Bills Digest No.
22, 2021–22
PDF version [548KB]
Dr Jillian Beard
Foreign Affairs, Defence and Security Section
Leah Ferris
Law and Bills Digest Section
Cathy Madden
Politics and Public Administration Section
Stephen McMaugh
Science, Technology, Environment and Resources Section
15
October 2021
Contents
Glossary
Purpose and Structure of the Bill
Purpose of the Future Fund
Committee consideration
Policy position of non-government
parties/independents
Financial implications
Statement of Compatibility with Human
Rights
Schedule 1 – Staff of the Future Fund
Management Agency
Schedule 2 – Freedom of Information
Schedule 3 – Medical Research Future
Fund
Schedule 4 – Emergency Response Fund
Date introduced: 25
August 2021
House: House of
Representatives
Portfolio: Finance
Commencement: Sections
1-3 on Royal Assent. Schedule 1 will commence either on a date to be fixed
by Proclamation or six months after Royal Assent.
Schedules 2-4 will commence on the day after Royal
Assent.
Links: The links to the Bill,
its Explanatory Memorandum and second reading speech can be found on the
Bill’s home page, or through the Australian
Parliament website.
When Bills have been passed and have received Royal Assent,
they become Acts, which can be found at the Federal Register of Legislation
website.
All hyperlinks in this Bills Digest are correct as
at October 2021.
Glossary
Purpose and Structure of the Bill
The purpose of the Investment
Funds Legislation Amendment Bill 2021 (the Bill) is to make amendments to
several Acts governing Australian Government investment funds to streamline the
operations of those funds.
The Bill has four Schedules:
- Schedule
1 amends the Future
Fund Act 2006 (the Future Fund Act) to enact a new employment
framework for staff of the Future Fund Management Agency (FFMA)
- Schedule
2 amends the Freedom
of Information Act 1982 (the FOI Act) to provide a partial
exemption for documents handled by the FFMA in respect of the Future Fund Board’s
investment activities
- Schedule
3 amends the Medical
Research Future Fund Act 2015 (MRFF Act) to streamline the administration
of the Medical Research Future Fund (MRFF), including making state and
territory governments eligible to receive funding directly from the MRFF Health
Special Account
- Schedule
4 amends the Emergency
Response Funds Act 2019 (ERFA Act) to transfer the
administrative responsibility for expenditure from the Emergency Response Fund
(ERF) from the Home Affairs Department to the National Recovery and Resilience
Agency (NRRA).
As each of the Schedules to the Bill deal with separate
policy proposals, the relevant background and analysis of provisions are set
out separately for each Schedule.
Purpose of
the Future Fund
The Future Fund was established 15 years ago by the Future
Fund Act to cover the superannuation liabilities of the Commonwealth.[1]
The Future Fund has an independent Board of Guardians, chaired by Mr Peter
Costello. The Future Fund Board supported by the FFMA invests the assets of the
Future Fund.[2]
The investment responsibilities of the FFMA and the Future
Fund Board were extended by the DisabilityCare
Australia Fund Act 2013 (DCAF Act), the MRFF Act, the Aboriginal and
Torres Strait Islander Land and Sea Future Fund Act 2018 (ATSILSFF
Act), the Future
Drought Fund Act 2019 (FDF Act) and the ERFA Act.
Risk and return objectives for each of these funds are set
by Investment Mandate Directions issued to the Board by the Treasurer and
Minister for Finance. These objectives and performance against them are
detailed in the FFMA’s Corporate Plan.[3]
The Future Fund has a target return of 6.1 per cent per
annum but has out-performed that, averaging a ten‑year return of 10.1 per
cent per annum.[4]
In August 2021 it had $245.8 billion under management across all six funds.[5]
The Future Fund’s earnings grew by 22.2 per cent to $35.7 billion
in 2020-21, with the Fund’s contributed capital of $60.5 billion more than
trebling to $196.8 billion.[6]
The Chief Executive Officer of the FFMA, Dr Raphael Arndt, noted that the 2020–21
returns produced by the Future Fund ‘are the highest in the history of the
Fund’ but ‘over the medium-term returns are going to be harder to produce,
particularly given the shifts in the investment environment created by the
pandemic’.[7]
Committee
consideration
Senate
Finance and Public Administration Legislation Committee
The provisions of the Bill were referred by the Senate to
the Senate Finance and Public Administration Legislation Committee (the Senate
Finance and Public Administration Committee) for inquiry and report by 14 October
2021.[8]
The Committee received thirteen submissions which are discussed further under
the relevant Schedules.[9]
The Committee also held a hearing examining the provisions of the Bill on 28
September 2021.[10]
Senate
Standing Committee for the Scrutiny of Bills
The Senate Standing Committee on the Scrutiny of Bills
(Scrutiny of Bills Committee) raised concerns about the level of parliamentary
scrutiny for changes to:
- the
Code of Conduct for FFMA and the FFMA Values and
- the
granting of financial assistance to states and territories through the Medical
Research Future Fund Special Account (MRFF Special Account).[11]
These concerns are discussed further in relation to Schedules
1 and 3 below.
Policy
position of non-government parties/independents
The Australian Greens spokesperson on Treasury, Finance
and Economic Justice, Nick McKim, is reported as describing the provisions in
Schedule 2 of the Bill as a ‘calculated and cynical response to the fund being
caught out investing in Adani’.[12]
He further stated that the FFMA is ‘Australia’s sovereign wealth fund which
invests public money on behalf of all Australians, and should be accountable
for those investments’.[13]
Liberal Senator Gerard Rennick has stated he would not be
voting in support of the Bill as he doesn’t support the amendments in Schedule
2 of the Bill.[14]
Financial
implications
The Explanatory Memorandum notes that only the proposed
amendments to the MRFF Act (Schedule 3) will have a direct impact
on the Commonwealth’s fiscal position.[15]
Specifically, the changes to the disbursements framework
for the MRFF would set a maximum payout from the fund each year of $650 million,
from 2022–23.[16]
In addition to the legislative amendments to the MRFF, the Government intends to
issue a new investment mandate with a higher benchmark rate of return. The
Government predicts that, while the higher rate of return will increase the
risk of short-term losses, this will be offset by higher expected earnings over
the medium to long term.[17]
Statement of Compatibility with Human Rights
As required under Part 3 of the Human Rights
(Parliamentary Scrutiny) Act 2011 (Cth), the Government has assessed the
Bill’s compatibility with the human rights and freedoms recognised or declared
in the international instruments listed in section 3 of that Act.[18]
The Government considers that the Bill is compatible with
human rights because ‘it promotes the right of everyone to the enjoyment of the
highest attainable standard of physical and mental health, enshrined in Article
12(2) of the International
Covenant on Economic, Social and Cultural Rights.[19]
Parliamentary
Joint Committee on Human Rights
The Parliamentary Joint Committee on Human Rights had no
comment on the Bill.[20]
Schedule 1 –
Staff of the Future Fund Management Agency
|
Schedule 1 amends the Future Fund Act
2006 to enact a new employment framework for staff of the Future Fund
Management Agency (FFMA).
