EXPLANATORY STATEMENT
Issued by the Authority of the Treasurer and the Minister for Finance and Administration
Future Fund Act 2006
Future Fund (Crediting of Initial Amount) Determination 2006
Subclause 2 (1) of Schedule 1 to the Future Fund Act 2006 provides that, before 1 July 2006, the responsible Ministers must determine by writing that $18 billion is to be credited to the Future Fund Special Account - either on a specified day or in specified instalments.
The purpose of this Future Fund (Crediting of Initial Amount) Determination 2006 is to specify 5 May 2006 as the day on which the initial amount of $18 billion is to be credited to the Future Fund Special Account.
The $18 billion is sourced from previously realised surpluses held on deposit with the Reserve Bank of Australia.
The Determination is deemed to be a legislative instrument for the purposes of the Legislative Instruments Act 2003, however, the Determination, as a ministerial direction, is not disallowable.
The Determination commences on registration and cannot be revoked.