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



Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008

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




Amendments Schedule 1



Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008

Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008

Reserve Bank Amendment (Enhanced Independence) Bill 2008 No. , 2008
A Bill for an Act to amend the Reserve Bank Act 1959, and for related purposes
The Parliament of Australia enacts:

 

1 Short title

This Act may be cited as the Reserve Bank Amendment (Enhanced Independence) Act 2008.

 

2 Commencement

This Act commences on the day after it receives the Royal Assent.

 

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1--Amendments

Reserve Bank Act 1959

 

1 Paragraphs 24(1)(a) and (b)
Omit "Treasurer", substitute "Governor-General".

 

2 Section 24B
Omit "Treasurer", substitute "Governor-General".

 

3 Section 25
Repeal the section, substitute:

 

25 Termination of appointment as Governor or Deputy Governor
Termination at request of Parliament

    (1) The Governor-General may terminate the appointment of the Governor or the Deputy Governor if each House of the Parliament, in the same session of the Parliament, presents an address to the Governor-General praying for the termination of the appointment on a ground for termination specified in subsection (8).

Suspension by Governor-General

    (2) The Governor-General may suspend the Governor or the Deputy Governor from office on a ground for termination specified in subsection (8).

    (3) The Minister must cause to be laid before each House of the Parliament, within 7 sitting days of that House after the suspension, a statement identifying the office holder suspended and the ground of the suspension.

    (4) A House of the Parliament may, within 15 sitting days of that House after the day on which the statement is laid before it, declare by resolution that the appointment of the office holder identified in the statement should be terminated.

    (5) If a resolution is passed by each House of the Parliament in accordance with subsection (4) in the same session of the Parliament, the Governor-General must terminate the appointment to which the resolution relates.

    (6) If a resolution is not passed by each House of the Parliament in accordance with subsection (4) in the same session of the Parliament, the suspension of the office holder identified in the statement terminates on the day after the last day that such a resolution could have been passed.

Suspension does not affect entitlements

    (7) The suspension of the Governor or the Deputy Governor from office under this section does not affect any entitlement of the Governor or the Deputy Governor to be paid remuneration and allowances.

Grounds for termination

    (8) For the purposes of this section, it is a ground for termination if the Governor or the Deputy Governor:

        (a)   becomes permanently incapable of performing his or her duties; or

        (b)   engages in any paid employment outside the duties of his or her office; or

        (c)   becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her salary for their benefit.

    (9) The appointment of the Governor or the Deputy Governor must not be terminated on a ground for termination specified in subsection (8) except as provided by this section.

 

4 Application
(1) The amendment made by item 1 of this Schedule applies in relation to appointments made on or after the commencement of this item.

    (2) The amendment made by item 2 of this Schedule applies in relation to resignations given on or after the commencement of this item.

    (3) The amendment made by item 3 of this Schedule applies in relation to the termination or suspension of an appointment on or after the commencement of this item.

 

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