Reserve Bank Act 1959 (Cth)

Reserve Bank Act 1959

No. 4, 1959

Compilation No. 31

Compilation date: 24 September 2024

Includes amendments: Act No. 87, 2024

About this compilation

This compilation

This is a compilation of the Reserve Bank Act 1959 that shows the text of the law as amended and in force on 24 September 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents Part I—Preliminary 1 Short title 2 Commencement 4 Repeal and saving 5 Interpretation 6 Application to Territories 6A Cessation of application to Territory 6B Application of Criminal Code Part II—Constitution, policy and management of the Reserve Bank Division 1—Constitution of the Reserve Bank 7 The Reserve Bank of Australia 7A Application of the Public Governance, Performance and Accountability Act 2013 7B Disclosure of interests by members of the Reserve Bank Board in relation to certain matters 7C Other disclosures of material personal interests by members of the Reserve Bank Board and the Payments System Board 8 General powers Division 2—Policy and management of the Reserve Bank 8A The Boards of the Bank 9 Establishment of Reserve Bank Board 10 Functions of Reserve Bank Board 10A Establishment of Payments System Board 10B Functions of Payments System Board 10C Resolving differences between the Boards 11 Differences of opinion with Government on questions of policy 12 Management of the Bank 13 Governor and Secretary to Treasury to establish liaison Part III—The Reserve Bank Board and the Governor and Deputy Governor of the Bank 14 Membership of Reserve Bank Board 15 Remuneration of members 16 Declaration by members 17 Disqualifications from membership 17A Resignation 18 Termination of appointment 18A Leave of absence 20 Chairperson and Deputy Chairperson 21 Meetings of Reserve Bank Board 21A Exclusion of Governor and Deputy Governor from certain deliberations 22 Secretary may nominate alternate to attend meetings of Reserve Bank Board 22A Conduct of meetings 22B Resolutions without meetings 24 Governor and Deputy Governor 24A Terms and conditions of employment not provided for by Act 24B Resignation 25 Vacation of Office Part IIIA—The Payments System Board Division 1—The members of the Payments System Board 25A Membership of Payments System Board 25B Appointment of members 25C Chair of the Payments System Board 25D Deputy Chair of the Payments System Board 25E Declaration by members Division 2—Meetings 25F Meetings 25G Conduct of meetings 25H Resolutions without meetings Division 3—Other administrative provisions 25I Remuneration 25J Leave of absence 25K Resignation 25L Termination of appointment 25M Payments System Board's report to the Minister Part IV—Central banking 26 Reserve Bank to act as a central bank 27 Bank to be banker for Commonwealth 28 Capital 29 Reserve Fund 30 Profits Part V—The note issue 32 Interpretation 34 Issue, re‑issue and cancellation of notes 35 Denominations of notes 36 Notes to be legal tender 37 Signature on notes 43 Bank not to issue notes other than Australian notes 44 Other persons not to issue notes Part VII—The Reserve Bank Service 66 The Reserve Bank Service 67 Appointment of staff 68 Consultants and other people engaged to perform services Part VIII—Miscellaneous 74 Head office 75 Agents etc. 76 Attorney of Bank 77 Guarantee by Commonwealth 79 Taxation 79A Secrecy 79B Secrecy: documents or information to which section 79A does not apply 82 Returns 83 Power to improve property and carry on business 84 Execution of contracts 84A Protection from liability—crisis powers etc. 85 The Reserve Bank's seal 85A Judicial notice of statistical information published by Bank 86 Priority of debts due by other ADIs 87 Validity of acts and transactions of Bank 89 Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Endnote 5—Editorial changes