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Reserve Bank Amendment (Enhanced Independence) Bill 2008

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5497

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Reserve Bank Amendment (Enhanced Independence) Bill 2008

 

 

(1)     Schedule 1, page 3 (after line 8), after item 2, insert:

2A  After section 24B

Insert:

24C  Governor and House of Representatives

The Governor must make himself or herself available to give evidence before the House of Representatives Standing Committee on Economics, or any successor committee designated for the purpose of this section by the Speaker of the House of Representatives, at times and places to be agreed with the Committee but in any case not less than four times per year if requested by the Committee.

[Governor and House of Representatives]

(2)     Schedule 1, item 3, page 3 (line 9) to page 4 (line 28), omit the item, substitute:

3  After section 25

Insert:

25AA  Termination of appointment as Governor or Deputy Governor

Termination at request of Parliament

             (1)  The Governor-General may terminate the appointment of the Governor or the Deputy Governor if each House of the Parliament, in the same session of the Parliament, presents an address to the Governor-General praying for the termination of the appointment on the ground of misbehaviour.

Suspension by Treasurer

             (2)  The Treasurer may suspend the Governor or the Deputy Governor from office on the ground of misbehaviour.

             (3)  The Treasurer must cause to be laid before each House of the Parliament, within 7 sitting days of that House after the suspension, a statement identifying the office holder suspended.

             (4)  A House of the Parliament may, within 15 sitting days of that House after the day on which the statement is laid before it, declare by resolution that the appointment of the office holder identified in the statement should be terminated.

             (5)  If a resolution is passed by each House of the Parliament in accordance with subsection (4) in the same session of the Parliament, the Governor-General may terminate the appointment to which the resolution relates.

             (6)  If a resolution is not passed by each House of the Parliament in accordance with subsection (4) in the same session of the Parliament, the suspension of the office holder identified in the statement terminates on the day after the last day that such a resolution could have been passed.

Suspension does not affect entitlements

             (7)  The suspension of the Governor or the Deputy Governor from office under this section does not affect any entitlement of the Governor or the Deputy Governor to be paid remuneration and allowances.

Ground for termination

             (8)  The appointment of the Governor or the Deputy Governor may not be terminated on the ground of misbehaviour except as provided by this section.

[termination of appointment]