EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO. 57
ISSUED BY THE AUTHORITY OF THE TREASURER
RESERVE BANK ACT 1959
RESERVE BANK REGULATIONS
Section 89 of the Reserve Bank Act 1959 (the Act) empowers the Governor-General to make regulations, not inconsistent with the Act, prescribing all matters which by the Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act or the conduct of business by the Bank and for prescribing penalties for offences against the regulations.
Section 81(1) of the Act provides, inter alia, that the Reserve Bank Board (the Board) shall prepare financial statements as soon as practicable after each 30 June in accordance with the forms prescribed under the Reserve Bank Regulations (the Regulations) and furnish them to the Treasurer together with a report of the Auditor-General upon those statements.
Under the existing sub-regulation 8(2) the Board is not required to include in the prescribed financial statements any item to which no amount applies. The proposed amendment does not alter that provision but merely states it more clearly.
The proposed amendments to the prescribed forms C, D, E and F of the First Schedule of the Regulations provide a more informative breakdown of the items reported therewithin.
Schedule 2 of the amending regulations contains a number of formal amendments to the Regulations of a drafting nature which have been proposed by the Attorney-General’s Department to bring the Regulations into line with current drafting practice.