Pacific Banking Guarantee Act 2025

No. 44, 2025

An Act to appropriate money for guarantees relating to banking in the Pacific region, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Definitions 2

4 Extra-territorial application 2

5 Appropriation 3

Pacific Banking Guarantee Act 2025

No. 44, 2025

An Act to appropriate money for guarantees relating to banking in the Pacific region, and for related purposes

[Assented to 5 September 2025]

The Parliament of Australia enacts:
1 Short title

This Act is the Pacific Banking Guarantee Act 2025.
2 Commencement 1

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.
Commencement information Commencement information Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this Act The day after this Act receives the Royal Assent. 6 September 2025

Note: This table relates only to the provisions of this Act as originally enacted.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.

 2

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:

 a

the islands of the Pacific; and

 b

Papua New Guinea; and

 c

Timor-Leste.
4 Extra-territorial application

This Act extends to acts, omissions, matters and things outside Australia.
5 Appropriation 1

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

 2

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

 a

(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

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

 c

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]

(38/25)