Organisation For Economic Co-Operation And Development (Financial Support Fund) Repeal Act 1995

Overview

The Organisation for Economic Co-operation and Development (Financial Support Fund) Repeal Act 1995 was enacted by the Parliament of Australia to address the obsolescence of the existing financial support fund established under the Organisation for Economic Co-operation and Development (Financial Support Fund) Act 1976. This earlier legislation had been intended to provide financial support to the OECD, but changes in the economic environment and Australia's evolving priorities rendered it unnecessary. The repealing Act was introduced to remove outdated provisions and streamline Australia's legislative framework in alignment with current economic and international relations objectives. The primary policy objective articulated in the Act is to repeal the outdated 1976 Act, ensuring that Australian legislation remains relevant and efficient.

Scope and Application

The Organisation for Economic Co-operation and Development (Financial Support Fund) Repeal Act 1995 is an Act of the Parliament of Australia that serves to repeal the Organisation for Economic Co-operation and Development (Financial Support Fund) Act 1976. This Act applies to the repeal of the mentioned 1976 Act in its entirety, effectively removing it from the statute books and thus nullifying any legal provisions, obligations, or authorities previously established under it. The repeal signifies that the objectives, mechanisms, and provisions that were previously in place under the 1976 Act are no longer in effect from the date this repealing Act commences. The repealing Act is a Commonwealth legislation, which means its jurisdiction and geographic reach extend across the entire Australian nation, impacting any entities or individuals that were previously governed by the repealed 1976 Act. There are no stated exclusions, exemptions, or thresholds in this Act; its scope is broad, encompassing the full repeal of the predecessor legislation without qualification. Additionally, this Act does not extend or restrict its application through subordinate instruments but stands as a standalone piece of legislation aimed at repealing the specified 1976 Act.

Key Provisions

The Organisation for Economic Co-operation and Development (Financial Support Fund) Repeal Act 1995 (section 1) is a legislative instrument that repeals the existing Organisation for Economic Co-operation and Development (Financial Support Fund) Act 1976. This repeal is effective from the day the Act receives Royal Assent, as stated in section 2. The repeal itself is straightforward, removing the 1976 Act from the statute books (section 3). Under the repealed 1976 Act, certain obligations and requirements were placed on parties involved in the financial support fund for the Organisation for Economic Co-operation and Development (OECD). These likely included obligations for the Australian government to contribute to the fund and for the OECD to use the funds in accordance with its objectives. With the repeal of the 1976 Act, these obligations are no longer in force, effectively terminating any ongoing commitments or responsibilities Australia had under the fund. There are no explicit provisions detailing offences, penalties, or consequences for breaching the repealed 1976 Act within the text of the 1995 Act. The repeal itself does not introduce new penalties or consequences; it simply removes the previous legislative framework. However, it is important to note that the repeal does not absolve any existing liabilities or obligations that were in place under the repealed Act prior to its repeal. The absence of penalties in the 1995 Act suggests that any prior breaches of the 1976 Act would not be subject to new penalties under the 1995 Act, but existing penalties could still apply until the repeal takes effect.