International Monetary Agreements Amendment Act 2013

No. 83, 2013

An Act to amend the International Monetary Agreements Act 1947, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedule(s) 2

Schedule 1—IMF loan agreement 2012 3

International Monetary Agreements Act 1947 3

An Act to amend the International Monetary Agreements Act 1947, and for related purposes

[Assented to 28 June 2013]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the International Monetary Agreements Amendment Act 2013.

2 Commencement

This Act commences on the day after this Act receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

IMF loan agreement 2012

International Monetary Agreements Act 1947

1 Section 3

Insert:

IMF loan agreement 2012 means the Loan Agreement between Australia and the International Monetary Fund, done at Tokyo on 13 October 2012, as amended by any amendment of the agreement that is notified under subsection 8CAA(3).

Note: In 2013, the text of the Agreement was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).

2 Subsection 6(1)

Omit “1911-1946”, substitute “1911”.

3 At the end of subsection 6(1)

Add:

; or (c) its obligations under the IMF loan agreement 2012.

4 Subsection 6(3)

Repeal the subsection.

5 Section 8 (heading)

Repeal the heading, substitute:

8 Payments under the Fund Agreement 6 Section 8

Omit “in pursuance of Section 8 of Article V of the Fund Agreement.”, substitute:

in pursuance of the following provisions of the Fund Agreement:

Section 3 of Article III (which deals with payments when quotas are changed);

Section 8 of Article V (which deals with charges).

7 After section 8C

Insert:

8CAA Appropriation for the purposes of the IMF loan agreement 2012

Appropriation

Amendment of the IMF loan agreement 2012

Note 1: References to the agreement in this Act only incorporate references to amendments that are notified under this subsection (see the definition of IMF loan agreement 2012 in section 3).

Note 2: The agreement provides that it expires 2 years after it enters into force, but may be extended for up to 2 additional 1-year periods, making for a maximum term of 4 years (see clause 2 of the agreement).

[Minister’s second reading speech made in—

House of Representatives on 14 March 2013

Senate on 17 June 2013]

(48/13)

If the Treasurer is satisfied that an amount should be paid out of the Consolidated Revenue Fund to enable Australia to carry out its obligations under the IMF loan agreement 2012, he or she may direct that that amount be paid out of the Consolidated Revenue Fund.

The Consolidated Revenue Fund is appropriated accordingly.

The Treasurer may, by legislative instrument, give notice of an amendment of the IMF loan agreement 2012, except to the extent that the amendment affects either or both of the following:

the maximum amount that Australia agrees to lend to the Fund under the agreement;

the period during which the agreement remains in force.

A legislative instrument under subsection (3) comes into force at the later of the following days or times:

(a) the earliest day or time applicable under subsection 12(1) of the Legislative Instruments Act 2003;

(b) the start of the day immediately after the last day on which a resolution referred to in subsection 42(1) of the Legislative Instruments Act 2003 disallowing the instrument could be passed.

A legislative instrument under subsection (3) is repealed on the day after the IMF loan agreement 2012 expires.