|
Operation of
the FFMA
The FFMA was established by section 74 of the Future
Fund Act. The Chair of the Future Fund Board is the head of the FFMA. The
FFMA provides executive support for the Future Fund Board and is responsible
for the operational activities associated with the investment of the Future
Fund.
The primary functions of the FFMA are to provide
administrative and policy support to the Board and manage the relationships
between the Board and investment managers such as funds managers, transition
managers and custodians.[21]
FFMA supports the Future Fund Board, which has
responsibility for investing the assets of special purpose public funds
including:
- the
Future Fund
- the
MRFF
- the
DisabilityCare Australia Fund (DCAF)
- the
Aboriginal and Torres Strait Islander Land and Sea Future Fund (ATSILSFF)
- the
Future Drought Fund (FDF) and
- the
ERF.[22]
For the purposes of the Public Governance,
Performance and Accountability Act 2013 (PGPA Act), the FFMA is
a listed entity and the Chair is the accountable authority;[23]
however, the Future Fund Board itself is not an entity under the PGPA Act.[24]
The costs of running the FFMA are met from the Future Fund, but the FFMA is
subject to Parliamentary scrutiny through the budget and estimates process.[25]
Existing
staffing arrangements under the Public Service Act
The FFMA’s headquarters is in Melbourne, where most of the
staff are located. Staff of the FFMA are employed under the Public Service
Act, consistent with the Australian Public Sector Workplace Relations Policy.[26]
As at 30 June 2020, FFMA employed 188 people under the Public Service Act
(three were employed at the Senior Executive Service (SES) level).[27]
All employees of the FFMA operate on individual employee
contracts and, in addition to fixed pay, ongoing staff can earn a variable pay
component, which is based on both personal performance (Individual Plan) and
investment performance (Fund Plan).[28]
The proposed new employment arrangements may provide the potential for more
competitive remuneration and flexibility in employment contracts.
Planned
increase in staffing
In May 2021 it was announced that the FFMA would receive
an 80 per cent increase in staff to deal with what it warns is a fundamentally
changed investment outlook.[29]
The FFMA’s staffing cap, which was limited to an Average Staffing Level (ASL)
of just under 200 people, was lifted by the Government, as announced in the
2021–22 Federal Budget.[30]
Commencing in the 2021–22 financial year, the ASL cap has increased to 350. A
spokesperson was quoted as saying:
… the investment environment is increasingly challenging and
complex and these staff numbers will help us continue to prudently invest.
Earnings targets had been toughened and there was an extra
fund to manage, he said. The fund … said costs were met from revenue they
generated.[31]
The Chief Executive Officer, Dr Raphael Arndt, has spoken
of the need to increase staffing resources and build capacity to respond
flexibly to an evolving and challenging economic and investment environment:
… we’ll continue to implement the new three-year business
strategy we launched at the start of this year, with a focus on refreshing our
investment model, maturing the organisation, preserving our legacy and
expanding our voice. With this, we will be looking to prudently build out our
resources and enhance our capabilities to ensure we’re well-positioned to
successfully deliver on our long-term mandate. We must ensure that the
organisation remains a mature, resilient and successful investor for the
decades ahead.[32]
In discussing an increase in staffing he spoke further
about the environment:
… the investment environment is more challenging. We think to
be able to meet our mandates in the period ahead, we need to ramp up our
activity in a number of areas, particularly in what is called alpha-seeking
strategies. They are strategies where we have to select investment managers
that have skill based strategies, like private equity, hedge funds and managers
like that. We need more staff to do that. That is not scalable. Thirdly, we
feel like we need to get better at adjusting the portfolio because of these
significant changes in markets and volatility we expect to occur going forward.
So the plan has about near a doubling of the investment team
to respond to that environment.[33]
He said half of the extra 150 staff, which will take the
fund’s overall staffing to 350 people, would be required in investment
management. Between 30 and 40 staff would go into data collection with Dr Arndt
saying the fund needed more timely and different data than was currently
available.[34]
Under questioning, Dr Arndt explained the decision not to
outsource work of the FFMA:
We prepared a forward-looking plan assuming that we would
have to outsource some components of that plan. We started talking to the
government about the desirability or otherwise of doing it. We built the budget
assuming that some of those services were outsourced. With the ASL decision, we’re
now able to insource those activities.[35]
Proposed
employment framework
In his second reading speech Stuart Robert, the Minister
for Employment, Workforce, Skills, Small and Family Business, stated the need
to build expertise to operate in a commercial environment as a reason for the
changing employment arrangements.[36]
The proposed framework will provide more operational flexibility by bringing
employment conditions under the Future Fund Act rather than the Public
Service Act while staff continue as Commonwealth employees.
The Minister drew a comparison to similar arrangements
operating in Commonwealth agencies including the Australian Securities and
Investments Commission (ASIC) and the Australian Prudential Regulation Authority
(APRA). These agencies may employ staff under their enabling Acts rather than under
the Public Service Act. For example, section 45 of the Australian
Prudential Regulation Authority Act 1998 allows the Chair of APRA to
appoint staff as he or she considers necessary for the performance of APRA’s
function and determine terms and conditions of appointment.[37]
In a submission to the Senate Standing Committee on
Finance and Public Administration the Community and Public Sector Union (CPSU)
voiced its opposition to the removal of the FFMA staff from being covered by
the Public Service Act. The CPSU argues that it is problems with the Government’s
bargaining policy that result in agencies being unable to attract staff that
work in the financial services industry and these problems will not be fixed by
no longer applying the Public Service Act to FFMA employees.[38]
This position is also supported by the Australian Council of Trade Unions.[39]
Staff to be
employed under the Future Fund Act
The Explanatory Memorandum provides a good summary of the
key changes set out in Schedule 1 of the Bill.
