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This Act may be cited as the Reserve Bank Act 1959.
This Act shall come into operation on a date to be fixed by Proclamation.
The following Acts are repealed:
Commonwealth Bank Act 1945;
Commonwealth Bank Act 1948;
Commonwealth Bank Act 1951;
Commonwealth Bank Act 1953.
Subsection (1) does not affect the operation of any amendment of an Act made by an Act referred to in that subsection or any provision for the citation of an Act as so amended.
In this Act, unless the contrary intention appears:
ADI (authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.
APRA means the Australian Prudential Regulation Authority.
APRA member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998.
Australia includes the Territories.
Australian note means a note issued under any of the following Commonwealth laws as in force at any time:
the Australian Notes Act 1910;
Part VII of the Commonwealth Bank Act 1911;
Part VI of the Commonwealth Bank Act 1945;
Part V of this Act.
Bank’s PSB member has the meaning given by paragraph 25A(b).
cash distribution framework means:
the Cash Distribution Framework Act 2026; or
rules or any other instrument made under that Act; or
the Regulatory Powers (Standard Provisions) Act 2014 as it applies in relation to that Act.
Chair:
of the Governance Board—has the meaning given by paragraph 25NC(1)(a); or
of the Monetary Policy Board—has the meaning given by subsection 25AC(1); or
of the Payments System Board—has the meaning given by section 25C.
Deputy Chair:
of the Governance Board—has the meaning given by paragraph 25NC(1)(b); or
of the Monetary Policy Board—has the meaning given by subsection 25AC(2); or
of the Payments System Board—has the meaning given by subsection 25D(1).
Deputy Governor means the Deputy Governor of the Bank.
external Governance Board member has the meaning given by paragraph 25NA(d).
external Monetary Policy Board member has the meaning given by paragraph 25AA(d).
external Payments System Board member has the meaning given by paragraph 25A(d).
Governance Board means the Governance Board of the Reserve Bank.
Monetary Policy Board means the Monetary Policy Board of the Reserve Bank.
overarching objective has the meaning given by subsection 8AA(1).
Payments System Board means the Payments System Board of the Reserve Bank.
payments system policy means policy for the purposes of the Bank’s functions or powers under:
the Payment Systems (Regulation) Act 1998; and
the Payment Systems and Netting Act 1998; and
Parts 7.3 and 7.3B of the Corporations Act 2001; and
the cash distribution framework.
repealed Act means an Act repealed by this Act or by the Commonwealth Bank Act 1945.
Secretary means the Secretary of the Department.
senior RBS member has the meaning given by paragraph 25NA(c).
staff member of the Reserve Bank Service means:
a person appointed by the Bank under section 67; or
a person engaged by the Bank under section 68.
statutory office means the office of Governor or Deputy Governor.
the Bank or the Reserve Bank means the Reserve Bank of Australia.
the former Commonwealth Bank of Australia means the Commonwealth Bank of Australia established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945.
the Governor means the Governor of the Bank.
Treasurer means the Minister administering this Act.
Unless the contrary intention appears, a reference in this Act to an Act includes a reference to regulations made under that Act.
Subject to section 6A, this Act extends to all the Territories.
The Treasurer may, by legislative instrument, declare that, on a date specified in the instrument, this Act shall cease to extend to an external Territory specified in the instrument, and, on and after the date specified in such an instrument, this Act does not extend to the Territory so specified and a reference in this Act, other than this section, to a Territory does not include a reference to the Territory so specified.
The Criminal Code applies to all offences against this Act.
Notwithstanding the repeal effected by subsection 4(1), the body corporate established under the Commonwealth Bank Act 1911 and continued in existence under the Commonwealth Bank Act 1945, under the name Commonwealth Bank of Australia:
is preserved and continues in existence as a body corporate under and subject to the provisions of this Act, under the name Reserve Bank of Australia, but so that the corporate identity of the body corporate shall not be affected; and
shall have a seal; and
is capable of acquiring, holding and disposing of real and personal property and of suing and being sued.
Subject to this Part, the Public Governance, Performance and Accountability Act 2013 applies to the Bank. That Act deals with matters relating to corporate Commonwealth entities, including reporting and the use and management of public resources.
For the purposes of the Public Governance, Performance and Accountability Act 2013, the Governance Board is the accountable authority of the Bank.
The following sections of the Public Governance, Performance and Accountability Act 2013 do not apply in relation to the Bank:
section 36 (which deals with budget estimates);
section 54 (which deals with banking by corporate Commonwealth entities);
section 55 (which deals with banking of relevant money by Ministers and officials);
section 59 (which deals with investment by corporate Commonwealth entities).
For the purposes of the Public Governance, Performance and Accountability Act 2013, the following members of the Bank’s Boards are officials (within the meaning of that Act) of the Bank:
the Governor;
the Deputy Governor;
the senior RBS member;
each external Governance Board member;
if the Bank’s PSB member is a staff member of the Reserve Bank Service—the Bank’s PSB member.
Paragraphs (a) to (d) cover all of the Governance Board members.
A member of the Monetary Policy Board or the Payments System Board who is not covered by subsection (1) is taken, for the purposes of the Public Governance, Performance and Accountability Act 2013, not to be an official (within the meaning of that Act) of the Bank.
Provisions about general duties of officials still apply to members who are not officials
Subdivision A of Division 3 of Part 2‑2 of the Public Governance, Performance and Accountability Act 2013 (which deals with general duties of officials) applies in relation to a member of the Monetary Policy Board or the Payments System Board who is not covered by subsection (1) as if the member were an official (within the meaning of that Act) of the Bank.
Section 29 of the Public Governance, Performance and Accountability Act 2013 (which is in Subdivision A of Division 3 of Part 2‑2 of that Act, and deals with the duty to disclose interests) is affected by Subdivision C of this Division.
This section applies if:
either or both of the following matters:
the monetary policy of the Bank;
the policy of the Bank (other than the payments system policy of the Bank) for contributing to the stability of Australia’s financial system;
are being considered at a meeting of the Monetary Policy Board; and
a member of the Board has a material personal interest that relates to the matter; and
within the previous 12 months the member has disclosed, in writing, the member’s interest to the Treasurer (whether the disclosure occurs before or after this section commences); and
there has been no substantial change in the nature or extent of the interest since the disclosure.
The member may do either or both of the following:
be present during any consideration by the Board of the matter at the meeting;
vote on the matter at the meeting.
The member is taken to have complied with:
section 29 of the Public Governance, Performance and Accountability Act 2013; and
any rules made for the purposes of that section;
in relation to the member’s consideration of the matter at the meeting of the Board.
This section applies:
despite section 7A and subsections 7C(1) and (3) of this Act; and
instead of any rules made for the purposes of section 29 of the Public Governance, Performance and Accountability Act 2013.