International Monetary Agreements (Quota Increase) Act 1980

Administered by Department of the Treasury

Legislation au C2004A02352 In force Act

Legislation content

International Monetary Agreements (Quota Increase) Act 1980

No. 151, 1980

Compilation No. 1

Compilation date: 10 July 2024

Includes amendments: No. 67, 2024

Registered: 26 July 2024

About this compilation

This compilation

This is a compilation of the International Monetary Agreements (Quota Increase) Act 1980 that shows the text of the law as amended and in force on 10 July 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Selfrepealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

1 Short title

2 Commencement

4 Consent to increase of quota

5 Issue of securities

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

An Act relating to the International Monetary Fund

1  Short title

  This Act may be cited as the International Monetary Agreements (Quota Increase) Act 1980.

2  Commencement

  This Act shall come into operation on the day on which it receives the Royal Assent.

4  Consent to increase of quota

  The giving of consent by Australia to the increase of its quota in the International Monetary Fund to 1,185,000,000 special drawing rights is approved.

5  Issue of securities

  Section 7 of the International Monetary Agreements Act 1947 applies to any payment to be made by Australia by reason of the increase of its quota in the International Monetary Fund referred to in section 4 as it applies to payments under that Act.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

 

Endnote 2—Abbreviation key

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

/subsubparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

SubCh = SubChapter(s)

cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

International Monetary Agreements (Quota Increase) Act 1980

151, 1980

19 Sept 1980

19 Sept 1980 (s 2)

 

Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024

67, 2024

9 July 2024

Sch 4 (item 29): 10 July 2024 (s 2(1) item 8)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 3.....................

rep No 64, 2024

 

Overview

The International Monetary Agreements (Quota Increase) Act 1980 was enacted to provide the legislative framework for Australia's consent to an increase in its quota within the International Monetary Fund (IMF). This was necessary to address the evolving financial needs of member countries and the IMF's role in providing financial stability and assistance globally. The Act was passed by the Parliament of Australia, reflecting the nation's commitment to supporting international financial cooperation and stability. The primary policy objective of the Act is to formalise and authorise Australia's participation in the quota increase, ensuring compliance with international financial agreements and obligations. The Act received Royal Assent on 19 September 1980 and came into operation on the same day, as stipulated in section 2. Section 4 of the Act specifically approves the increase of Australia's quota in the IMF to 1,185,000,000 special drawing rights, while section 5 ensures that the provisions of the International Monetary Agreements Act 1947 apply to any payments resulting from this quota increase. This legislative framework was designed to support Australia's role in the global financial system, facilitating its ability to contribute to and benefit from the IMF's activities.

Scope and Application

The International Monetary Agreements (Quota Increase) Act 1980 provides the legal framework for Australia's consent to increase its quota in the International Monetary Fund (IMF) and outlines the application of the International Monetary Agreements Act 1947 to payments made by Australia as a result of this quota increase. This Act applies to the Commonwealth of Australia and its obligations under international monetary agreements. It is geographically and jurisdictionally confined to the Commonwealth, with no explicit mention of state or territory reach, indicating that it primarily concerns federal responsibilities and international financial commitments. The Act explicitly states that it approves the increase of Australia’s quota in the IMF to 1,185,000,000 special drawing rights, with Section 5 making it clear that Section 7 of the International Monetary Agreements Act 1947 applies to any payments associated with this quota increase. There are no stated exclusions, exemptions, or thresholds in the primary text of this Act, although it is possible that further detail and application are provided through subordinate instruments or regulations.

Key Provisions

The International Monetary Agreements (Quota Increase) Act 1980 (referred to as the Act) primarily consists of three main sections: sections 2, 4, and 5. Section 2 outlines the commencement of the Act, stating that it comes into operation on the day it receives Royal Assent. Section 4 approves the giving of consent by Australia to the increase of its quota in the International Monetary Fund (IMF) to 1,185,000,000 special drawing rights. Finally, Section 5 applies Section 7 of the International Monetary Agreements Act 1947 to any payment made by Australia due to the quota increase in the IMF, as referenced in Section 4. The Act imposes specific obligations on Australia, primarily concerning the approval and financial implications of the quota increase in the IMF. It requires Australia to formally consent to the increase of its quota, as stipulated in Section 4. Additionally, Section 5 ensures that the financial obligations and securities issuance related to this quota increase are governed by the existing provisions of the International Monetary Agreements Act 1947. Under the Act, there are no explicit offences, penalties, or consequences for breach outlined within the text. However, the Act references Section 7 of the International Monetary Agreements Act 1947, which likely contains relevant provisions for breaches related to the issuance of securities and financial obligations. The potential penalties or consequences for non-compliance would be found within the International Monetary Agreements Act 1947 and would include both civil and criminal sanctions as applicable under that Act.

Legal classification tags

Area of Law
International Law
Instrument
Act
Concepts
Commencement Provisions
Consent to increase of quota
Issue of securities

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.