Pacific Banking Guarantee Act 2025

2 Commencement

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Definitions

In this Act:

ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Pacific banking guarantee has the meaning given by subsection 5(2).

Pacific region includes:

the islands of the Pacific; and

Papua New Guinea; and

Timor-Leste.

4 Extra-territorial application

This Act extends to acts, omissions, matters and things outside Australia.

5 Appropriation

The Consolidated Revenue Fund is appropriated for the purposes of meeting any liabilities that the Commonwealth incurs under Pacific banking guarantees.

(2) A guarantee with an ADI is a Pacific banking guarantee if:

(a) the guarantee is granted to the ADI on behalf of the Commonwealth under Public Governance, Performance and Accountability Act 2013; andsection 60 of the

(b) the guarantee relates to the ADI’s banking business (within the meaning of the Banking Act 1959) in the Pacific region; and

the ADI’s headquarters are located in Australia.

[Minister’s second reading speech made in—

House of Representatives on 24 July 2025

Senate on 31 July 2025]

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