National Security (Supplementary) Regulations (Amendment)

Overview

Statutory Rules 1942 No. 376 is a legislative instrument made under the National Security Act 1939-1940. Enacted in 1942 during the Second World War, this regulation aimed to address the need for tighter financial controls and oversight in the national interest. The regulation was made by the Governor-General in Council, acting on advice from the Minister of State for Defence. The policy objective of this regulation is to enhance the government's ability to monitor and manage banking statistics, ensuring that the Commonwealth Bank provides quarterly statements of Australian banking statistics to the Treasurer and the parliamentary committees. These reports would be tabled in both the Senate and the House of Representatives, promoting transparency and accountability in financial oversight during a period of national emergency.

Scope and Application

The Statutory Rules 1942, No. 376, made under the National Security Act 1939-1940, amends the National Security (Supplementary) Regulations to include additional reporting requirements for the Commonwealth Bank of Australia. Specifically, the Board of the Commonwealth Bank is now required to transmit a Statement of Australian Banking Statistics to the Treasurer and to the President of the Senate and the Speaker of the House of Representatives, to be laid before the respective houses of Parliament, within one month after the end of each financial quarter. This regulation is designed to enhance transparency and oversight of the banking sector during a period of national security concerns, ensuring that key financial statistics are readily available to the government and Parliament. The amendment extends the existing reporting obligations outlined in Regulation 39 of the National Security (Supplementary) Regulations, which were initially established to support the broader objectives of national security during wartime.

Key Provisions

The key provision of the Statutory Rules 1942, No. 376, made under the National Security Act 1939-1940, involves an amendment to Regulation 39 of the National Security (Supplementary) Regulations (section 1). This amendment mandates the Board of the Commonwealth Bank to submit specific financial reports to the Treasurer and to the President of the Senate and the Speaker of the House of Representatives for tabling in Parliament (Regulation 39(4)). Specifically, the Board is required to transmit a Statement of Australian Banking Statistics for the last five preceding quarters within one month following the end of each financial quarter (Regulation 39(4)). These quarterly reports must be submitted by the last day of March, June, September, and December each year, or as soon thereafter as practicable (Regulation 39(4)). Under this legislation, the Board of the Commonwealth Bank is obligated to ensure that the Statement of Australian Banking Statistics is prepared and transmitted to the designated authorities in a timely manner. This requirement is crucial for maintaining transparency and providing essential financial data to the government and Parliament. Failure to comply with this reporting requirement may lead to legal consequences, although specific penalties are not detailed within the regulation itself. While the Statutory Rules do not explicitly state penalties for non-compliance, breaches of the National Security Act 1939-1940 or its subsidiary regulations can lead to significant legal repercussions. The National Security Act empowers the Governor-General to make regulations for the preservation of national security, and any failure to comply with such regulations can be viewed as a breach of these provisions. Depending on the severity of the breach, individuals or entities may face civil or criminal penalties, including fines and imprisonment. However, the exact penalties would depend on the broader context of the National Security Act and any relevant case law.