Finance and Administration
Future Fund — implementation and administration
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | |
|---|---|---|---|---|
| Future Fund Management Agency | 6.3 | 7.9 | 7.9 | 8.1 |
| Department of the Treasury | 0.9 | - | - | - |
| Total | 7.1 | 7.9 | 7.9 | 8.1 |
| Related capital ($m) | ||||
| Future Fund Management Agency | 1.0 | - | - | - |
The Government will establish the Future Fund, for the purpose of accumulating financial assets to offset the Australian Government’s unfunded superannuation liability. The Fund will be managed by a statutory agency overseen by an independent board, which will make investments in accordance with a broad investment mandate issued by the Government.
The Government will provide $31.2 million over four years from 2005-06 (including $1 million in capital) to establish the Future Fund Management Agency, which will provide executive support and advice to the Future Fund Management Board.
The cost of contracting out investment activities to fund managers and the remuneration of Board members will be met from the Future Fund.
In addition, the Government will provide $0.9 million to the Department of the Treasury in 2005‑06 to facilitate the implementation of the Fund.
This measure was announced on 10 September 2004 as part of the Government’s election commitment Investing for the Future.
National Portrait Gallery building
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | |
|---|---|---|---|---|
| Department of Finance and Administration | 20.0 | 30.0 | - | - |
| Related expense ($m) | ||||
| Department of Finance and Administration | 0.6 | 0.6 | 0.3 | - |
The Government will provide $58.4 million over five years (including $0.5 million in capital and $0.4 million in expense funding in 2004-05) for the construction of a new stand-alone building in the Parliamentary Triangle for the National Portrait Gallery.
Construction of the building will commence in 2004-05 and will be managed by the Department of Finance and Administration on behalf of the Department of Communications, Information Technology and the Arts. The Department of Finance and Administration will be provided with $50.5 million in capital funding over three years from 2004-05 for the construction of the building and $1.8 million in expense funding over four years from 2004-05 to manage the construction.
The gallery will be transferred to the Department of Communications, Information Technology and the Arts upon its completion in 2007-08. Additional funding of $0.1 million in 2004-05, $0.4 million in 2005-06, $0.8 million in 2006-07, $2.1 million in 2007-08 and $2.7 million in 2008-09 will be provided to the Department of Communications, Information Technology and the Arts to help meet the current and future operating costs of the gallery.
This measure was announced on 4 October 2004 as part of the Government’s election commitment Strengthening Australian Arts.