Section 77 of the Future Fund Act provides that the
FFMA’s staff are Commonwealth public servants, engaged under the Public
Service Act, and that the FFMA is a statutory agency for administrative
purposes. Item 2 repeals and replaces section 77. Proposed section 77
provides for the Chair of the Future Fund to employ such employees as they
think necessary.
Proposed terms
and conditions of employment
Proposed subsection 77(3) provides that terms and
conditions of employment are determined by the Future Fund Chair while ensuring
that such a determination cannot act to reduce the benefit to an employee (proposed
subsection 77(4)). The terms and conditions have to be consistent with the Fair Work Act 2009,
including the National Employment Standards and any modern award applicable to
FFMA employees.
Item 4 provides for mobility rights for FFMA
employees to be seconded or move voluntarily to the Australian Public Service
(APS). Section 26 of the Public Service Act provides for voluntary moves
between Agencies[40]
and will apply to Future Fund employees.
As public servants engaged under the Public Service Act,
FFMA staff must currently adhere to the APS Code of
Conduct (the Code) and the APS Values.[41]
Proposed sections 79B and 79C provide that the Chair must determine the FFMA
Code of Conduct and FFMA Values, which must, as far as practicable, be consistent
with the APS Code of Conduct and APS Values. The FFMA Code of Conduct and the
Values are required to be publicly available on the Agency’s website (proposed
subsections 79B(4) and 79C(5)).
However, proposed subsections 79B(5) and 79C(6)
state that those determinations are not legislative instruments. The
Explanatory Memorandum notes the determinations have an administrative rather
than legislative character.[42]
The Scrutiny
of Bills Committee has asked the Minister for advice on why the Values and
Code of Conduct will not be made by legislative instrument and therefore not
subject to parliamentary scrutiny.[43]
Proposed section 79D clarifies that the Chair is
not subject to direction by the Future Fund Board in relation to his or her
functions under the PGPA Act in relation to their responsibilities for
the FFMA and therefore employment arrangements.
Proposed section 83C authorises the Future Fund
Chair to delegate their powers relating to employment arrangements to a staff
member of the FFMA who is at an equivalent level to an SES employee. However,
the Chair would not be able to delegate the obligations to determine an FFMA
Code of Conduct and Values. A delegate may further delegate powers to a
subdelegate at SES-equivalent level. The subdelegate must comply with any
directions given to the delegate by the Chair.[44]
Division 2—Consequential
amendments
Items 8 to 13 make consequential amendments to a
range of other Acts (the ATSILSFF Act, the DCAF Act, the ERF
Act, the FDF Act and the MRFF Act) to reflect the changing
employment arrangements of the FFMA.
When staff are not employed under the Public Service
Act it is not possible to refer to an SES employee. A substitute reference
to an employee at the equivalent level to an SES employee is necessary to allow
the Finance Minister to continue to delegate relevant powers under the amended
Acts.
Transitional
provisions
Items 14 to 16 ensure FFMA staff will continue to
be employed on the same terms and conditions as those that applied immediately
before the commencement of the new employment provisions and will retain their
existing entitlements. This includes the application of the Safety,
Rehabilitation and Compensation Act 1988. The transitional provisions
also allow for the continuation of delegations made to particular positions
created under related Acts such as the ATSILSFF Act, the DCAF Act,
the ERF Act, the FDF Act and the MRFF Act.
Schedule 2 –
Freedom of Information
|
Schedule 2 amends the Freedom of
Information Act 1982 (the FOI Act) to provide a partial
exemption for documents handled by the Future Fund Board and the FFMA in
respect of the Future Fund Board’s investment activities.
|
Operation of
the FOI Act
The FOI Act requires an agency or Minister to give
a person access to a document if the person’s request complies with the terms
of the FOI Act.[45]
Part IV of the FOI Act sets out various grounds on which a document may
be prevented from being disclosed.[46]
Section 7 of the FOI Act also allows for certain agencies or persons to
be exempted from providing documents without needing to establish one of the
exemptions in Part IV.
Schedule 2 of the FOI Act lists agencies that are
exempt from the operation of the FOI Act entirely or exempt in respect
of particular documents. The Future Fund Board and FFMA are not currently
listed in Schedule 2 of the FOI Act. Some of their documents could,
however, be exempt from disclosure on the basis that they contained
commercially valuable information or material obtained in confidence.[47]
Schedule 2 of the Bill will amend Part II of
Schedule 2 of the FOI Act to exempt:
- the
Future Fund Board, in relation to documents in respect of its investment
activities and
- the
FFMA, in relation to documents in respect of the investment activities of the
Future Fund Board.
The Explanatory Memorandum states that the exemption is
intended to cover:
… documents including (but not limited to) those in relation
to the Future Fund Board’s or the Agency’s past, current or proposed investment
strategies for the Australian Government’s investment funds, the evaluation of
potential or current investments and investment managers, investing amounts,
managing and realising investments and acquiring and managing derivatives.[48]
The proposed amendments will ensure that any document in
respect of the Future Fund Board’s investment activities is exempted from the
operation of the FOI Act, regardless of whether the document is
commercially sensitive or would have an impact on the Future Fund Board or the FFMA’s
activities.
Both the ACTU and Industry Super Australia have argued
that the amendments are ‘inconsistent with the Government’s proposal to require
superannuation funds to disclose every position and investment valuation, under
the exposure draft of the Corporations Amendment (Portfolio Holdings
Disclosure) Regulations 2021’.[49]
Industry Super Australia recommended that the Government
ensure that regulatory measures with respect to superannuation funds and the
FFMA be consistent:
The problem arises because it's inconsistent with other
regulations which the government is making, or intending to make, on behalf of
superannuation funds. But however it is achieved, whether it is through
amendments to this particular bill in relation to the FOI exemption or the
scope of that exemption, we would argue that the government should reflect on
the regulations it has drafted, or is intending to make, which will apply to
superannuation funds. Our submission is that there should be greater
consistency between the two.[50]
The FFMA has argued that the proposed amendments are
necessary as the current exemptions in the FOI Act ‘are too narrow or
unclear to be relied on in some circumstances and, even if they are available,
it is administratively burdensome for a relatively small agency to have to
process requests which are ultimately refused’.[51]
The FFMA advised the Senate Finance and Public Administration Committee that in
the last four years it has received sixteen FOI requests relating to asset
valuation matters, six FOI requests relating to investment activities and nine
FOI requests relating to general activities undertaken by the FFMA.[52]
The FFMA also submitted to the Senate Finance and Public
Administration Committee that being subject to the FOI Act has put the
FFMA at a competitive disadvantage, with co-investors and investment managers
expressing concern about the FFMA’s ability to maintain the confidentiality of
commercially sensitive information.[53]
Schedule 3 –
Medical Research Future Fund
|
Schedule 3 amends the Medical Research
Future Fund Act 2015 (MRFF Act) to streamline the
administration of the Medical Research Future Fund (MRFF), including making
state and territory governments eligible to receive funding directly from the
MRFF Health Special Account.
