Commonwealth Consolidated Acts

RESERVE BANK ACT 1959 - SECT 7A

Accountable authority of Bank

  (1)   For the purposes of the Public Governance, Performance and Accountability Act 2013 , the Governor is the accountable authority of the Bank.

Provisions etc. which do not apply

  (2)   The following sections of that Act do not apply in relation to the Bank:

  (a)   section   36 (which deals with budget estimates);

  (b)   section   54 (which deals with banking by corporate Commonwealth entities);

  (c)   section   55 (which deals with banking of relevant money by Ministers and officials);

  (d)   section   59 (which deals with investment by corporate Commonwealth entities).

  (3)   Subject to subsections   (4) and (5) of this section, a member of the Reserve Bank Board or the Payments System Board is taken, for the purposes of that Act, not to be an official (within the meaning of that Act) of the Bank.

  (4)   The following members of the Reserve Bank Board or the Payments System Board are officials (within the meaning of that Act) of the Bank:

  (a)   the Governor;

  (b)   the Deputy Governor;

  (c)   a member who is a staff member of the Reserve Bank Service.

Provisions about general duties of officials

  (5)   Subdivision A of Division   3 of Part   2 - 2 of that Act (which deals with general duties of officials) applies in relation to a member of the Reserve Bank Board or the Payments System Board who is not referred to in subsection   (4) of this section as if the member were an official (within the meaning of that Act) of the Bank.

Note:   Section   29 of that Act (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 sections   7B and 7C.

  (7)   Section   30 of that Act applies in relation to the following:

  (a)   a member of the Reserve Bank Board appointed under paragraph   14(1)(d) of this Act;

  (b)   a member of the Payments System Board referred to in paragraph   25A(d) of this Act;

as if the member were a member of the accountable authority of the Bank.

Note:   This means that the appointment of the member may be terminated if the member contravenes a duty in Subdivision A of Division   3 of Part   2 - 2 of the Public Governance, Performance and Accountability Act 2013 or rules made for the purposes of that Subdivision.

Annual financial statements of Bank

  (8)   The Governor may give annual financial statements for the Bank to the Auditor - General under paragraph   42(1)(b) of the Public Governance, Performance and Accountability Act 2013 only if the Reserve Bank Board has passed a resolution approving the financial statements.

Audit committee of Bank

  (9)   Despite any rules made for the purposes of section   45 of that Act, the charter setting out the functions of the audit committee must be approved by the Reserve Bank Board.