Explanatory Memorandum
(Circulated by authority of the Minister for Financial Services & Regulation,the Honourable Joe Hockey, MP)Schedule 2 - Amendment of the Reserve Bank Act 1959
| Schedule 2 will amend the Reserve Bank Act 1959 (the Reserve Bank Act) to simplify and modernise the Reserve Bank service. Service provisions cover the Reserve Bank's ability to engage staff and formulate their conditions of employment. The replacement provisions are more appropriate to modern day management and are consistent with reforms in the Commonwealth public sector. |
Definition of staff member of the Reserve Bank service
Items 1, 2, 3, 4, 5, 6, 7, 11, 12, 13, 14
7.1 These items insert the definition of a staff member of the Reserve Bank service (replacing the previous terminology of officers, and temporary and casual employees) and update the terminology in the Reserve Bank Act to reflect this definition.
Simplifying and modernising the Reserve Bank service provisions
7.2 These items repeal the outdated Reserve Bank service provisions and replace them with simplified provisions. The replacement provisions are more appropriate to modern day management and are consistent with reforms in the Commonwealth public sector.
7.3 The transitional provisions ensure that staff members employed under the provisions to be repealed continue employment under the new provisions with the same rights and entitlements.