Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)
Schedule 2 Application, saving and transitional provisions
Part 1 Preliminary
3 Compensation for acquisition of property
(1) If the operation of the old Banking Act, or of this Act or the FAR Act as it applies under this Act, would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) Subitem (1) applies whether the acquisition of property occurred before or occurs after the commencement of this Part.
(3) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in:
(a) the Federal Court of Australia; or
(b) the Supreme Court of a State or Territory;
for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
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