Statute Law Revision (Decimal Currency)
No. 3 of 1967
An Act to amend the Statute Law Revision (Decimal Currency) Act 1966.
[Assented to 13 April 1967]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Statute Law Revision (Decimal Currency) Act 1967.
(2.) The Statute Law Revision (Decimal Currency) Act 1966 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Statute Law Revision (Decimal Currency) Act 1966–1967.
Commencement.
2. This Act shall be deemed to have come into operation on the day on which the Principal Act came into operation.
First Schedule.
3.—(1.) The First Schedule to the Principal Act is amended by omitting the words and figures “NORFOLK ISLAND ACT 1959–1963” and inserting in their stead the words and figures “NORFOLK ISLAND ACT 1957–1963”.
(2.) The First Schedule to the Principal Act is amended by omitting the following words and figures occurring after the heading “TARIFF BOARD ACT 1921–1962”:—
“Section 33 | Five hundred pounds | One thousand dollars” |
and inserting in their stead the words and figures—
Section 25(2.)1 | Five hundred pounds | One thousand dollars”. |
(3.) The First Schedule to the Principal Act is amended by omitting the words and figures “WAR SERVICE HOMES ACT 1918–1962” and inserting in their stead the words and figures “WAR SERVICE HOMES ACT 1918–1962, AS AMENDED BY THE NATIONAL DEBT SINKING FUND ACT 1966”.
Second Schedule.
4.—(1.) The Second Schedule to the Principal Act is amended by omitting the words and figures—
“Norfolk Island Act 1959–1963 | Norfolk Island Act 1959–1966”
and inserting in their stead the words and figures—
“Norfolk Island Act 1957–1963 | Norfolk Island Act 1957–1966”
(2.) The Second Schedule to the Principal Act is amended by omitting the words and figures “War Service Homes Act 1918–1962” and inserting in their stead the words and figures “War Service Homes Act 1918-1962, as amended by the National Debt Sinking Fund Act 1966”.
Overview
The Statute Law Revision (Decimal Currency) Act 1967 was enacted to amend the Statute Law Revision (Decimal Currency) Act 1966, thereby facilitating the transition of Australian currency from pounds, shillings, and pence to a decimal system based on dollars and cents. This Act was introduced to address the legislative inconsistencies and outdated references in existing laws that needed updating to reflect the decimal currency system. It was enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, with the policy objective of ensuring that all legislative references to monetary amounts are consistent with the new decimal currency system, thereby streamlining financial transactions and legal documentation across the nation.
Scope and Application
The Statute Law Revision (Decimal Currency) Act 1967 applies to the Commonwealth of Australia and is an amendment to the Statute Law Revision (Decimal Currency) Act 1966. It seeks to revise and update existing laws to reflect the decimal currency system that was introduced in Australia on 14 February 1966. This Act is instrumental in ensuring that the monetary values in specified acts are converted from the pre-decimal currency system to the new decimal currency. The legislation affects various legislative instruments by amending the First and Second Schedules of the Principal Act, thereby impacting the monetary values cited within the specified acts. The amendments include correcting and updating the references to Norfolk Island and War Service Homes acts to accurately reflect the changes due to decimal currency. This Act does not provide for any exclusions, exemptions, or thresholds, as its primary function is to ensure consistency and accuracy in monetary values across various legislative instruments.
Key Provisions
The Statute Law Revision (Decimal Currency) Act 1967 (Act) serves to amend the Statute Law Revision (Decimal Currency) Act 1966, referred to as the Principal Act in the new legislation. This Act, which came into operation on the same day as the Principal Act, makes specific amendments to the First and Second Schedules of the Principal Act. These amendments correct and update the references to certain acts and their amendment dates within the Schedules.
The key amendments to the First Schedule (section 3) involve updating the references to the Norfolk Island Act, the Tariff Board Act, and the War Service Homes Act. For the Norfolk Island Act, the amendment changes the date from "1959–1963" to "1957–1963". The Tariff Board Act amendment corrects the section number from "33" to "25(2)" while keeping the monetary values unchanged. Lastly, the War Service Homes Act amendment includes a reference to its amendment by the National Debt Sinking Fund Act 1966.
The Second Schedule (section 4) is similarly amended to reflect these changes. The Norfolk Island Act reference is updated from "1959–1963" to "1957–1963", and the War Service Homes Act reference now includes its amendment by the National Debt Sinking Fund Act 1966. These changes ensure consistency and accuracy in the referencing of acts within the legislation.
The obligations imposed by this Act primarily concern the updating and maintenance of accurate references in the legal texts of the amended acts. Those responsible for legal drafting and referencing are required to ensure that the correct dates and amendments are cited. This is crucial for the integrity and clarity of legal documentation, ensuring that all references are up-to-date and correctly reflect the legislative history.
There are no specific offences, penalties, or consequences for breach outlined in the Act itself. However, the accuracy of legal references is critical for the proper administration of justice and the enforcement of laws. Inaccuracies could lead to misinterpretation of the law, potentially causing legal disputes or administrative errors. The penalties for such errors would likely stem from the broader legal framework rather than this specific Act, including possible sanctions for legal professionals found to have contributed to such inaccuracies through negligence.