Treasury Laws Amendment (Reserve Bank Reforms) Act 2024 (96 of 2024)

Schedule 1   Amendments

Part 9   Application and transitional provisions

87   Transitional - working out period of appointment of old Board members for any appointment to the new Boards

(1) This item applies to a person if:

(a) immediately before the transition time, the person held office as a member of the old Board; and

(b) the person held that office immediately before the transition time because of an appointment that was in force under paragraph 14(1)(d) of the old Act.

(2) For the purposes of applying subsection 25AD(2) of the amended Act to the person on and after the transition time, treat the period that the person held that office because of that appointment as if it were an earlier period that the person has been an external Monetary Policy Board member.

(3) For the purposes of applying subsection 25ND(2) of the amended Act to the person on and after the transition time, treat the period that the person held that office because of that appointment as if it were an earlier period that the person has been an external Governance Board member.

Note: This Act abolishes the old Board. Subitems (2) and (3) tell you how to apply the cap on appointments in subsections 25AD(2) and 25ND(2) of the amended Act to certain members of the old Board in the event that any of those members were proposed to be appointed to the new Monetary Policy Board or Governance Board.