|
The MRFF was established by the MRFF Act to provide
an ongoing funding stream for medical research and medical innovation.[54]
The capital of the MRFF is invested and preserved; the earnings are used to
make grants of financial assistance for medical research and medical innovation
over the long term.[55]
The Medical Research Future Fund consists of
the Medical Research Future Fund Special Account and the
investments of the Medical Research Future Fund. Initially, its investments are
a portion of the investments of the Health and Hospitals Fund which was
established under the repealed Nation‑building Funds Act 2008.
Additional amounts may also be credited to the Medical Research Future Fund
Special Account.
The Medical Research Future Fund Special Account
can be debited for 3 main purposes:
(a) channelling
grants to the COAG Reform Fund to make grants of financial
assistance to States and Territories; and
(b) channelling
grants to the MRFF Health Special Account to make grants of
financial assistance to certain bodies; and
(c) making
grants of financial assistance directly to corporate Commonwealth entities.
Debits are made from the Medical Research Future Fund Special
Account by the Finance Minister after being required to do so by the Health
Minister. The Health Minister takes the Australian Medical Research and
Innovation Priorities (which are determined by the Australian Medical Research
Advisory Board under Part 2A) into account in making decisions about the
financial assistance that is provided from the Medical Research Future Fund
Special Account.
The Medical Research Future Fund Special Account can also be
debited in relation to costs and other obligations incurred by the Future Fund
Board in managing the Fund.[56]
The Board of the Future Fund invests the MRFF in
accordance with the published Medical Research
Future Fund Investment Mandate Direction 2015 (MRFF Investment Mandate).[57]
The initial investment in the MRFF of $1.010 billion was transferred
from the discontinued Health and Hospitals Fund.[58]
The Government has since credited additional amounts to the Medical Research
Future Fund Special Account and the fund reached its $20 billion target in
2020.[59]
The Department of Health reports that, from its inception in 2015 to 30 June 2021,
the MRFF has funded a total of 670 grants amounting to $1,779.8 billion
with 80 per cent going to competitive grants.[60]
Setting maximum
annual distribution from the fund
The maximum amount that can be debited from the Medical
Research Future Fund Special Account (MRFF Special Account) is currently
determined by the Future Fund Board for each financial year.[61]
Part 3 of the MRFF Act sets out the principles and process for the
Future Fund Board to determine the maximum annual distribution.
Item 33 of Schedule 3 will repeal all of
Part 3 of the MRFF Act. Proposed section 15B of the MRFF Act
sets the total annual amount that can be debited from the MRFF Special Account
at $650 million in a financial year from the year beginning on
1 July 2022 unless the responsible Ministers set a different amount
by disallowable legislative instrument.[62]
The Bill does not provide guidance for setting a different
amount of total annual debits. It does not replace subsection 34(4) of the MRFF
Act, which currently requires the Future Fund Board to take into account
the principle that the capital level of the MRFF be preserved for the long
term.
The Government argues there is no need for that
requirement:
With the MRFF now fully capitalised, the Government intends
to issue a new investment mandate for the MRFF with a higher benchmark rate of
return. While this would increase the risk of losses in the short term, it
would also increase expected earnings and support the perpetual funding
objective over the long term.[63]
Proposed subsection 15B(5) requires the
responsible Ministers to conduct a review at least once every five years into the
operation of the provisions setting the total annual debits from the MRFF
Special Account.
In conducting a review under this new subsection, it is
envisaged that the responsible Ministers would consider whether the maximum
debit amount (or amounts) should be changed, having regard to the object of the
MRFF Act as well as the perpetual funding objective of the MRFF.[64]
Prior to the MRFF being established, it was the
Government’s expectation that the interest earned on the fund would amount to
an estimated $1 billion return per year once fully mature and would
‘support basic, applied and translational research in priority clinical areas
that will benefit patients’.[65]
The Association of Australian Medical Research Institutes,
the Australian Society for Medical Research and Research Australia noted that
the proposed maximum annual distribution of $650 million is significantly
less than the $1 billion disbursement originally envisaged by the
Government.[66]
Submitters raised concerns that this could result in a disbursement that is
significantly less than $650 million and have recommended that the
Government amend the Bill to provide for a minimum, not a maximum amount,
subject to indexation.[67]
The Association of Australian Medical Research Institute explained
why it considers the amendments necessary:
The Bill should also include a minimum amount of funding to
be provided for medical research. There is currently no legal requirement for
investment returns to be spent each year on medical research, and as the Act is
being amended the opportunity should be taken to change this. Having a minimum
amount available would provide greater certainty and confidence that the MRFF
will be investing in medical research at a set level irrespective of the
cyclical nature of the MRFF investment returns. This minimum amount should be
set at least $650 million per annum to ensure existing commitments in the
forward estimates are met.[68]
The George Institute argued that, without a minimum annual
disbursement limit, ‘a situation could arise, similar to 2021–22, in which a
low Reserve Bank of Australia (RBA) cash rate could negatively impact the MRFF
if there is no supplement from the Federal Government’.[69]
While submitters generally supported the Government’s
intent to seek greater returns from the MRFF, they argued that the current capital
of the MRFF of $20 billion should be maintained and the Bill should be amended
to reflect this.[70]
The Department of Finance stated that removing the protection of the principal
of the MRFF is required to allow the Government to instruct the Future Fund
Board to pursue a higher benchmark rate for the MRFF:
Under the new disbursements framework, the requirement to
consider the principle of preserving the nominal credits to the MRFF over the
long term will no longer exist. This will allow the Government to issue a new
investment mandate for the MRFF with a higher benchmark rate of return. This
will increase expected earnings and support the perpetual funding objective.[71]
An
alternative payment channel to state and territory governments and authorities
The MRFF Act currently allows grants to be made
from the MRFF Special Account to states and territories through the COAG Reform
Fund under section 20.[72]
Note that the COAG
Legislation Amendment Bill 2021, currently before Parliament, proposes to
rename the COAG Reform Fund as the Federation Reform Fund (Part 1 of
Schedule 1) and to make consequential amendments to the MRFF Act.
