Queensland Future Fund Bill 2020

Introduced: 14/7/2020By: Hon C Dick MPStatus: PASSED
Government & ElectionsCost of Living

Bill Story

The journey of this bill through Parliament, including debate and recorded votes.

Introduced14 July 2020View Hansard

Vote on a motion

Vote on whether to declare the Queensland Future Fund Bill urgent and require the Economics and Governance Committee to report by 7 August 2020, rather than follow the standard committee timeframe.

Passed45 ayes – 38 noes2020-07-14

The motion was agreed to.

A formal vote on whether to accept a proposal — this could be the bill itself, an amendment, or another motion.

▸Show individual votes

Ayes (45)

B. O’Rourke(Australian Labor Party)
Bailey(Australian Labor Party)
Berkman(Queensland Greens)
Boyd(Australian Labor Party)
Brown(Australian Labor Party)
Butcher(Australian Labor Party)
C. O’Rourke(Australian Labor Party)
Crawford(Australian Labor Party)
Dick(Australian Labor Party)
D’Ath(Australian Labor Party)
Enoch(Australian Labor Party)
Farmer(Australian Labor Party)
Fentiman(Australian Labor Party)
Furner(Australian Labor Party)
Gilbert(Australian Labor Party)
Grace(Australian Labor Party)
Harper(Australian Labor Party)
Healy(Australian Labor Party)
Hinchliffe(Australian Labor Party)
Howard(Australian Labor Party)
Jones(Australian Labor Party)
Kelly(Australian Labor Party)
King(Australian Labor Party)
Linard(Australian Labor Party)
Lui(Australian Labor Party)
Lynham(Australian Labor Party)
Madden(Australian Labor Party)
McCallum(Australian Labor Party)
McMahon(Australian Labor Party)
McMillan(Australian Labor Party)
Miles(Australian Labor Party)
Mullen(Australian Labor Party)
Palaszczuk(Australian Labor Party)
Pease(Australian Labor Party)
Power(Australian Labor Party)
Pugh(Australian Labor Party)
Richards(Australian Labor Party)
Russo(Australian Labor Party)
Ryan(Australian Labor Party)
Saunders(Australian Labor Party)
Scanlon(Australian Labor Party)
Stewart(Australian Labor Party)
Trad(Australian Labor Party)
Whiting(Australian Labor Party)
de Brenni(Australian Labor Party)

Noes (38)

Andrew(One Nation Party)
Andrew. Pairs: Lauga
Bates(Liberal National Party)
Batt(Liberal National Party)
Bennett(Liberal National Party)
Bleijie(Liberal National Party)
Boothman(Liberal National Party)
Boyce; Pegg
Crandon(Liberal National Party)
Crisafulli(Liberal National Party)
Dametto(Katter's Australian Party)
Frecklington(Liberal National Party)
Gerber(Liberal National Party)
Hart(Liberal National Party)
Hunt(Australian Labor Party)
Janetzki(Liberal National Party)
Katter(Katter's Australian Party)
Knuth(Katter's Australian Party)
Krause(Liberal National Party)
Langbroek(Liberal National Party)
Last; Mellish
Leahy(Liberal National Party)
Lister(Liberal National Party)
Mander(Liberal National Party)
McArdle(Liberal National Party)
McDonald(Liberal National Party)
Mickelberg(Liberal National Party)
Millar(Liberal National Party)
Minnikin(Liberal National Party)
Molhoek(Liberal National Party)
Nicholls(Liberal National Party)
O’Connor(Liberal National Party)
Perrett(Liberal National Party)
Powell(Liberal National Party)
Purdie(Liberal National Party)
Robinson(Liberal National Party)
Rowan(Liberal National Party)
Simpson(Liberal National Party)
Sorensen(Liberal National Party)
Stevens(Liberal National Party)
Watts(Liberal National Party)
Weir(Liberal National Party)
Wilson(Liberal National Party)
First Reading14 July 2020View Hansard
Committee14 July 2020 – 12 Aug 2020View Hansard

Referred to Economics and Governance Committee

Economics and Governance Committeeportfolio

Vote on a motion

Defeated42 ayes – 49 noes2020-08-12

The motion was rejected.

A formal vote on whether to accept a proposal — this could be the bill itself, an amendment, or another motion.

