EXPLANATORY STATEMENT
Issued by authority of the Treasurer
Commonwealth Inscribed Stock Act 1911
Loans Securities Act 1919
Commonwealth Securities (Treasury Portfolio Agency) (Consequential) Instrument 2023
Section 51JA of the Commonwealth Inscribed Stock Act 1911; (the CIS Act) and Section 5E of the Loans Securities Act 1919 (the LS Act) provides that the Treasurer may, by signed instrument, give a direction as to, amongst other things:
• the manner in which delegates of the Treasurer’s power to borrow money on behalf of Commonwealth should exercise the power; and
• the kinds of collateral that must be received in relation to securities lending arrangements entered into under subsection 5BA(1) of the LS Act.
The purpose of the Commonwealth Securities (Treasury Portfolio Agency) (Consequential) Instrument 2023 (the Instrument) is to repeal the Directions Relating to Commonwealth Borrowing, Securities Lending and the Investment of Public Money 2008 (the 2008 Directions).
Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument. The Instrument repeals the 2008 Directions which are replaced by the Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023.
The CIS Act and LS Act specify no conditions that need to be satisfied before the power to make the Instrument may be exercised.
The Instrument is a legislative instrument for the purposes of the Legislation Act 2003.
The Instrument is exempt from disallowance under section 44 of the Legislation Act 2003 as the instrument repeals a direction by a Minister to a person (section 9 of the Legislation (Exemptions and Other Matters) Regulation 2015 refers).
No consultation has been undertaken on the Instrument as it is minor and machinery in nature.
The Instrument commences at the same time as Part 2 to the Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023 commences, which is on the 21st day after the Commonwealth Inscribed Stock (Treasurer) Delegations 2023 were registered on the Federal Register of Legislation.
Details of the Instrument are set out in Attachment A.
ATTACHMENT A
Details of the Commonwealth Securities (Treasury Portfolio Agency) (Consequential) Instrument 2023
Section 1 – Name
This section provides that the name of the Instrument is the Commonwealth Securities (Treasury Portfolio Agency) (Consequential) Instrument 2023.
Section 2 – Commencement
The Instrument commenced on at the same time as Part 2 to the Commonwealth Securities (Treasury Portfolio Agency) Delegations 2023 commences.
Section 3 – Authority
The Instrument is made under the Commonwealth Inscribed Stock Act 1911, and the Loans Securities Act 1919.
Section 4 – Schedules
This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.
Schedule 1
This instrument repeals the Directions Relating to Commonwealth Borrowing, Securities Lending and the Investment of Public Money 2008.