Reserve Bank of Australia (Deputy Governor) Appointment (No. 1) 2024
I, Jim Chalmers, Treasurer, under section 24 of the Reserve Bank Act 1959, appoint Andrew Hauser as the Deputy Governor of the Reserve Bank of Australia, on a full-time basis, for a period of five years beginning on 12 February 2024.
Dated 8 February 2024
Dr Jim Chalmers
Treasurer
Overview
The Reserve Bank of Australia (Deputy Governor) Appointment (No. 1) 2024I, issued under the authority of Treasurer Jim Chalmers, appoints Andrew Hauser as the Deputy Governor of the Reserve Bank of Australia, effective 12 February 2024. This appointment is made in accordance with section 24 of the Reserve Bank Act 1959 and is intended to fill a critical leadership role within the Reserve Bank. By ensuring continuity and stability in the bank's leadership, this appointment aims to maintain the effectiveness of monetary policy and financial system oversight. The Reserve Bank of Australia plays a pivotal role in Australia’s economic framework, and this appointment is a strategic move to uphold the institution's integrity and functionality.
Scope and Application
The Reserve Bank of Australia (Deputy Governor) Appointment (No. 1) 2024I specifies the appointment of Andrew Hauser as the Deputy Governor of the Reserve Bank of Australia, operating under the Reserve Bank Act 1959. This Act applies to the individual appointed, Andrew Hauser, and pertains to the conduct and roles he will undertake as Deputy Governor within the institution. The scope of the appointment is national, given that the Reserve Bank of Australia is a Commonwealth entity, and its influence extends across Australia. The appointment is for a full-time position, set to commence on 12 February 2024 and last for a period of five years. The legislation does not explicitly mention any exclusions, exemptions, or specific thresholds relevant to the Deputy Governor's appointment, indicating that the terms of service and responsibilities are directly outlined within the act and the broader Reserve Bank Act 1959. Subordinate instruments may further detail operational aspects of the Deputy Governor's role and duties, but these are not elaborated upon in the notifiable instrument itself.
Key Provisions
Section 1 of the Reserve Bank of Australia (Deputy Governor) Appointment (No. 1) 2024I sets out the appointment of Andrew Hauser as the Deputy Governor of the Reserve Bank of Australia (RBA) by the Treasurer, Jim Chalmers, under the authority granted by section 24 of the Reserve Bank Act 1959. The appointment is to be on a full-time basis and will commence on 12 February 2024, lasting for a period of five years. This section clearly identifies the position and the tenure of Andrew Hauser in the RBA.
The obligations imposed by this notifiable instrument on Andrew Hauser include adhering to the duties and responsibilities of a Deputy Governor as outlined in the Reserve Bank Act 1959 and any other applicable legislation. As a Deputy Governor, Hauser is expected to contribute to the policy-making process of the RBA, assist the Governor in managing the Bank’s operations, and participate in decision-making that affects Australia's monetary policy and financial stability. His role will also involve liaising with other government bodies and international financial institutions as necessary.
Under the Reserve Bank Act 1959, breaches of the terms and conditions of the Deputy Governor’s appointment may lead to disciplinary actions, including potential termination of employment. However, specific offences, penalties, or civil/criminal consequences are not detailed within the notifiable instrument itself. Instead, any legal repercussions would be determined by the terms of employment and the broader legal framework governing public service officers. It is important to note that the Act itself does not specify maximum penalties for breaches, which would be subject to the applicable employment laws and regulations.