state and territory governments, and the National Recovery and Resilience Agency.
Sources
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