Reserve Bank (Reserve Bank Board Member) Appointment (No. 1) 2021

Overview

The Reserve Bank (Reserve Bank Board Member) Appointment (No. 1) 2021 is a legislative instrument that facilitates the appointment of Ian Harper AO as a member of the Reserve Bank Board. Enacted in 2021, this instrument was introduced to fill a vacancy on the Reserve Bank Board, ensuring the continuity and effective functioning of the Reserve Bank’s governance structure. The appointment was made by the Treasurer, Josh Frydenberg, under the authority granted by paragraph 14(d) of the Reserve Bank Act 1959. The policy objective behind this appointment is to maintain the stability and integrity of Australia’s monetary policy and financial system by ensuring that the Reserve Bank Board has the necessary expertise and experience to fulfil its responsibilities.

Scope and Application

The Reserve Bank (Reserve Bank Board Member) Appointment (No. 1) 2021I applies to the appointment of Ian Harper AO as a member of the Reserve Bank Board, effective from 31 July 2021 to 30 July 2026. This instrument is made under the authority of the Reserve Bank Act 1959, specifically paragraph 14(d), and is executed by Josh Frydenberg, the Treasurer. The appointment pertains directly to Ian Harper AO, who will assume his role on the Reserve Bank Board within this specified timeframe. The geographic and jurisdictional reach of this appointment is limited to the Commonwealth of Australia, as the Reserve Bank operates under federal legislation. There are no stated exclusions, exemptions, or thresholds in this particular instrument, and it does not extend or restrict application through subordinate instruments.

Key Provisions

The Reserve Bank (Reserve Bank Board Member) Appointment (No. 1) 2021I, made under the authority of the Reserve Bank Act 1959, specifically paragraph 14(d), appoints Ian Harper AO as a member of the Reserve Bank Board. This appointment is effective from 31 July 2021 and will continue until 30 July 2026. This notifiable instrument confirms the official appointment of Mr. Harper to the Reserve Bank Board and sets the duration of his tenure. In terms of obligations and requirements, the Act ensures that any person appointed to the Reserve Bank Board must meet the criteria set out in the Reserve Bank Act 1959. This includes possessing appropriate expertise in areas relevant to the functions of the Reserve Bank. Mr. Harper, being appointed under this instrument, is expected to uphold these professional standards and contribute to the policy-making and governance of the Reserve Bank during his term. Additionally, he must comply with any code of conduct or other requirements specified by the Board or the Treasurer. The legislation also outlines the consequences of breaching the terms of the appointment or failing to meet the requirements. While specific offences and penalties are not detailed within this notifiable instrument, breaches of the Reserve Bank Act 1959 could potentially lead to criminal charges, civil penalties, or disciplinary action against the appointed member. The severity of penalties would depend on the nature and extent of the breach, as well as the provisions of the overarching Act.