Commonwealth Inscribed Stock (Treasurer) Delegations 2023
I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following delegations.
Dated 23 November 2023
David Hurley
Governor‑General
By His Excellency’s Command
Dr Jim Chalmers
Treasurer
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Delegations
5 Delegations
Part 3—Revocations
6 Previous delegations revoked
Part 1—Preliminary
1 Name
This instrument is the Commonwealth Inscribed Stock (Treasurer) Delegations 2023.
2 Commencement
(1) Each provision of instrument 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 instrument | The 21st day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Commonwealth Inscribed Stock Act 1911.
4 Definitions
Note: Expressions have the same meaning in this instrument as in the Commonwealth Inscribed Stock Act 1911 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
the Act means the Commonwealth Inscribed Stock Act 1911.
Part 2—Delegations
5 Delegations
Under subsection 51H(1) of the Act, the Treasurer is delegated all of the Governor-General’s powers under sections 4 and 7 of the Act.
Part 3—Revocations
6 Previous delegations revoked
Under subsection 51H(1) of the Act, all of the Governor-General’s previous delegations of the Governor-General’s powers under sections 4 and 7 of the Act are revoked.
Overview
The Commonwealth Inscribed Stock (Treasurer) Delegations 2023I was enacted to address the need for efficient delegation of specific powers relating to Commonwealth Inscribed Stock. This notifiable instrument was introduced to streamline administrative processes and enhance the management of Commonwealth Inscribed Stock by delegating certain powers from the Governor-General to the Treasurer. The instrument was issued by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The policy objective, as stated in the instrument, is to empower the Treasurer with the authority to manage and administer Commonwealth Inscribed Stock more effectively, thereby ensuring better alignment with contemporary financial practices and operational requirements.
Scope and Application
The Commonwealth Inscribed Stock (Treasurer) Delegations 2023I pertains to the delegation of certain powers from the Governor-General to the Treasurer under the Commonwealth Inscribed Stock Act 1911. This instrument applies to the Treasurer, who is now empowered with all the responsibilities previously held by the Governor-General under sections 4 and 7 of the Act. These powers relate to the management and administration of Commonwealth Inscribed Stock, a form of government debt security. The geographic scope of this instrument is limited to the Commonwealth of Australia, as it is a federal delegation concerning the administration of national financial instruments. The instrument revokes all previous delegations made by the Governor-General under sections 4 and 7 of the Act, ensuring a clear and current framework for the administration of Commonwealth Inscribed Stock. This delegation does not specify any exclusions or exemptions and operates on a national level within Australia. The application of the Act may be further refined or extended through subordinate instruments, although no such instruments are mentioned in the provided text.
Key Provisions
The main operative sections of the Commonwealth Inscribed Stock (Treasurer) Delegations 2023 (the "Instrument") include sections 2 and 5. Section 2 specifies the commencement of the Instrument, which is the 21st day after the Instrument is registered. Section 5 details the delegations made under the Act, where the Treasurer is delegated all of the Governor-General's powers under sections 4 and 7 of the Commonwealth Inscribed Stock Act 1911.
The Instrument imposes certain obligations and requirements on the parties it governs. Specifically, it mandates that the Treasurer is now vested with the authority previously held by the Governor-General in relation to the management and issuance of Commonwealth Inscribed Stock. This includes powers related to the issuance, cancellation, and registration of stock. The delegation also entails that the Treasurer must exercise these powers in accordance with the terms and conditions specified in the Act.
Breach of the provisions set out in this Instrument may result in civil or criminal consequences. Under the Act, any misuse or unauthorised exercise of the powers delegated to the Treasurer could potentially lead to penalties. The specific penalties for breaches are not detailed in the Instrument itself but would be governed by the overarching provisions of the Commonwealth Inscribed Stock Act 1911, which could include fines or other legal repercussions. It is important for the Treasurer to adhere strictly to the Act to avoid any legal ramifications.