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Australian Banks (Government Audit) Bill 2019

2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Australian Banks (Government Audit) Bill 2019

 

No.      , 2019

 

(Mr Katter)

 

 

 

A Bill for an Act to provide for the auditing of Australian banks by the Commonwealth Auditor-General, to reinforce the Constitutional obligation of the Commonwealth to regulate Australia’s banking system and resultant currency and credit within the Australian economy and to better protect deposits within Australia’s banking system, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                              2

1............ Short title............................................................................................. 2

2............ Commencement................................................................................... 2

3............ Purposes of this Act............................................................................ 2

4............ Definitions.......................................................................................... 3

5............ Act binds the Crown........................................................................... 4

Part 2—Bank audits                                                                                                              5

6............ Audits to be undertaken by the Auditor-General................................. 5

7............ Reports on audits................................................................................ 5

8............ Powers of Auditor-General when conducting audits.......................... 6

9............ Audit requirements.............................................................................. 7

10.......... Attorney-General................................................................................ 8

11.......... Additional staff and resources............................................................. 8

12.......... Auditor-General staff and resources................................................... 8

13.......... Rules................................................................................................... 9

Schedule 1—List of D-SIBs                                                                                10

1............ List of D-SIBs.................................................................................. 10

 



A Bill for an Act to provide for the auditing of Australian banks by the Commonwealth Auditor-General, to reinforce the Constitutional obligation of the Commonwealth to regulate Australia’s banking system and resultant currency and credit within the Australian economy and to better protect deposits within Australia’s banking system, and for related purposes

The Parliament of Australia enacts:



Schedule 1 List of D-SIBs

Note:       See the definition of D-SIB in section 4.

   

1   List of D-SIBs

                   The following are D-SIBs for the purposes of this Act:

                     (a)  Australia and New Zealand Banking Group Limited (ANZ);

                     (b)  Commonwealth Bank of Australia and its subsidiary Bank of Western Australia Limited trading as BankWest;

                     (c)  National Australia Bank and its subsidiary UBank

                     (d)  Westpac Banking Corporation and its subsidiaries Bank of Melbourne and St. George Bank Limited.