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Reserve Bank Act 1959
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Administered by
Department of the Treasury
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C2025C00204 (C32)
01 March 2025
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Part I—Preliminary
1 Short title
2 Commencement
4 Repeal and saving
5 Interpretation
6 Application to Territories
6A Cessation of application to Territory
6B Application of Criminal Code
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Part II—Constitution, policy and management of the Reserve Bank
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Division 1—Constitution of the Reserve Bank
Subdivision A—The Reserve Bank of Australia
7 The Reserve Bank of Australia
Subdivision B—Application of the Public Governance, Performance and Accountability Act 2013
7A Accountable authority of the Bank
7B Provisions of the Public Governance, Performance and Accountability Act 2013 that do not apply
7C Officials of the Bank and general duties of officials
Subdivision C—Duty of Board members to disclose interests
7D Disclosure of interests—key decisions of the Monetary Policy Board
7E Disclosure of interests—other decisions of the Monetary Policy Board and decisions of the Payments System Board
Subdivision D—Termination for contravening general duties of officials
7F Termination for contravening general duties of officials
Division 2—Overarching objective and functions and powers of the Bank
8AA Overarching objective of the Bank
8AB Functions of the Bank
8 General powers
Division 3—The Boards of the Bank
Subdivision A—Overview
9 Overview
Subdivision B—The Monetary Policy Board
9A Establishment of the Monetary Policy Board
9B Functions of the Monetary Policy Board
Subdivision C—The Payments System Board
10A Establishment of the Payments System Board
10B Functions of the Payments System Board
Subdivision D—The Governance Board
10C Establishment of the Governance Board
10D Functions of the Governance Board
Subdivision E—Informing Government about performance of functions and exercise of powers
11A Informing the Government about performance of functions and exercise of powers
11 Differences of opinion with Government on questions of policy
Division 4—The role of the Governor and Deputy Governor
12 The Governor and Deputy Governor
13 Governor and Secretary to establish liaison
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Part III—The Governor and Deputy Governor
24 Governor and Deputy Governor
24A Terms and conditions of employment not provided for by Act
24B Resignation
25 Vacation of Office
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Part IIIAA—The Monetary Policy Board
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Division 1—Board members
25AA Membership
25AB Appointment of external Board members
25AC Chair and Deputy Chair
25AD Period of appointment of external Board members
25AE Acting appointments of external Board members
25AF Other terms and conditions of external Board members
25AG Remuneration of external Board members
25AH Leave of absence of external Board members
25AJ Declaration by Board members
25AK Independence of Board members
25AL Resignation of external Board members
25AM Termination of external Board members
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Division 2—Meetings of the Board
25AN Convening meetings
25AP Presiding at meetings
25AQ Quorum
25AR Voting at meetings
25AS Secretary may nominate alternate to attend meetings
25AT Conduct of meetings
25AU Decisions without meetings
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Part IIIA—The Payments System Board
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Division 1—The members of the Payments System Board
25A Membership of Payments System Board
25B Appointment of members
25C Chair of the Payments System Board
25D Deputy Chair of the Payments System Board
25DA Acting appointments of external Board members
25E Declaration by members
25EA Independence of Board members
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Division 2—Meetings
25F Meetings
25G Conduct of meetings
25H Decisions without meetings
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Division 3—Other administrative provisions
25I Remuneration
25J Leave of absence
25K Resignation
25L Termination of appointment
25M Payments System Board’s report to the Minister
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Part IIIB—The Governance Board
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Division 1—Board members
25NA Membership
25NB Appointment of external Board members
25NC Chair and Deputy Chair
25ND Period of appointment of external Board members
25NE Acting appointments of external Board members
25NF Other terms and conditions of external Board members
25NG Remuneration of external Board members
25NH Leave of absence of external Board members
25NJ Declaration by Board members
25NK Independence of Board members
25NL Resignation of external Board members
25NM Termination of external Board members
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Division 2—Meetings of the Board
25NN Convening meetings
25NP Exclusion from certain deliberations
25NQ Presiding at meetings
25NR Quorum
25NS Voting at meetings
25NT Conduct of meetings
25NU Decisions without meetings
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Part IV—Central banking
26 Reserve Bank to act as a central bank
27 Bank to be banker for Commonwealth
28 Capital
29 Reserve Fund
30 Profits
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Part V—The note issue
34 Issue, re issue and cancellation of notes
35 Denominations of notes
36 Notes to be legal tender
37 Signature on notes
43 Bank not to issue notes other than Australian notes
44 Other persons not to issue notes
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Part VI—Financial system stability
45 Contributing to financial system stability
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Part VII—The Reserve Bank Service
66 The Reserve Bank Service
67 Appointment of staff
68 Consultants and other people engaged to perform services
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Part VIII—Miscellaneous
74 Head office
75 Agents etc.
76 Attorney of Bank
77 Guarantee by Commonwealth
79 Taxation
79A Secrecy
79B Secrecy: documents or information to which section 79A does not apply
82 Returns
83 Power to improve property and carry on business
84 Execution of contracts
84A Protection from liability—crisis powers etc.
85 The Reserve Bank’s seal
85A Judicial notice of statistical information published by Bank
86 Priority of debts due by other ADIs
87 Validity of acts and transactions of Bank
89 Regulations
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
