EXPLANATORY STATEMENT
Issued by the Authority of the Minister for Finance
Medical Research Future Fund (Consequential Amendments) Act 2015
Medical Research Future Fund (Consequential Amendments) Act Commencement Proclamation 2015
Item 3 of the table in subsection 2(1) of the Medical Research Future Fund (Consequential Amendments) Act 2015 (the Act) provides that Schedule 2 to the Act is to commence on a day fixed by Proclamation. However, if any of the provisions in Schedule 1 do not commence within 6 months from the day on which Schedule 1 commences, then the provisions will commence on the day after the end of that 6 month period. The Act received Royal Assent on 26 August 2015.
The purpose of the Medical Research Future Fund (Consequential Amendments) Act Commencement Proclamation (the Proclamation) is to fix 29 October 2015 as the day on which provisions in Schedule 2 to the Act commence.
The Act makes a number of consequential amendments to other pieces of legislation required to enable the effective operation of the Medical Research Future Fund as established by the Medical Research Future Fund Act 2015. The Medical Research Future Fund will be credited with amounts equal to the uncommitted balance of the Health and Hospitals Funds (HHF) and the value of announced health saving measures.
Schedule 2 makes amendments to the COAG Reform Fund Act 2008, the DisabilityCare Australia Fund Act 2013, the Future Fund Act 2006, the Health Insurance Act 1973, the Medical Research Future Fund Act 2015 and the Nation-building Funds Act 2008 relating to the abolition of the HHF. Item 38 repeals Chapter 4 of the Nation-building Funds Act 2008. This will repeal the HHF by repealing all provisions in the Nation-building Funds Act 2008 relating to the establishment and management of the HHF.
Fixing a day by proclamation for the commencement of Schedule 2 of the Act gives certainty to the abolition date of the HHF. The date was determined in consultation with the Future Fund Management Agency.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003. However, the Proclamation is not subject to disallowance under item 42 of the table in subsection 44(2) of that Act.
A Statement of Compatibility with Human Rights was prepared for the Act. An additional Statement is not required for this Proclamation as it is not subject to disallowance.
In accordance with section 17 of the Legislative Instruments Act 2003, consultation has taken place with the Future Fund Management Agency.