Overview

The Medical Research Future Fund (Amount to be Transferred from the Health and Hospitals Fund) Determination 2015 was enacted to specify the amount to be transferred from the Health and Hospitals Fund to the Medical Research Future Fund, as required by the Medical Research Future Fund Act 2015. This determination was made by the Minister for Finance and specifies an amount of $1,010,000,000, which represents the value of the uncommitted funds in the Health and Hospitals Fund. The purpose of this transfer is to provide funding for medical research initiatives as outlined in the Act. The determination was subject to consultation with the Future Fund Board of Guardians, who have responsibility for the Health and Hospitals Fund, and was deemed to have minor impact, thus not requiring a Regulation Impact Statement. The determination is compatible with human rights as it does not engage any applicable rights or freedoms outlined in the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The Medical Research Future Fund (Amount to be Transferred from the Health and Hospitals Fund) Determination 2015 applies to the transfer of funds from the Health and Hospitals Fund to the Medical Research Future Fund, as mandated by the Medical Research Future Fund Act 2015. The Act requires the Minister for Finance to specify an amount to be transferred, which in this instance, the Determination has set at $1,010,000,000. This transfer encompasses the value of the uncommitted funds in the Health and Hospitals Fund, and the Future Fund Board of Guardians has 28 days to effect this transfer upon the Determination's commencement. The Determination is a legislative instrument and commences upon registration on the Federal Register of Legislative Instruments, and it is not subject to disallowance under the Legislative Instruments Act 2003. The legislation is applicable nationally, with the transfer occurring within the Commonwealth of Australia. There are no exclusions or exemptions specified in the Determination, nor are there any thresholds beyond the amount set by the Minister for Finance. The Determination does not engage any rights or freedoms outlined in the Human Rights (Parliamentary Scrutiny) Act 2011 and is therefore considered compatible with recognised human rights.

Key Provisions

The Medical Research Future Fund (Amount to be Transferred from the Health and Hospitals Fund) Determination 2015 (the Determination) specifies the transfer of $1,010,000,000 from the Health and Hospitals Fund to the Medical Research Future Fund. This amount represents the value of uncommitted funds in the Health and Hospitals Fund, as mandated by section 12(1)(a) of the Medical Research Future Fund Act 2015 (the Act). The Future Fund Board of Guardians has 28 days from the commencement of the Determination to complete the transfer of financial assets. During this period, the Board will identify the specific assets to be transferred and will arrange the necessary commercial arrangements to manage these assets as investments for the Medical Research Future Fund. Section 12(2) of the Act confirms that the Determination is a legislative instrument under the Legislative Instruments Act 2003, although it is exempt from disallowance under section 42 of that Act. The Determination comes into effect on the date it is registered on the Federal Register of Legislative Instruments. The Determination imposes several obligations on the Future Fund Board of Guardians. Primarily, it requires the Board to transfer a specified amount of funds from the Health and Hospitals Fund to the Medical Research Future Fund within a stipulated timeframe. The Board must identify the assets to be transferred and make the necessary commercial arrangements to ensure the smooth transition of these assets into the Medical Research Future Fund’s investment portfolio. These obligations are designed to facilitate the efficient and orderly transfer of funds, ensuring that the Medical Research Future Fund can access the necessary resources to support future research initiatives. Additionally, the Determination ensures that the Board is accountable for the proper execution of the transfer, including any required documentation and reporting to relevant authorities. There are no explicit offences, penalties, or civil or criminal consequences outlined in the Determination for failure to comply with the specified requirements. However, the legislative context implies a strong expectation of compliance with the mandated transfer within the stipulated timeframe. Non-compliance could potentially lead to administrative or financial repercussions, as the Determination is a legislative instrument and the Board of Guardians is bound by the requirements of the Medical Research Future Fund Act 2015. Furthermore, the Board’s failure to meet its obligations could be subject to review or investigation by relevant authorities, which may result in additional measures to ensure compliance. The Determination's compatibility with human rights is also assured, as it does not engage any applicable rights or freedoms outlined in the Human Rights (Parliamentary Scrutiny) Act 2011, nor does it limit any human rights or propose any penalties.