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Reserve Bank Amendment (Enhanced Independence) Bill 2008

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5502

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Reserve Bank Amendment (Enhanced Independence) Bill 2008

 

 

(1)           Schedule 1, page 3 (after line 4), before item 1, insert:

1A  After section 14

Insert:

14A  Procedures for merit selection of appointments

             (1)  The Minister must by writing determine a code of practice for selecting and appointing the Governor, the Deputy Governor and the 6 other members as required by section 14 that sets out general principles on which the selections are to be made, including but not limited to:

                     (a)   merit; and

                     (b)  independent scrutiny of appointments; and

                     (c)  probity; and

                     (d)  openness and transparency.

             (2)  After determining a code of practice under subsection (1), the Minister must publish the code in the Gazette .

             (3)  Not later than every fifth anniversary after a code of practice has been determined, the Minister must review the code.

             (4)  In reviewing a code of practice, the Minister must invite the public to comment on the code.

             (5)  A code of practice determined under subsection (1) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 .

[merit selection]