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
Objects of the Banking Act
3.14 Schedule 4 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
3.15 This Schedule amends the Banking Act to modernise it through the incorporation of an objects provision. This is consistent with other industry supervision Acts including the Insurance Act 1973 and the Life Insurance Act 1995.The new objects provision notes that one of the objectives of the Banking Act is to protect the interests of depositors.
Human rights implications
3.16 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.17 This Schedule is compatible with human rights as it does not raise any human rights issues.