EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO. 160
ISSUED BY THE AUTHORITY OF THE TREASURER
COMMONWEALTH BANKS ACT 1959
COMMONWEALTH BANKS (ALLOWANCES) REGULATIONS (REPEAL)
Section 129 of the Commonwealth Banks Act 1959 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act, prescribing all matters which by the Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act or for the conduct of business by the Commonwealth Banking Corporation (the Corporation) and constituent banks.
The Commonwealth Banks (Allowances) Regulations were introduced to regularise the allowances, principally travelling allowances, of Corporation Board members and statutory office-holders in the period 18 October 1974 (when the Commonwealth Banks Act was amended to bring its provisions relating to remuneration of statutory office holders into line with the Remuneration Tribunals Act 1973) to 28 February 1975 (from which date the relevant allowances became determined under the Remuneration Tribunals Act). The Corporation having found no occasion when payment of an allowance, other than those applicable under the Remuneration Tribunal Act, has been necessary or appropriate. The Corporation has the power to reimburse properly incurred expenses by the relevant office holders in the discharge of their functions, providing for any circumstances not provided for by the allowances payable under the Remuneration Tribunal Act.