Inquiry into the provisions of the Future Fund Bill 2005
Terms of Reference
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On 8 December 2005, the Senate referred the provisions of the Future Fund Bill 2005 to the Economics Legislation Committee for inquiry and report by 27 February 2006.
The Bill establishes a Future Fund whose aim is to accumulate financial assets sufficient to offset the Government's unfunded superannuation liabilities, which are expected to grow to $140 billion by 2020. The Bill provides for seed capital of $18 billion to be transferred to the Fund in 2005–06. Future realised budget surpluses and proceeds of asset sales will also be transferred to the Fund.
The Bill establishes a Board of Guardians who will have statutory responsibility for managing the investments of the Fund and will decide how the Fund is to be invested. The Board will be supported by a Future Fund Management Agency which will be responsible for the operational activities associated with the investment of the Fund.
Written submissions are invited and should be sent to:
The Secretary,
Senate Economics Legislation Committee,
Suite SG.64, Parliament House
Canberra ACT 2600.
The closing date for submissions is 31 January 2006.
The Committee requests that where possible, submissions should also be provided by email to economics.sen@aph.gov.au, preferably as MS Word 97 or RTF format documents. Notes to assist in preparing submissions are available from the website https://www.aph.gov.au/senate/committee/wit_sub/index.htm or the Secretariat telephone 02 6277 3540, fax: 02 6277 5719, e-mail economics.sen@aph.gov.au
Once the Committee accepts your submission, it becomes a confidential committee document and is protected by Parliamentary Privilege. You must not release your submission without the Committee’s permission. If you do, it is not protected by Parliamentary Privilege. At some stage during the inquiry, the Committee normally makes submissions public. Please indicate if you want your submission to be kept confidential.
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If you need any further information, contact Mr Peter Hallahan , Committee Secretary, on (02) 6277 3540 (phone), (02) 6277 5719 (fax) or by email to economics.sen@aph.gov.au.
For further information, contact:
Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia