Anne Ruston (SA, Liberal Party, Minister for Families and Social Services) Share this | Link to this | Hansard source

I give notice that, on the next sitting day, I shall move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

Future Drought Fund Bill 2019

Future Drought Fund (Consequential Amendments) Bill 2019

I also table a statement of reasons justifying the need for the bills to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

The statement read as follows—

The Future Drought Fund Bill (the Bill) will establish the Future Drought Fund (the Fund), the Future Drought Fund Special Account, the Agriculture Future Drought Fund Special Account, the Future Drought Fund Consultative Committee and the Drought Resilience Funding Plan to fund initiatives which enhance future drought resilience, preparedness and response across Australia.

Uncommitted funds currently in the Building Australia Fund, approximately $3.9 billion, would be transferred to the Fund on establishment. By 2028-29 it is expected that the Fund would grow to approximately $5.0 billion through reinvestment of net earnings (less disbursements). The Fund would provide disbursements from 1 July 2020. The Fund would be managed by the Future Fund Board of Guardians.

The Future Drought Fund (Consequential Amendments) Bill would make consequential amendments to a range of legislation including the Future Fund Act 2006 and other acts as a result of the Future Drought Fund Bill.

Introduction and passage of the bills in the 2019 Spring sittings is necessary to enable drawdowns from the Fund from 1 July 2020.