Pacific Banking Guarantee Act 2025 (Cth)

Pacific Banking Guarantee Act 2025

No. 44, 2025

An Act to appropriate money for guarantees relating to banking in the Pacific region, and for related purposes

Contents

Pacific Banking Guarantee Act 2025

No. 44, 2025

An Act to appropriate money for guarantees relating to banking in the Pacific region, and for related purposes

[Assented to 5 September 2025]

The Parliament of Australia enacts:

1Short title

This Act is the Pacific Banking Guarantee Act 2025.

2Commencement

1. (1)

   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this Act	The day after this Act receives the Royal Assent.	6 September 2025

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

(2)

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3Definitions

In this Act:

ADI means an authorised deposit‑taking institution within the meaning of the Banking Act 1959.

Pacific banking guarantee has the meaning given by subsection 5(2).

Pacific region includes:

1. (a)

   the islands of the Pacific; and

2. (b)

   Papua New Guinea; and

3. (c)

   Timor‑Leste.

4Extra‑territorial application

This Act extends to acts, omissions, matters and things outside Australia.

5Appropriation

1. (1)

   The Consolidated Revenue Fund is appropriated for the purposes of meeting any liabilities that the Commonwealth incurs under Pacific banking guarantees.

2. (2)

   A guarantee with an ADI is a Pacific banking guarantee if:

   1. (a)

      the guarantee is granted to the ADI on behalf of the Commonwealth under section 60 of the Public Governance, Performance and Accountability Act 2013; and

   2. (b)

      the guarantee relates to the ADI’s banking business (within the meaning of the Banking Act 1959) in the Pacific region; and

   3. (c)

      the ADI’s headquarters are located in Australia.

[Minister’s second reading speech made in—

House of Representatives on 24 July 2025

Senate on 31 July 2025]

(38/25)