The purpose of the COAG Reform Fund is to make grants of
financial assistance to the states and territories (not other bodies).[73]
A direction to channel a grant from the MRFF Special Account through the COAG
Reform Fund must be for the purpose of making a specified grant of financial
assistance to a state or territory for the purposes of medical research and
medical innovation.[74]
Such a direction is not a legislative instrument.[75]
By contrast, section 24 of the MRFF
Act permits grants directly to several types of bodies from the MRFF
Health Special Account:
The purpose of the MRFF Health
Special Account is to make grants, for the purposes of supporting medical
research and medical innovation, to any one or more of the following bodies:
(a) a medical
research institute;
(b) a university;
(c) a corporate
Commonwealth entity;
(d) a corporation.
A direction from the Health Minister requiring the Finance
Minister to credit funds to the MRFF Health Special Account does not require a specific
purpose to be specified and is not a legislative instrument.[76]
Item 16 of Schedule 3 to the Bill amends section
24 of the MRFF Act by inserting two more bodies to which payments can be
made from the MRFF Health Special Account for the purposes of supporting
medical research and medical innovation:
(e) a State or
Territory;
(f) an authority
of a State or Territory.
This mechanism is in addition to the existing mechanism for
channelling money to the states and territories through the COAG Reform Fund.
Stakeholders have mixed views about the alternative
payment channel. The George Institute supports the additional pathway, arguing
it will ‘enable greater integration and cooperation of medical research within
the overall Australian health system’.[77]
The Australian Society for Medical Research expressed concern that competition
from states and territories would diminish the amount of funds flowing to
researchers and research institutes.[78]
The Australian Academy of Health and Medical Sciences supports safeguards to
ensure that funds flowing to the states and territories are spent only for
research purposes.[79]
In its submission to the Finance and Public Administration
Committee, the Department of Finance argues why this additional pathway is
necessary:
While the MRFF Act provides a legal avenue for
payments to states and territories through the COAG Reform Fund, this avenue
has never been used because a payment to a state or territory as a result of an
open, competitive grants process is classified as a Commonwealth Own-Purpose
Expense (COPE). The current Intergovernmental Agreement on Federal Financial
Relations, which governs payments through the COAG Reform Fund, does not provide
for COPE payments to a state or territory.[80]
The Department of Finance stated that the change ‘promotes
competition for MRFF grants, resulting in grants being awarded directly to the
entity best placed to deliver the intended policy outcome.’[81]
Consultation
with states and territories on management of MRFF financial assistance
A recent ANAO report – Department
of Health’s Management of Financial Assistance Under the Medical Research
Future Fund, states that despite states and territories being key
stakeholders, consultations with them have been inadequate:
Stakeholder views have been considered in developing the MRFF
Strategy, two-yearly MRFF Priorities and roadmaps for the research missions in
the 10-year Plan. Health has not actively consulted with state and territory
governments, which are key stakeholders in the delivery of MRFF and its
outcomes.[82]
Section 32EA of
the MRFF Act requires the Australian Medical Research Advisory
Board to ‘provide a process for consulting’ with certain persons and
organisations before determining an
Australian Medical Research and Innovation Strategy, or Australian Medical
Research and Innovation Priorities. States and territories are not
specified in section 32EA and the Bill does not propose any amendments to this
provision.
Scrutiny
concerns
The Scrutiny of Bills Committee raised concerns about
Schedule 3 of the Bill including that:
- neither
the Bill nor the MRFF Act contains any guidance as to the terms and
conditions on which financial assistance may be granted and
- neither
the Bill nor the MRFF Act provide for parliamentary scrutiny of
agreements made under section 27.[83]
The Committee requested the Minister’s advice on whether
the Bill could be amended to:
-
include at least high-level
guidance as to the terms and conditions on which financial assistance may be
granted; and
-
include a requirement that written
agreements with the states and territories about grants of financial assistance
relating to medical research made under section 27 of the Act are:
- tabled in the Parliament within 15 sitting days after
being made; and
- published on the internet within 30 days after
being made. [84]
Schedule 4 –
Emergency Response Fund
|
Schedule 4 amends the Emergency
Response Fund Act 2019 (ERF Act) to transfer the
administrative responsibility for expenditure from the Emergency Response
Fund (ERF) from the Home Affairs Department to the National Recovery and
Resilience Agency (NRRA).
|
Establishment
of the ERF
The ERF was established by section 9 of the Emergency Response
Fund Act 2019 (ERF Act) to enhance the Commonwealth’s ability
to:
- make
arrangements with persons or bodies in relation to natural disasters and
- make
grants to persons or bodies in relation to natural disasters.[85]
The ERF was initially funded by transferring $3.9 billion
from the Education Investment Fund into the ERF Special Account.[86]
The ERF was only to be drawn upon when the Government
determined ‘a need for additional support in parallel with existing national
disaster response programs’.[87]
Disbursements from the Fund from 2023-24 were to be restricted to the average
values of the annual net realised earnings of the Fund over the previous five
years.[88]
The initial balance was expected to grow to $6.6 billion over the following
decade and allow disaster-hit communities to ‘get back on their feet faster’.[89]
Creation of
the National Resilience and Recovery Agency
The proposed changes to the ERF Act are part of the
Government response to the recommendations of the Royal Commission held after
the extreme bushfire season of 2019–20.[90]
The National Natural Disaster Arrangements Report[91]
acknowledged that, while states and territories have primary responsibility for
disaster responses, and that they delegate some of this responsibility to local
governments, the Australian Government ‘should complement, enhance and support
the role of the states and territories’.[92]
The Report recommended implementing a ‘standing resilience
and recovery body that can scale‑up to meet the needs of a future
disaster’.[93]
In response, the Australian Government established the National Recovery and
Resilience Agency (NRRA) on 5 May 2021.[94]
The NRRA is administered by the Department of the Prime Minister and Cabinet,[95]
and the responsible minister is the Minister for Emergency Management and
National Recovery and Resilience.[96]
Schedule 4 will give effect to the transfer of responsibility
and administration for natural disaster recovery expenditure from Emergency
Management Australia in the Home Affairs portfolio to the NRRA, in an effort to
strengthen ‘transparency and assurance over Commonwealth funding towards
natural disaster recovery and resilience’.[97]
Current administrative
structure
The ERF consists of the Emergency Response Fund
Special Account (ERF Special Account) and the investments of the ERF.
