Future Fund Management Agency | Finance Knowledge Graph

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Future Fund Management Agency MPS ActGGS℗

Submitted by Anonymous (not verified) on Fri, 02/17/2023 - 02:05

Aliases

Future Fund Management Agency

Link

https://www.futurefund.gov.au/

Portfolio

Governance Characteristics

Type of Body

Non-corporate Commonwealth entity

Accountable authority

Chair of the Future Fund Board of Guardians

Lead Body

No

Institutional sector classification

General Government Sector - (GGS)

Employment instruments

Public Service Act 1999

Establishing instruments

Future Fund Act 2006

Annual Report Requirements

Additional annual report requirement in establishing legislation

Yes

Future Fund Act 2006 - 80 Application of the Public Governance, Performance and Accountability Act 2013

Future Fund Act 2006 - 81 Annual report

Future Fund Act 2006 - 81 Annual report

Future Fund Act 2006 - 80 Application of the Public Governance, Performance and Accountability Act 2013

Corporate Plan Requirements

Section 35 of the PGPA Act applies

Yes

Section 35(3) of the PGPA Act applies

Yes

Current Budget Characteristics

Outcome #1: Strengthen the Commonwealth's financial position for the benefit of the Australian people, by managing the investment activities of the Future Fund and certain other Australian Government investment funds in line with their Investment Mandates.

#	Program	Body	Contribution
1.1	Future Fund Management Agency Program 1.1	Future Fund Management Agency	The FFMA supports the Board in investing to accumulate assets for the purpose of offsetting the unfunded superannuation liabilities of the Australian Government which will fall due on future generations
1.2	Future Fund Management Agency Program 1.2	Future Fund Management Agency	The DisabilityCare Australia Fund Act 2013 established the DisabilityCare Australia Fund (DCAF) on 1 July 2014. The Medical Research Future Fund Act 2015 established the Medical Research Future Fund (MRFF) on 27 August 2015. The Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018 established the Aboriginal and Torres Strait Islander Land and Sea Future Fund (ATSILSFF) on 1 February 2019. The Future Drought Fund Act 2019 established the Future Drought Fund on 1 September 2019. The Emergency Response Fund Act 2019 established the Emergency Response Fund on 12 December 2019. The role of the FFMA was extended to include supporting the Board in the investment of the assets of these funds

#	Program	Body	Contribution
2.7	Department of Finance Program 2.7	Department of Finance	The Future Fund Management Agency works with the Department of Finance to ensure that the management of the Australian Government Investment Funds is consistent with the relevant legislation and investment mandates.
2.8	Department of Finance Program 2.8	Department of Finance	The Future Fund Management Agency works with the Department of Finance to ensure that the management of the Australian Government Investment Funds is consistent with the relevant legislation and investment mandates.

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Government Finance Statistics (GFS) Classification
Key	Description
GGS	General Government Sector (GGS) - All Commonwealth entities and Commonwealth companies are part of the GGS unless stipulated by a GFS classification below.
F	Public Financial Corporation
T	Public Non-financial Corporation (Trading)

Definitions
Key	Description
Listed Entities	A listed entity is a non-corporate Commonwealth entity prescribed by an Act or the PGPA Rule. All non-corporate Commonwealth entities are “listed entities” except for Departments of State and Parliamentary Departments.

Government Requirements
Key	Description
℗	Subject to the requirements of the Commonwealth Procurement Rules (CPRs). All non-corporate Commonwealth entities are subject to the CPRs.
X	Entities that are exempt, or partially exempt, from government policy orders (section 22 of the PGPA Act).

Governance Structure or Characteristics
Key	Description
B	Prescribed as Government Business Enterprises under the PGPA Rule.
E	Executive Agency, through an Order made by the Governor General, under subsection 65(1) of the Public Service Act 1999
HC	The Attorney-General’s portfolio includes the High Court of Australia, which is part of the Commonwealth, is an “agency” named in the annual Appropriation Acts and is in the “General Government Sector”. However, it is not a Commonwealth entity under the PGPA Act, due to its status under its enabling legislation, which also sets its employment framework.
I	Inter-jurisdictional entities in nature (interacts with State, Territory or foreign governments)
M	Material entities and companies (comprising 99% of revenues, expenses, assets and liabilities of the total General Government Sector). All Departments of State are considered material in nature.
R	Corporate Commonwealth entities established by regulation under an Act and/or by a rule under the PGPA Act.
*	3 entities have a body corporate status but are prescribed as noncorporate Commonwealth entities

Employment Arrangements
Key	Description
PS Act	Officials are taken to be employed under Public Service Act 1999.
^	Entities that do not engage staff under the PS Act.
#	Entities can engage officials under enabling legislation as well as PS Act. These include Defence entities under the Defence Act 1903.
▲	Has officials employed under the Parliamentary Service Act 1999.

Type of Body
Key	Description
	Non-corporate Commonwealth entity is a Commonwealth entity that is not a body corporate.*
	Corporate Commonwealth entity is a Commonwealth entity that is a body corporate.*
	A Commonwealth company is a Corporations Act 2001 company that the Commonwealth controls.

This site is generated from open public information stored in the Finance Knowledge Graph. For more information, please see: About structure.gov.au.