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This is a Bill, not an Act. For current law, see the Acts databases.


Victorian Future Fund Bill 2023

                Victorian Future Fund Act 2023
                               No.        of 2023


                      TABLE OF PROVISIONS
Clause                                                             Page

Part 1--Preliminary                                                    1
 1       Purposes                                                     1
 2       Commencement                                                 1
 3       Definitions                                                  2
 4       Act binds the Crown                                          3
Part 2--Victorian Future Fund                                          4
 5       Establishment and purpose of Fund                            4
 6       Administration of Fund                                       4
 7       Application of Financial Management and Victorian Funds
         Management Corporation Acts                                  4
 8       Payments into the Fund                                       4
 9       Payments from the Fund                                       5
Part 3--Management, reporting and auditing                             6
 10 Appointment of fund manager                                       6
 11 Reporting                                                         6
 12 Audit of Fund                                                     7
Part 4--General                                                        8
 13 Regulations                                                       8
Part 5--Amendment of Duties Act 2000                                   9
 14 Section 89PA inserted                                             9
 15 Repeal of this Part                                              10
                        ═════════════
Endnotes                                                             11
 1       General information                                         11




                                      i
     Victorian Future Fund Act 2023 
                    No.           of 2023

                            [Assented to                        ]


The Parliament of Victoria enacts:

                Part 1--Preliminary
     1 Purposes
             The purposes of this Act are--
              (a) to establish the Victorian Future Fund and
                  set out the purposes for which money in the
                  Victorian Future Fund may be used; and
              (b) to amend the Duties Act 2000.
     2 Commencement
         (1) Subject to subsection (2), this Act comes into
             operation on a day or days to be proclaimed.



                              1
            Victorian Future Fund Act 2023
                   No.       of 2023
                   Part 1--Preliminary


   (2) If a provision of this Act does not come into
       operation before 23 May 2024, it comes into
       operation on that day.
3 Definitions
       In this Act--
       fund manager means--
                (a) the Victorian Funds Management
                    Corporation, if an appointment under
                    section 9A(3) of the Victorian Funds
                    Management Corporation Act 1994
                    is in effect in respect of the Victorian
                    Future Fund; or
                (b) a person appointed under section 10, if
                    an appointment referred to in
                    paragraph (a) is not in effect;
       public entity means any of the following--
                (a) a public entity within the meaning of
                    the Public Administration Act 2004;
                (b) a public body within the meaning of the
                    Financial Management Act 1994;
                (c) an entity prescribed by the regulations;
       Secretary means Secretary to the Department of
            Treasury and Finance;
       VicRoads Modernisation means the transfer of
           shares in R&L Services Victoria Pty Ltd
           (A.C.N. 657 005 493) and CP Services
           Victoria Pty Ltd (A.C.N. 657 005 439) and
           units in the Victorian R&L Services Trust
           and Victorian CP Services Trust, and related
           arrangements;




                           2
           Victorian Future Fund Act 2023
                  No.       of 2023
                Part 1--Preliminary


      Victorian Funds Management Corporation
           means the body established by section 5(1)
           of the Victorian Funds Management
           Corporation Act 1994.
4 Act binds the Crown
      This Act binds the Crown in right of Victoria and,
      so far as the legislative power of the Parliament
      permits, the Crown in all its other capacities.




                         3
            Victorian Future Fund Act 2023
                   No.       of 2023
            Part 2--Victorian Future Fund



   Part 2--Victorian Future Fund
5 Establishment and purpose of Fund
   (1) There is established in the Public Account as part
       of the Trust Fund an account to be known as the
       Victorian Future Fund.
   (2) The purpose of the Victorian Future Fund is to
       provide funding for reducing the State's debt.
6 Administration of Fund
       The Treasurer is responsible for administering the
       Victorian Future Fund.
7 Application of Financial Management and Victorian
  Funds Management Corporation Acts
   (1) Section 19(4) and (5) of the Financial
       Management Act 1994 do not apply to the
       Victorian Future Fund.
   (2) The Victorian Future Fund is a fund administered
       by the State for the purposes of section 9A(3) of
       the Victorian Funds Management Corporation
       Act 1994.
8 Payments into the Fund
   (1) The following are to be credited to the Victorian
       Future Fund--
        (a) amounts of money as determined by the
            Treasurer from the following--
              (i) money received by the State in
                  connection with the VicRoads
                  Modernisation, whether before, on or
                  after the commencement of this section,
                  including interest received on that
                  money;
             (ii) money received by the State, whether
                  before, on or after the commencement
                  of this section, in relation to the sale of


                          4
           Victorian Future Fund Act 2023
                  No.       of 2023
            Part 2--Victorian Future Fund


                 land by or on behalf of the State or a
                 public entity, including the sale of land
                 under the Land Act 1958 or the Sale of
                 Land Act 1962, and whether, in the
                 case of the sale of land by or on behalf
                 of a public entity, the money is paid to
                 the State by way of dividend, capital
                 distribution or otherwise;
        (b) any other amount of money determined by
            the Treasurer;
        (c) all money required or authorised to be paid
            into the Victorian Future Fund by any other
            Act;
        (d) all money received from the investment of
            money in the Victorian Future Fund.
   (2) An amount of money determined to be credited to
       the Victorian Future Fund by the Treasurer under
       subsection (1)(a) or (b) may be money paid out of
       the Consolidated Fund, which is appropriated to
       the necessary extent.
9 Payments from the Fund
       Money in the Victorian Future Fund may be
       applied only for the following purposes--
        (a) paying amounts determined by the Treasurer
            to reduce the State's debt;
        (b) paying amounts approved by the Treasurer
            for the costs and expenses incurred in--
             (i) administering the Victorian Future
                 Fund, including costs and expenses
                 associated with the appointment of a
                 fund manager; and
             (ii) monitoring, auditing and reporting on
                  the financial operations and financial
                  position of the Victorian Future Fund.