▸Show individual votes

Ayes (42)

Andrew(One Nation Party)
Bates(Liberal National Party)
Batt(Liberal National Party)
Bennett(Liberal National Party)
Bleijie(Liberal National Party)
Boothman(Liberal National Party)
Boyce(Liberal National Party)
Crandon(Liberal National Party)
Crisafulli(Liberal National Party)
Dametto(Katter's Australian Party)
Frecklington(Liberal National Party)
Gerber(Liberal National Party)
Hart(Liberal National Party)
Hunt
Janetzki(Liberal National Party)
Katter(Katter's Australian Party)
Knuth(Katter's Australian Party)
Krause(Liberal National Party)
Langbroek(Liberal National Party)
Last(Liberal National Party)
Leahy(Liberal National Party)
Lister(Liberal National Party)
Mander(Liberal National Party)
McArdle(Liberal National Party)
McDonald(Liberal National Party)
Mickelberg(Liberal National Party)
Millar(Liberal National Party)
Minnikin(Liberal National Party)
Molhoek(Liberal National Party)
Nicholls(Liberal National Party)
O’Connor(Liberal National Party)
Perrett(Liberal National Party)
Powell(Liberal National Party)
Purdie(Liberal National Party)
Robinson(Liberal National Party)
Rowan(Liberal National Party)
Simpson(Liberal National Party)
Sorensen(Liberal National Party)
Stevens(Liberal National Party)
Watts(Liberal National Party)
Weir(Liberal National Party)
Wilson(Liberal National Party)

Noes (49)

Bailey(Australian Labor Party)
Berkman(Queensland Greens)
Bolton(Independent)
Boyd(Australian Labor Party)
Brown(Australian Labor Party)
Butcher(Australian Labor Party)
Crawford(Australian Labor Party)
Dick(Australian Labor Party)
D’Ath(Australian Labor Party)
Enoch(Australian Labor Party)
Farmer(Australian Labor Party)
Fentiman(Australian Labor Party)
Furner(Australian Labor Party)
Gilbert(Australian Labor Party)
Grace(Australian Labor Party)
Harper(Australian Labor Party)
Healy(Australian Labor Party)
Hinchliffe(Australian Labor Party)
Howard(Australian Labor Party)
Jones(Australian Labor Party)
Kelly(Australian Labor Party)
King
Lauga(Australian Labor Party)
Linard(Australian Labor Party)
Lui(Australian Labor Party)
Lynham(Australian Labor Party)
Madden(Australian Labor Party)
McCallum(Australian Labor Party)
McMahon(Australian Labor Party)
McMillan(Australian Labor Party)
Mellish(Australian Labor Party)
Miles(Australian Labor Party)
Mullen(Australian Labor Party)
Palaszczuk(Australian Labor Party)
Pease(Australian Labor Party)
Pegg(Australian Labor Party)
Power(Australian Labor Party)
Pugh(Australian Labor Party)
Richards(Australian Labor Party)
Russo(Australian Labor Party)
Ryan(Australian Labor Party)
Saunders(Australian Labor Party)
Scanlon(Australian Labor Party)
Stewart(Australian Labor Party)
Trad(Australian Labor Party)
Whiting(Australian Labor Party)
de Brenni(Australian Labor Party)

Vote on a motion

Procedural vote on whether to treat the Queensland Future Fund Bill and Royalty Legislation Amendment Bill as cognate bills, allowing them to be debated together with separate questions for second/third readings.

Passed47 ayes – 41 noes2020-08-11

The motion was agreed to.

A formal vote on whether to accept a proposal — this could be the bill itself, an amendment, or another motion.

▸Show individual votes

Ayes (47)

B. O’Rourke(Australian Labor Party)
Bailey(Australian Labor Party)
Boyd(Australian Labor Party)
Brown(Australian Labor Party)
Butcher(Australian Labor Party)
C. O’Rourke(Australian Labor Party)
Crawford(Australian Labor Party)
Dick(Australian Labor Party)
D’Ath(Australian Labor Party)
Enoch(Australian Labor Party)
Farmer(Australian Labor Party)
Fentiman(Australian Labor Party)
Furner(Australian Labor Party)
Gilbert(Australian Labor Party)
Grace(Australian Labor Party)
Harper(Australian Labor Party)
Healy(Australian Labor Party)
Hinchliffe(Australian Labor Party)
Howard(Australian Labor Party)
Jones(Australian Labor Party)
Kelly(Australian Labor Party)
King(Australian Labor Party)
Lauga(Australian Labor Party)
Linard(Australian Labor Party)
Lui(Australian Labor Party)
Lynham(Australian Labor Party)
Madden(Australian Labor Party)
McCallum(Australian Labor Party)
McMahon(Australian Labor Party)
McMillan(Australian Labor Party)
Mellish(Australian Labor Party)
Miles(Australian Labor Party)
Mullen(Australian Labor Party)
Palaszczuk(Australian Labor Party)
Pease(Australian Labor Party)
Pegg(Australian Labor Party)
Power(Australian Labor Party)
Pugh(Australian Labor Party)
Richards(Australian Labor Party)
Russo(Australian Labor Party)
Ryan(Australian Labor Party)
Saunders(Australian Labor Party)
Scanlon(Australian Labor Party)
Stewart(Australian Labor Party)
Trad(Australian Labor Party)
Whiting(Australian Labor Party)
de Brenni(Australian Labor Party)

