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This is a Bill, not an Act. For current law, see the Acts databases.
RESERVE BANK AMENDMENT (ENHANCED INDEPENDENCE) BILL 2008
2008
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Reserve Bank Amendment (Enhanced
Independence) Bill 2008
No. , 2008
(Treasury)
A Bill for an Act to amend the Reserve Bank Act
1959, and for related purposes
i Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 1
Schedule 1--Amendments
3
Reserve Bank Act 1959
3
Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008 1
A Bill for an Act to amend the Reserve Bank Act
1
1959, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Reserve Bank Amendment (Enhanced
5
Independence) Act 2008.
6
2 Commencement
7
This Act commences on the day after it receives the Royal Assent.
8
3 Schedule(s)
9
Each Act that is specified in a Schedule to this Act is amended or
10
repealed as set out in the applicable items in the Schedule
11
2 Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
3
Amendments Schedule 1
Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008 3
1
Schedule 1
--
Amendments
2
3
Reserve Bank Act 1959
4
1 Paragraphs 24(1)(a) and (b)
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Omit "Treasurer", substitute "Governor-General".
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2 Section 24B
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Omit "Treasurer", substitute "Governor-General".
8
3 Section 25
9
Repeal the section, substitute:
10
25 Termination of appointment as Governor or Deputy Governor
11
Termination at request of Parliament
12
(1) The Governor-General may terminate the appointment of the
13
Governor or the Deputy Governor if each House of the Parliament,
14
in the same session of the Parliament, presents an address to the
15
Governor-General praying for the termination of the appointment
16
on a ground for termination specified in subsection (8).
17
Suspension by Governor-General
18
(2) The Governor-General may suspend the Governor or the Deputy
19
Governor from office on a ground for termination specified in
20
subsection (8).
21
(3) The Minister must cause to be laid before each House of the
22
Parliament, within 7 sitting days of that House after the suspension,
23
a statement identifying the office holder suspended and the ground
24
of the suspension.
25
(4) A House of the Parliament may, within 15 sitting days of that
26
House after the day on which the statement is laid before it, declare
27
by resolution that the appointment of the office holder identified in
28
the statement should be terminated.
29
Schedule 1 Amendments
4 Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008
(5) If a resolution is passed by each House of the Parliament in
1
accordance with subsection (4) in the same session of the
2
Parliament, the Governor-General must terminate the appointment
3
to which the resolution relates.
4
(6) If a resolution is not passed by each House of the Parliament in
5
accordance with subsection (4) in the same session of the
6
Parliament, the suspension of the office holder identified in the
7
statement terminates on the day after the last day that such a
8
resolution could have been passed.
9
Suspension does not affect entitlements
10
(7) The suspension of the Governor or the Deputy Governor from
11
office under this section does not affect any entitlement of the
12
Governor or the Deputy Governor to be paid remuneration and
13
allowances.
14
Grounds for termination
15
(8) For the purposes of this section, it is a ground for termination if the
16
Governor or the Deputy Governor:
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(a) becomes permanently incapable of performing his or her
18
duties; or
19
(b) engages in any paid employment outside the duties of his or
20
her office; or
21
(c) becomes bankrupt, applies to take the benefit of any law for
22
the relief of bankrupt or insolvent debtors, compounds with
23
his or her creditors or makes an assignment of his or her
24
salary for their benefit.
25
(9) The appointment of the Governor or the Deputy Governor must not
26
be terminated on a ground for termination specified in
27
subsection (8) except as provided by this section.
28
4 Application
29
(1)
The amendment made by item 1 of this Schedule applies in relation to
30
appointments made on or after the commencement of this item.
31
(2)
The amendment made by item 2 of this Schedule applies in relation to
32
resignations given on or after the commencement of this item.
33
Amendments Schedule 1
Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008 5
(3)
The amendment made by item 3 of this Schedule applies in relation to
1
the termination or suspension of an appointment on or after the
2
commencement of this item.
3