                         5
               Victorian Future Fund Act 2023
                      No.       of 2023
         Part 3--Management, reporting and auditing



Part 3--Management, reporting and auditing
  10 Appointment of fund manager
      (1) The Treasurer may appoint a person to manage
          the Victorian Future Fund.
      (2) The Treasurer may appoint a person under
          subsection (1) only if the Treasurer considers that
          the person has the necessary skills and experience
          to manage the Victorian Future Fund.
      (3) The terms of appointment of a person under this
          section are as determined by the Treasurer.
      (4) In addition to any other functions conferred by
          law, a person appointed under this section may, in
          accordance with the terms of the appointment,
          invest money in the Victorian Future Fund in any
          manner in which the State is authorised to invest
          that money.
      (5) Nothing in this section affects or takes away from
          section 9A(3) of the Victorian Funds
          Management Corporation Act 1994.
  11 Reporting
      (1) The following information must be included in the
          report of operations and financial statements of
          the Department of Treasury and Finance for a
          financial year under Part 7 of the Financial
          Management Act 1994--
           (a) the opening and closing balances of the
               Victorian Future Fund in the financial year;
           (b) details of contributions made to the Victorian
               Future Fund in the financial year;
           (c) details of payments made from the Victorian
               Future Fund in the financial year.




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             Victorian Future Fund Act 2023
                    No.       of 2023
       Part 3--Management, reporting and auditing


    (2) The fund manager must give the Minister or the
        Secretary any information that the Minister or the
        Secretary reasonably requires to comply with
        reporting obligations in respect of the Victorian
        Future Fund.
12 Audit of Fund
    (1) The Treasurer may carry out, or appoint a person
        to carry out, an audit of the Victorian Future Fund.
    (2) The fund manager must give the Treasurer or the
        person carrying out an audit any information that
        the Treasurer or person reasonably requires in
        carrying out the audit.
    (3) Nothing in this section affects or takes away from
        the requirements of, or the powers of the
        Auditor-General under, the Audit Act 1994.




                           7
             Victorian Future Fund Act 2023
                    No.       of 2023
                    Part 4--General



              Part 4--General
13 Regulations
    (1) The Governor in Council may make regulations
        prescribing any matter or thing that is required or
        permitted to be prescribed by this Act or
        necessary to be prescribed to give effect to this
        Act.
    (2) The regulations--
         (a) may be of a general or limited application;
             and
         (b) may differ according to differences in time,
             place or circumstances.




                           8
            Victorian Future Fund Act 2023
                   No.       of 2023
         Part 5--Amendment of Duties Act 2000



Part 5--Amendment of Duties Act 2000
14 Section 89PA inserted
        After section 89P of the Duties Act 2000 insert--
     "89PA Fund manager of Victorian Future Fund
           is qualified investor
        (1) The fund manager is taken to be a qualified
            investor under section 89P in its capacity as
            trustee of a unit trust scheme in which, either
            directly or through other unit trust schemes
            of which the fund manager is trustee, money
            in the Victorian Future Fund is invested.
        (2) A person appointed as agent, nominee or
            custodian for the fund manager in its
            capacity as trustee of a unit trust scheme
            referred to in subsection (1) is taken to be a
            qualified investor under section 89P in the
            capacity as such an agent, nominee or
            custodian and in accordance with the terms
            of appointment of the agent, nominee or
            custodian.
        (3) Section 89P(3) applies for the purposes of
            this section as if a reference in that
            subsection--
              (a) to paragraph (j) of the definition of
                  qualified investor under subsection (1)
                  were a reference to subsection (2) of
                  this section; and
              (b) to one or more of the persons or entities
                  referred to in subsection (1)(a) to (i)
                  were a reference to the persons or
                  entities referred to in subsection (1)(a)
                  to (i) and the fund manager.




                          9
               Victorian Future Fund Act 2023
                      No.       of 2023
           Part 5--Amendment of Duties Act 2000


          (4) In this section--
                fund manager has the meaning given by
                     section 3 of the Victorian Future
                     Fund Act 2023;
                Victorian Future Fund means the Fund
                     established by section 5(1) of the
                     Victorian Future Fund Act 2023.".
15 Repeal of this Part
          This Part is repealed on 23 May 2025.
   Note
   The repeal of this Part does not affect the continuing operation of
   the amendments made by it (see section 15(1) of the
   Interpretation of Legislation Act 1984).
                 ═════════════




                              10
                          Victorian Future Fund Act 2023
                                 No.       of 2023
                                        Endnotes



                                    Endnotes
1 General information
  See www.legislation.vic.gov.au for Victorian Bills, Acts and current
  authorised versions of legislation and up-to-date legislative information.
   
      Minister's second reading speech--
      Legislative Assembly:
      Legislative Council:
      The long title for the Bill for this Act was "A Bill for an Act to establish
      the Victorian Future Fund and set out the purposes for which money in
      the Victorian Future Fund may be used and to amend the Duties Act 2000
      and for other purposes."




                 By Authority. Government Printer for the State of Victoria.




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