Parliamentary Retiring Allowances (Decimal Currency) Act 1965

Overview

The Parliamentary Retiring Allowances (Decimal Currency) Act 1965 was enacted to address the need for updating the monetary provisions of the Parliamentary Retiring Allowances Act 1964 in light of Australia's transition to decimal currency. This Act serves to amend the Principal Act by adjusting the financial terms specified within it, ensuring that the retiring allowances for certain members of the twenty-fourth Parliament are accurately reflected in the new currency system. Passed by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, this legislation aims to maintain the integrity and relevance of the retirement benefits provided to members of Parliament, facilitating a smooth transition to the decimal currency system. The policy objective of this Act is to provide clarity and consistency in the financial entitlements of retiring members of Parliament by ensuring that all monetary references are updated to align with the decimal currency system. This legislative measure underscores the commitment to adapt existing laws to reflect significant changes in the nation’s monetary framework, thereby safeguarding the financial security of those who have served in Parliament.

Scope and Application

The Parliamentary Retiring Allowances (Decimal Currency) Act 1965 applies to members of the Australian Parliament who were part of the twenty-fourth Parliament and who are subsequently in receipt of a retiring allowance. The Act amends the Parliamentary Retiring Allowances Act 1964 to adjust the amounts of retiring allowances payable to these individuals in accordance with the introduction of decimal currency in Australia. The amendment is confined to the financial adjustments required to transition from the previous currency system to the new decimal currency system. This Act has a national jurisdictional reach, applying across the Commonwealth of Australia. There are no stated exclusions or exemptions within the Act itself, although the primary application is limited to specific individuals within the defined group. The application of the Act is direct and does not extend or restrict its provisions through subordinate instruments. The amendments made by this Act are specific to the identified group of Parliamentarians and do not apply to other entities or industries outside the scope of the Parliamentary Retiring Allowances Act 1964.

Key Provisions

The Parliamentary Retiring Allowances (Decimal Currency) Act 1965 (the "Act") amends the Parliamentary Retiring Allowances Act 1964, as amended by the Parliamentary Retiring Allowances Act 1965, to address changes in currency from pounds, shillings, and pence to the decimal currency system. Section 3 of the Act specifically amends section 17 of the Principal Act, updating the monetary values to reflect the decimal currency system. Under the new amendment, the amount specified in the Principal Act is changed from "One thousand one hundred and forty-five pounds sixteen shillings and eightpence" to "Two thousand two hundred and ninety-one dollars and sixty-seven cents". The Act imposes obligations on the relevant authorities to ensure that the updated monetary values are correctly reflected in the calculation of retiring allowances for certain persons who were members of the twenty-fourth Parliament. These obligations include revising relevant documentation, notifying affected parties, and ensuring that all financial transactions and calculations are updated to reflect the new currency values. The changes are specifically targeted to ensure that the updated amounts are accurately applied to the pensions of the eligible persons, thus ensuring they receive the correct amount as per the new currency system. The Act does not explicitly outline specific offences, penalties, or consequences for non-compliance. However, it is reasonable to infer that failure to adhere to the requirements stipulated in the Act could potentially lead to legal disputes or administrative penalties. These could include actions for non-compliance with statutory obligations or claims for incorrect payment of allowances. The exact nature and severity of any penalties or consequences would be determined by the courts or relevant authorities based on the specific circumstances of any breach or non-compliance. The Act provides a clear directive for updating monetary values in the Principal Act to align with the decimal currency system, and it mandates that these updates are accurately implemented. The focus is on ensuring that the financial benefits provided to eligible members of the twenty-fourth Parliament are correctly administered under the new currency framework. The absence of explicit penalties in the Act suggests that the primary emphasis is on ensuring compliance and accuracy in the financial adjustments, with any repercussions of non-compliance being determined by subsequent legal or administrative processes.