Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Removing restrictions on the use of the term 'bank'
2.20 Schedule 3 to the Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
2.21 This Schedule amends the Banking Act to enable an Authorised Deposit-taking Institution (ADI) to assume or use the word 'bank' in its business name, unless APRA has issued a determination which prevents that.
2.22 As the Schedule applies to ADIs and non-ADIs, who are generally corporations, no individual rights or obligations are affected.
Human rights implications
2.23 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
2.24 This Schedule is compatible with human rights as it does not raise any human rights issues.