Noes (41)

Andrew(One Nation Party)
Bates(Liberal National Party)
Batt(Liberal National Party)
Bennett(Liberal National Party)
Berkman(Queensland Greens)
Bleijie(Liberal National Party)
Bolton(Independent)
Boothman(Liberal National Party)
Boyce(Liberal National Party)
Crandon(Liberal National Party)
Crisafulli(Liberal National Party)
Frecklington(Liberal National Party)
Gerber(Liberal National Party)
Hart(Liberal National Party)
Hunt(Australian Labor Party)
Janetzki(Liberal National Party)
Krause(Liberal National Party)
Langbroek(Liberal National Party)
Last(Liberal National Party)
Leahy(Liberal National Party)
Lister(Liberal National Party)
Mander(Liberal National Party)
McArdle(Liberal National Party)
McDonald(Liberal National Party)
Mickelberg(Liberal National Party)
Millar(Liberal National Party)
Minnikin(Liberal National Party)
Molhoek(Liberal National Party)
Nicholls(Liberal National Party)
O’Connor(Liberal National Party)
Perrett(Liberal National Party)
Powell(Liberal National Party)
Purdie(Liberal National Party)
Robinson(Liberal National Party)
Rowan(Liberal National Party)
Simpson(Liberal National Party)
Sorensen(Liberal National Party)
Stevens(Liberal National Party)
Watts(Liberal National Party)
Weir(Liberal National Party)
Wilson(Liberal National Party)
Second Reading12 Aug 2020 – 13 Aug 2020View Hansard
▸1 procedural vote

Vote to grant leave

LNP opposition sought leave to move an amendment outside the long title of the Royalty Legislation Amendment Bill. The ALP government and Greens voted against granting leave, defeating the motion 39-46.

Defeated39 ayes – 46 noes2020-08-13

Permission was refused.

A vote on whether to grant permission — for example, to introduce an amendment or vary normal procedure.

▸Show individual votes

Ayes (39)

Andrew(One Nation Party)
Bates(Liberal National Party)
Batt(Liberal National Party)
Bennett(Liberal National Party)
Bleijie(Liberal National Party)
Bolton(Independent)
Boothman(Liberal National Party)
Boyce(Liberal National Party)
Costigan(North Queensland First)
Crandon(Liberal National Party)
Crisafulli(Liberal National Party)
Dametto(Katter's Australian Party)
Frecklington(Liberal National Party)
Gerber(Liberal National Party)
Hart(Liberal National Party)
Hunt
Janetzki(Liberal National Party)
Katter(Katter's Australian Party)
Knuth(Katter's Australian Party)
Krause(Liberal National Party)
Langbroek(Liberal National Party)
Last(Liberal National Party)
Leahy(Liberal National Party)
Lister(Liberal National Party)
Mander(Liberal National Party)
McArdle(Liberal National Party)
McDonald(Liberal National Party)
Mickelberg(Liberal National Party)
Millar(Liberal National Party)
Minnikin(Liberal National Party)
Molhoek(Liberal National Party)
O’Connor(Liberal National Party)
Perrett(Liberal National Party)
Powell(Liberal National Party)
Purdie(Liberal National Party)
Rowan(Liberal National Party)
Simpson(Liberal National Party)
Sorensen(Liberal National Party)
Stevens(Liberal National Party)
Watts(Liberal National Party)
Weir(Liberal National Party)
Wilson(Liberal National Party)

Noes (46)

