International Monetary Fund (Quota Increase) Act 1983
No. 89, 1983
An Act relating to the increase in Australia’s quota in the International Monetary Fund
Contents
1 Short title
2 Commencement
3 Interpretation
4 Approval of consent to increase in quota
5 Issue of securities
6 Appropriation
International Monetary Fund (Quota Increase) Act 1983
No. 89, 1983
An Act relating to the increase in Australia’s quota in the International Monetary Fund
[Assented to 22 November 1983]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the International Monetary Fund (Quota Increase) Act 1983.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation
In this Act, the Fund means the International Monetary Fund established by the Articles of Agreement of the International Monetary Fund, a copy of which is set out in Schedule 1 to the International Monetary Agreements Act 1947.
4 Approval of consent to increase in quota
The giving of consent by Australia to the increase in its quota in the Fund to 1,619,200,000 special drawing rights is approved.
5 Issue of securities
Section 7 of the International Monetary Agreements Act 1947 applies to any payment that is to be made by Australia by reason of the increase in its quota in the Fund referred to in section 4 as it applies to any payment that Australia is required to make to the Fund under that Act.
6 Appropriation
The moneys necessary for making any payment that is to be made by Australia in currency other than Australian currency by reason of the increase in its quota in the Fund referred to in section 4 shall be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
Overview
The International Monetary Fund (Quota Increase) Act 1983 was enacted by the Parliament of Australia to formalise the country’s consent to an increase in its quota within the International Monetary Fund (IMF). The primary purpose of this legislation was to address the need for Australia to contribute more substantially to the IMF's resources, thereby enhancing its influence and voting power in the institution. By approving the increase of Australia's quota to 1,619,200,000 special drawing rights, the Act aimed to align Australia’s financial commitment with its responsibilities as a member of the global financial community. The policy objective behind this Act was to ensure that Australia could effectively participate in and contribute to the IMF’s efforts in maintaining international monetary cooperation and financial stability.
Scope and Application
The International Monetary Fund (Quota Increase) Act 1983 pertains specifically to the increase in Australia’s quota in the International Monetary Fund. The Act applies to the Commonwealth of Australia, as it involves the appropriation of funds from the Consolidated Revenue Fund for payments related to the quota increase. This legislative action is narrowly focused on authorising the consent for the quota increase to 1,619,200,000 special drawing rights and ensuring that the necessary financial arrangements are made. The Act does not extend to other entities or industries beyond the scope of the Commonwealth's financial obligations under the International Monetary Fund. The geographic reach of this Act is limited to Australia's participation in the IMF, with no mention of state or territory-specific applications. The Act does not explicitly state any exclusions or exemptions, but it does outline the appropriation process for the payments required as a result of the quota increase. The Act’s application can be extended or restricted through subordinate instruments, which are not detailed within the primary text of the legislation itself.
Key Provisions
The International Monetary Fund (Quota Increase) Act 1983 (sections 1-6) provides the legislative framework for the increase of Australia's quota in the International Monetary Fund (IMF). Section 4 of the Act explicitly approves the consent for the increase of Australia's quota in the IMF to 1,619,200,000 special drawing rights. Section 5 references Section 7 of the International Monetary Agreements Act 1947, which applies to any payments Australia needs to make due to the quota increase. Section 6 stipulates that funds necessary for such payments, if not in Australian currency, must be sourced from the Consolidated Revenue Fund, which is appropriately appropriated for this purpose.
The Act imposes certain obligations on the Australian government concerning the payment of the increased quota to the IMF. It mandates that any payment related to the quota increase must comply with the provisions of Section 7 of the International Monetary Agreements Act 1947. Additionally, the government is required to ensure that the necessary funds are appropriated from the Consolidated Revenue Fund for any payments that are not in Australian currency. These provisions are designed to streamline the process of increasing Australia's quota and ensure compliance with existing financial regulations.
Failure to adhere to the provisions of the International Monetary Fund (Quota Increase) Act 1983 could lead to significant legal consequences. Although the Act does not explicitly outline penalties for non-compliance, breaches of financial regulations related to international monetary agreements can result in severe financial and reputational damage. Additionally, the failure to appropriate necessary funds from the Consolidated Revenue Fund could be seen as a breach of financial governance standards, potentially leading to internal scrutiny and financial penalties. The specific consequences would depend on the context and severity of the breach, but could include administrative, civil, or criminal penalties as per other relevant Australian legislation.