The Future Drought Fund Act 2019 establishes a legislative framework for managing and investing public funds to enhance drought resilience across Australia. The Act creates the Future Drought Fund, comprising a special account and associated investments, and outlines mechanisms for transferring resources from the former Building Australia Fund. The Act empowers the Drought Minister, on behalf of the Commonwealth, to enter into arrangements and award grants aimed at improving drought resilience. These activities must align with a Drought Resilience Funding Plan, which is subject to public consultation and review by the Productivity Commission. The Act also establishes the Agriculture Future Drought Resilience Special Account, which receives annual transfers of $100 million from the Future Drought Fund Special Account to support eligible projects and grants. Governance is provided through the Future Fund Board, which manages investments under a mandated strategy set by the responsible Ministers. The Board must comply with investment policies and reporting obligations, and is subject to oversight mechanisms including ministerial directions and parliamentary scrutiny. The Act further establishes the Future Drought Fund Consultative Committee, tasked with advising the Drought Minister on funding plans and program design.