The purposes of the ERF Special Account are:
- to
transfer amounts to the Home Affairs Emergency Response Fund Special
Account for the purposes of making payments and grants in relation to
natural disasters
- to
transfer amounts to the COAG Reform Fund for the purposes of
making grants to the states and territories in relation to natural disasters.
The ERF Special Account can be debited for costs and other
obligations incurred by the Future Fund Board in managing the ERF.[98]
Key
administrative changes
Transfer of
administrative responsibility for the ERF to the NRRA
Item 8 inserts a definition for the NRRA:
NRRA means the body known as the National
Recovery and Resilience Agency that was established as an Executive Agency
under section 65 of the Public Service Act 1999.
The NRRA is substituted for the Home Affairs Department
throughout the ERF Act. This reflects the transfer of the administrative
responsibility for expenditure from the ERF from the Home Affairs Department to
the NRRA.
Purpose of
the Home Affairs Emergency Response Fund Special Account
Section 27 of the ERF Act establishes the Home
Affairs Emergency Response Fund Special Account (Home Affairs
Special Account). The purposes of that Home Affairs Special Account are to pay
amounts payable by the Commonwealth under an arrangement made under section 20;
and to make grants under section 20.[99]
Subsection 20(1) provides the Emergency Management
Minister may, on behalf of the Commonwealth make arrangements or grants for the
carrying out of a project, the provision of a service or the adoption of technology
that is directed towards:
- recovery
from a natural disaster or
- post‑disaster
resilience for an area that has been affected (whether directly or indirectly)
by a natural disaster.
Subsection 20(1A) provides the Emergency Management
Minister may, on behalf of the Commonwealth make arrangements or grants for the
carrying out of a project, the provision of a service or the adoption of
technology that is directed towards:
- resilience
to a future natural disaster that could affect an area (whether directly or
indirectly)
- preparedness
for a future natural disaster that could affect an area (whether directly or
indirectly)
- reduction
of the risk of a future natural disaster that could affect an area (whether
directly or indirectly) or
- the
long‑term sustainability of a community or communities in an area that is
at risk of being affected (whether directly or indirectly) by a future natural
disaster.
When the Emergency Management Minister has made an
arrangement under section 20, that Minister may ask the Finance Minister to
transfer the amount to meet those commitments from the ERF Special Account to
the Home
Affairs Special Account.
Then the Finance Minister may give a direction (which is not a legislative
instrument) to transfer the funds.[100]
Change of
name for the Home Affairs Special Account
The Bill does not make any changes to section 20 of the ERF
Act, so the purposes to which funds can be applied by the Emergency
Management Minister remain the same.
Item 16 of Schedule 4 of the Bill repeals
and replaces section 27.
Proposed section 27(1) continues the Home Affairs
Special Account under the new name of the Emergency Response Fund
Payments Special Account (ERF Payments Special Account). The current
name of the account is omitted, and the new name substituted throughout the Act:
items 1-3, 9-13, 15, 17-19, 21-23 and 25-31 of Schedule 4 of
the Bill.
Proposed subsection 27(2) provides that the ERF
Payments Special Account is a special account for the purposes of the Public
Governance, Performance and Accountability Act 2013. A note makes clear
that the special account designation permits amounts to be directly debited
from the Government Appropriation to the ERF Payments Special Account:
Note: An Appropriation Act may contain a provision to the
effect that, if any of the purposes of a special account is a purpose that is
covered by an item in the Appropriation Act (whether or not the item expressly
refers to the special account), then amounts may be debited against the
appropriation for that item and credited to that special account.
The same arrangement was in place for the Home Affairs Special
Account.
Payments to
the COAG Reform Fund
The ERF Act currently allows money to be
transferred from the ERF Special Account to the COAG Reform Fund for
the purposes of making grants to the states and territories in relation to
natural disasters. The process for channelling state and territory grants
through the COAG reform fund is set out in sections 32 and 32A.
Item 33 of Schedule 4 of the Bill repeals
and replaces subsection 32(1). Item 36 of Schedule 4 repeals and
replaces subsection 32A(1). The provisions have similar effect. Currently the Emergency
Management Minister is able to give a direction to the Department of Finance to
debit an amount from the ERF Special Account and credit that amount to the COAG
Reform Fund. As set out in the Explanatory Memorandum to the Bill:
The process of a Minister directing a department outside of
that Minister’s portfolio is unusual, and is inconsistent with comparable
provisions in the legislation governing of other Australian Government
investment funds.[101]
The amendments in items 33 and 36 will instead allow the Emergency Management Minister to ask the Finance
Minister to give a direction to transfer funds from the ERF Special Account to
the COAG Reform Fund. If the Emergency Management Minister makes such a
request, the Finance Minister is required make a direction to transfer the
requested amount.
Note that the COAG
Legislation Amendment Bill 2021, currently before Parliament, proposes to
rename the COAG Reform Fund as the Federation Reform Fund (Part 1 of
Schedule 1) and will make consequential amendments to the ERF Act.
Providing
copies of finance directions to reduce administrative burden
Correspondence about directions to transfer funds usually occurs
at a departmental level because the Minister’s powers are delegated. The
ordinary operation of the PGPA Act ensures that Departments keep their
Ministers appropriately informed, so certain requirements in the ERF Act
that Ministers personally give or receive notice of particular directions are considered
to be an unnecessary administrative burden: see for example, subsections 28(9),
28A(9), 31(4), 32(6) and 32A(6).
In order to reduce administrative burden, the Bill proposes
to reduce the circumstances in which a Minister must personally give, or be
given, notice of directions that are made under the ERF Act and instead
allow copies of directions to be given at departmental level: see, for example,
items 20, 24, 32, 35 and 38.
[1]. Explanatory
Memorandum, Future Fund Bill 2006, p. 2.