Bailey(Australian Labor Party)
Berkman(Queensland Greens)
Boyd(Australian Labor Party)
Brown(Australian Labor Party)
Butcher(Australian Labor Party)
Crawford(Australian Labor Party)
Dick(Australian Labor Party)
D’Ath(Australian Labor Party)
Enoch(Australian Labor Party)
Farmer(Australian Labor Party)
Fentiman(Australian Labor Party)
Furner(Australian Labor Party)
Gilbert(Australian Labor Party)
Grace(Australian Labor Party)
Harper(Australian Labor Party)
Healy(Australian Labor Party)
Hinchliffe(Australian Labor Party)
Howard(Australian Labor Party)
Jones(Australian Labor Party)
Kelly(Australian Labor Party)
King
Lauga(Australian Labor Party)
Linard(Australian Labor Party)
Lui(Australian Labor Party)
Lynham(Australian Labor Party)
Madden(Australian Labor Party)
McCallum(Australian Labor Party)
McMahon(Australian Labor Party)
McMillan(Australian Labor Party)
Mellish(Australian Labor Party)
Miles(Australian Labor Party)
Mullen(Australian Labor Party)
Palaszczuk(Australian Labor Party)
Pease(Australian Labor Party)
Pugh(Australian Labor Party)
Richards(Australian Labor Party)
Russo(Australian Labor Party)
Ryan(Australian Labor Party)
Saunders(Australian Labor Party)
Scanlon(Australian Labor Party)
Stewart(Australian Labor Party)
Trad(Australian Labor Party)
Whiting(Australian Labor Party)
de Brenni(Australian Labor Party)
11.20 amMr KATTERMixed

Supported the concept of a Future Fund but argued it was missing a North Queensland component. Called for a portion of the fund to be quarantined for North Queensland investment to unlock economic potential in the region.

“The Queensland Future Fund Bill is missing a great opportunity to introduce a North Queensland component to the Future Fund, with the support of the likes of QIRC.”— 2020-08-13View Hansard
11.28 amMrs MULLENSupports

Supported the bill, noting it would help maintain Queensland's credit rating and comparing it favourably to similar funds established by New South Wales and the Commonwealth.

“The Queensland Future Fund will play an important role in helping to maintain Queensland's credit rating and support sustainable long-term financial management.”— 2020-08-13View Hansard
11.30 amMr DICKSupports

As Treasurer, defended the bill in reply, thanking the LNP for supporting it and rebutting opposition claims that the fund was a raid on public servants' superannuation. Emphasised that defined benefit entitlements were guaranteed and Queensland was the only jurisdiction with a fully funded scheme.

“The entitlements of defined benefit members are not affected in any way by this bill and continue to be guaranteed under section 29 of the Superannuation (State Public Sector) Act.”— 2020-08-13View Hansard
In Detail13 Aug 2020View Hansard
Third Reading13 Aug 2020View Hansard
Became Act 29 of 202020 Aug 2020
This summary was generated by AI and has not yet been reviewed by a human.

Plain English Summary

Overview

This bill establishes a Queensland Future Fund framework, starting with the Debt Retirement Fund to quarantine money specifically for paying down State debt. It also provides a new legislated guarantee that the State will fully fund public sector defined benefit superannuation. The model is based on similar NSW legislation to satisfy credit rating agencies.

Who it affects

Primarily affects State finances and could benefit all Queenslanders through better debt management. Public sector workers with defined benefit superannuation receive an additional guarantee their entitlements will be funded.

Key changes

  • Creates the Debt Retirement Fund - a ring-fenced account where money can only be used for reducing State debt or administrative costs
  • Investment returns earned by the fund stay in the fund and cannot be diverted to other purposes
  • Introduces 'special purpose accounts' into State financial law, separate from normal departmental accounts
  • Legislates a 100% guarantee that the State will hold enough assets to cover all accrued defined benefit superannuation liabilities
  • Allows future Queensland Future Funds to be established by amending this legislation

Referenced Entities

Legislation

Queensland Future Fund Act 2020Financial Accountability Act 2009Superannuation (State Public Sector) Act 1990Superannuation (State Public Sector) Deed 1990NSW Generations Funds Act 2018Auditor-General Act 2009Public Service Act 2008Acts Interpretation Act 1954

Organisations

Queensland TreasuryQueensland Treasury CorporationQueensland Investment CorporationQueensland Audit OfficeQSuperStandard & Poor'sMoody'sFitchDepartment of the Premier and CabinetOffice of Best Practice RegulationOffice of State Actuary

Programs & Schemes

Queensland Future FundDebt Retirement Fund

Roles & Offices

TreasurerUnder TreasurerState Actuary

Industries

public financesuperannuation

Source Documents