5502

2008

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Reserve Bank Amendment (Enhanced Independence) Bill 2008

 

 

(Amendments to be moved by Senator Murray on behalf of the Australian Democrats in committee of the whole)

(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]