[2]. Future
Fund Management Agency (FFMA), 2021–2022
Corporate Plan, August 2021, p. 4.
[3]. Ibid, pp. 6-7.
[4]. FFMA,
Portfolio
update at 30 June 2021, 26 August 2021, p. 1. For a comparison to last
financial year, see: J Shapiro, ‘Future
Fund declines 3.4pc in March quarter’, The Australian Financial Review,
28 April 2020, p. 29.
[5]. J
Frydenberg (Treasurer) and S Birmingham (Minister for Finance), Future
Fund continues to deliver huge dividend for Australia, media release,
26 August 2021.
[6]. Ibid.
[7]. FFMA,
Portfolio
update at 30 June 2021, op. cit., p. 2.
[8]. The
terms of reference and information about the inquiry are available on the inquiry
homepage.
[9]. The
submissions received by the Senate Finance and Public Administration
Legislation Committee are available on the inquiry
home page.
[10]. The
transcript from the public hearing has been captured in Hansard: Senate Finance
and Public Administration Legislation Committee, Official
committee Hansard, 28 September 2021.
[11]. Senate
Standing Committee for the Scrutiny of Bills (Scrutiny of Bills Committee), Scrutiny
digest, 14, 2021, 1 September 2021, pp. 8-11.
[12]. C
Knaus, ‘”Calculated
response”: Coalition moves to protect Future Fund from FOI laws’, The
Guardian, 26 August 2021.
[13]. Ibid.
[14]. P
Karp, ‘Government's
bill to keep national cabinet discussion secret may fail as Liberal senator
says he will vote against it’, The Guardian, 29 September 2021.
[15]. Explanatory
Memorandum, Investment Funds Legislation Amendment Bill 2021, pp. 5–6.
[16]. Ibid.,
p. 5.
[17]. Ibid.,
p. 6.
[18]. The
Statement of Compatibility with Human Rights can be found at page 7-8 of the
Explanatory Memorandum to the Bill.
[19]. Ibid.
International
Covenant on Economic, Social and Cultural Rights, done in New York on
16 December 1966, [1976] ATS 5 (entered into force for Australia on
10 March 1976).
[20]. Parliamentary
Joint Committee on Human Rights (PJCHR), Human
rights scrutiny report, 11, 2021, 16 September 2021, p. 60.
[21]. FFMA,
2021–2022
Corporate Plan, op. cit., p. 6.
[22]. Ibid., p. 7.
[23]. See subsection 74(3) of the Future Fund Act
2006.
[24]. Subsections
10(2) and 89(1) of the Public Governance,
Performance and Accountability Act 2013.
[25]. Explanatory
Memorandum, Future Fund Bill 2006, p. 5.
[26]. Future Fund Act
2006, subsection 77(1); Australian Public Service Commission (APSC), Public
Sector Workplace Relations Policy 2020, APSC, 13 November 2020.
[27]. Future
Fund, Annual
report 2019–20, The Future Fund, Melbourne, 2021, pp. 66 and 69.
[28]. Ibid.,
p. 73.
[29]. J
Rolfe, ‘Public
service boom’, The Herald-Sun, 13 May 2021, p. 8.
[30]. Australian
Government, Budget
measures: budget paper no. 4: 2020–21: Agency resourcing, Part 2,
Staffing of agencies, p. 160.
[31]. Rolfe,
‘Public
service boom’, op. cit.
[32]. Senate
Finance and Public Administration Legislation Committee, Finance portfolio,
Future Fund Management Agency, Official
committee Hansard, 26 May 2021, p. 43; see also FFMA, 2021–2022
Corporate Plan, op. cit., pp. 9-14.
[33]. Ibid.,
p. 44.
[34]. Ibid.,
pp. 44–48. At 30 June 2020 the Agency staffing profile was 68 staff working in
investments, 60 staff working in operations/IT, 23 staff working in finance and
37 staff working in other areas. Future Fund, Annual report 2019–20, op.
cit., p. 66.
[35]. Senate
Finance and Public Administration Legislation Committee, Official
committee Hansard, op. cit., p. 47.
[36]. S
Robert, ‘Second
reading speech: Investment Funds Legislation Amendment Bill 2021’, House of
Representatives, Debates, (proof), 25 August 2021, p. 11.
[37]. Australian
Prudential Regulation Authority Act 1998, section 45; Australian
Securities and Investments Commission Act 2001, section 120.
[38]. Community
and Public Sector Union (CPSU), Submission
to the Senate Finance and Public Administration Committee, Inquiry into
Investment Funds Legislation Amendment Bill 2021 [Provisions], [Submission
no. 12], 21 September 2021.
[39]. Australian
Council of Trade Unions (ACTU), Submission
to Senate Finance and Public Administration Committee, Inquiry into
Investment Funds Legislation Amendment Bill 2021 [Provisions], [Submission
no. 13], 21 September 2021, pp. 2-3.
[40]. Agency
is defined at section 7 of the Public Service Act
1999.
[41]. APSC,
‘Code of Conduct’,
APSC website, 11 December 2020. The APS Code of Conduct is set out at section
13 of the Public
Service Act 1999 and the APS Values are set out at section 10 of that
Act.
[42]. Explanatory
Memorandum, op. cit., p. 13.
[43]. Scrutiny
of Bills Committee, Scrutiny digest, op. cit., p. 10.
[44]. Proposed
subsection 83C(3) of the Future Fund Act, at item 7 of Schedule
1 to the Investment
Funds Legislation Amendment Bill 2021.
[45]. Freedom of
Information Act 1972 (FOI Act), section 11.
[46]. For
further information on exemptions under Part IV of the FOI Act, see:
Office of the Australian Information Commissioner (OAIC), ‘FOI
Guidelines: Part 5 — Exemptions’, OAIC website, 14 June 2019.
[47]. Ibid.;
FOI Act, sections 45 and 47.
[48]. Explanatory
Memorandum, op. cit., p. 23.
[49]. ACTU,
Submission, op. cit., pp. 1-2; Industry Super Australia, Submission
to Senate Finance and Public Administration Committee, Inquiry into
Investment Funds Legislation Amendment Bill 2021 [Provisions], [Submission
no. 5], 20 September 2021, pp. 1-3. The exposure draft of the
Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021 can be
accessed here: Department of the Treasury (Treasury), ‘Superannuation
Portfolio Holdings Disclosure’, Treasury website, 17 August 2021 – 31
August 2021.
