Credit (Commonwealth Powers) Act 2010

Subject to section 7, any referred credit matter is referred to the Parliament of the Commonwealth, but only to the extent of the making of laws with respect to such a matter by making express amendments of the National Credit legislation.

The reference of a matter under subsection (1) has effect only —

if and to the extent that the matter is not included in the legislative powers of the Parliament of the Commonwealth (otherwise than by a reference for the purposes of section 51(xxxvii) of the Constitution of the Commonwealth); and

if and to the extent that the matter is included in the legislative powers of the Parliament of the State.

Despite any other provision, the reference has effect for a period —

beginning when this section commences; and

ending at the end of the day fixed under section 8 as the day on which the reference is to terminate,