Commonwealth Bank Regulations (Amendment)

Overview

The Statutory Rules 1932, No. 140, enacted under the Commonwealth Bank Act 1911-1932, address the issue of superannuation contributions for new employees of the Commonwealth Bank in alignment with state regulations. The Governor-General, acting on the advice of the Federal Executive Council, issued these regulations to ensure that bank employees who are required to contribute to the state superannuation fund under the Superannuation Act 1916-1930 of New South Wales do not have to contribute to the Bank's Superannuation Fund. This amendment to the Commonwealth Bank Regulations was made to provide clarity and consistency in superannuation obligations for employees transitioning between state and federal banking services, thereby avoiding double contributions and ensuring compliance with state-specific legislative requirements.

Scope and Application

The Statutory Rules 1932, No. 140, issued under the Commonwealth Bank Act 1911-1932, provide amendments to the Commonwealth Bank Regulations. These regulations primarily concern the superannuation contributions of officers who join the Commonwealth Bank after a specified date, namely December 14, 1932. The amendment is particularly relevant to those officers who are required under clause twenty-three of the agreement outlined in the First Schedule to the Commonwealth and State Banks Agreements Ratification Act, 1931 of the State of New South Wales to contribute to the fund established by the Superannuation Act 1916-1930 of New South Wales. Such officers are explicitly excluded from being entitled or compelled to subscribe to the Bank’s Superannuation Fund for as long as they are required to contribute to the State fund. The regulation applies to the officers of the Commonwealth Bank in the Commonwealth of Australia, thus covering the federal jurisdiction. There are no stated exclusions, exemptions, or thresholds other than the specified condition of contributing to the New South Wales superannuation fund.

Key Provisions

The key operative sections of these regulations are found in Regulation 9, which has been amended in two significant ways. Firstly, sub-regulation (2) has been altered by removing the words “Except as hereinafter provided” and replacing them with “Subject to this regulation” (1(a)). This amendment ensures that any future provisions within the regulation can override the existing provisions in sub-regulation (2). Secondly, a new sub-regulation (2a) has been added, which specifies the conditions under which new officers joining the bank after 14 December 1932, and required to contribute to a state superannuation fund under clause twenty-three of the agreement in the First Schedule to the Commonwealth and State Banks Agreements Ratification Act, 1931, of New South Wales, are not entitled or compelled to subscribe to the Bank’s Superannuation Fund (1(b)). These regulations impose specific obligations on both the Commonwealth Bank and its officers. For the bank, the primary obligation is to ensure compliance with the amended Regulation 9. This involves verifying the eligibility of new officers to contribute to the Bank’s Superannuation Fund based on their obligations under state superannuation laws. For officers, the obligation is to adhere to the new conditions set out in sub-regulation (2a). If they are required to contribute to a state superannuation fund, they are not entitled or compelled to subscribe to the Bank’s Superannuation Fund. The regulations do not explicitly mention any offences, penalties, or civil or criminal consequences for non-compliance. However, the absence of specific penalties in the text suggests that any breaches of these provisions would likely be subject to the general enforcement mechanisms available under the Commonwealth Bank Act 1911-1932 or other applicable laws. This could include administrative actions, such as fines or other sanctions, depending on the nature and severity of the breach.