[50]. M
Linden, Evidence
to Senate Finance and Public Administration Committee, Inquiry into
Investment Funds Legislation Amendment Bill 2021 [Provisions], 28 September
2021, pp. 28–29.
[51]. Future
Fund Management Agency (FFMA), Submission
to the Senate Finance and Public Administration Committee, Inquiry into
Investment Funds Legislation Amendment Bill 2021 [Provisions], [Submission no.
11], 20 September 2021, p. 3.
[52]. FFMA,
Answers
to Question on notice: FOI requests, [Questioner: T Ayres], Senate Finance
and Public Administration Committee, Inquiry into Investment Funds
Legislation Amendment Bill 2021 [Provisions], received 5 October 2021.
[53]. FFMA,
Submission, op. cit., p. 4.
[54]. Preamble
and section 11 of the Medical Research
Future Fund Act 2015.
[55]. Department
of Finance (DoF), ‘Medical
Research Future Fund’, DoF website, 31 August 2021.
[56]. Section
10 of the MRFF Act [emphasis added]. Terms are defined in section 5 of
the MRFF Act.
[57]. Medical Research
Future Fund Investment Mandate Direction 2015. The responsible Ministers
are the Treasurer and the Minister for Finance.
[58]. Medical Research
Future Fund (Amount to be Transferred from the Health and Hospitals Fund)
Determination 2015.
[59]. DoF,
‘Medical
Research Future Fund’, op. cit.; Explanatory
statement, The Medical Research Future Fund Investment Mandate Direction
2015.
[60]. Department
of Health (DoH), ‘Summary of
MRFF grant recipients’, DoH website, 30 August 2021.
[61]. Subsection 34(1) of the MRFF Act.
[62]. Item
9 of Schedule 3.
[63]. Explanatory
Memorandum, op. cit., pp. 25–26.
[64]. Ibid.,
p. 27.
[65]. Australian
Government, Portfolio
budget statements: 2014–15: budget paper related no. 1.10: Health portfolio,
p. 22.
[66]. Association
of Australian Medical Research Institutes, Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 4], 20 September 2021, pp. 2–3; The Australian
Society for Medical Research, Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 8], 20 September 2021, pp. [2]–[3]; and Research
Australia, Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 3], 20 September 2021, pp. 2–3.
[67]. Association
of Australian Medical Research Institutes, Submission, op. cit., pp. 2-3; The
Australian Society for Medical Research, Submission,
op. cit., pp. [2]–[3]; and The George Institute for Global Health, Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 7], 20 September 2021, p. 1.
[68]. Association
of Australian Medical Research Institutes, Submission, op. cit., p. 2.
[69]. The
George Institute for Global Health, Submission,
op. cit., p. 1.
[70]. Association
of Australian Medical Research Institutes, Submission, op. cit., p. 3; The
Australian Society for Medical Research, Submission,
op. cit., p. [2]; Research Australia, Submission,
op. cit., p. 4; and The George Institute for Global Health, Submission,
op. cit., pp. 1–2.
[71]. DoF,
Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions], [Submission
no. 10], September 2021, p. 8.
[72]. The
existing requirements for terms and conditions attached to grants through the
COAG Reform Fund are set out in section 22 of the MRFF Act.
[73]. Section
6 of the COAG Reform Fund Act 2008.
[74]. Subsection 20(2)
of the MRFF Act.
[75]. Subsection 20(4)
of the MRFF Act.
[76]. Section
25 of the MRFF Act.
[77]. The
George Institute for Global Health, Submission,
op. cit., p. [2].
[78]. The
Australian Society for Medical Research, Submission,
op. cit., p. [4].
[79]. Australian
Academy of Health and Medical Sciences, Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 6], 20 September 2021, p. 3.
[80]. DoF,
Submission
to the Senate Standing Committees on Finance and Public Administration, Inquiry
into Investment Funds Legislation Amendment Bill 2021 [Provisions],
[Submission no. 10], September 2021, p. 9.
[81]. Ibid.,
p. 8.
[82]. Australian
National Audit Office (ANAO), Department
of Health’s management of financial assistance under the Medical Research
Future Fund, Audit report, 3, 2021–22, ANAO, Canberra, 2021, p. 24.
[83]. Scrutiny
of Bills Committee, Scrutiny
digest, op. cit., pp. 10–11.
[84]. Ibid.,
p. 11.
[85]. Section
3 of the Emergency
Response Fund Act 2019 (ERF Act).
[86]. Australian
Government, Budget
strategy and outlook: budget paper no. 1: 2019–20, pp. 6-19 – 6-20. For
further information see: H Ferguson, H Portillo-Castro and P Pyburne, Emergency
Response Fund Bill 2019 [and] Emergency Response Fund (Consequential
Amendments) Bill 2019, Bills digest, 41, 2019–2020, Parliamentary
Library, Canberra, 2019.
[87]. Ibid.
[88]. Ibid.
[89]. D
Littleproud (Minister for Water Resources, Drought, Rural Finance, Natural
Disaster and Emergency Management) and M Cormann (Minister for Finance), Emergency
response fund to help Australian recover from natural disasters, joint
media release, 11 September 2019.
[90]. S
Morrison (Prime Minister) and D Littleproud (Minister for Agriculture, Drought
and Emergency Management), Reforms
to National Natural Disaster Arrangements, media release, 13 November
2020.
[91]. Royal
Commission into National Natural Disaster Arrangements (Natural Disaster Royal
Commission), Report,
Natural Disaster Royal Commission, Canberra, 28 October 2020.
[92]. Ibid.,
p. 23.
[93]. Ibid.,
p. 26.
[94]. National
Recovery and Resilience Agency, Corporate
Plan 2021-22 to 2024–25, p. 4.
[95]. Australian
Government Directory, The
National Recovery and Resilience Agency, Australian Government Directory
website, 14 October 2021.
[96]. B
McKenzie, ‘Answer
to Question without Notice: Emergency Management and National Recovery and
Resilience’, Senate, Questions Without Notice, 3 August 2021, p. 31.
[97]. Robert,
‘Second reading speech:
Investment Funds Legislation Amendment Bill 2021’, op. cit., p. 11.
[98]. Section
8 of the ERF Act.
[99]. Section
30 of the ERF Act.
[100]. Section
28 of the ERF Act.
[101]. Explanatory
Memorandum, op. cit., pp. 25–26.
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