Australian Notes Act 1910: Difference between revisions
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{{Infobox legislation |
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|short_title = Australian Notes Act 1910 |
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|legislature = [[Parliament of Australia]] |
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|image = The City Bank Of Sydney 20 pound note.jpg |
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|caption = Private currency issued by the City Bank of Sydney c. 1900 |
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|date_assented = September 1910 |
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|date_repealed = |
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|status = Repealed |
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}} |
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The '''Australian Notes Act 1910''' was an [[Act of Parliament|Act]] of the [[Parliament of Australia]] which introduced an [[Australia]]n national currency, the [[Australian pound]]. The Act was enacted in September 1910 by the [[Second Fisher Ministry|Fisher Labour Government]] under [[Section 51 (xii) of the Constitution of Australia]] that gives the Commonwealth Parliament the power to legislate with respect to “currency, coinage, and legal tender.” |
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The Act also gave control over the issue of Australian notes to the [[Australian Treasury|Commonwealth Treasury]] and prohibited the circulation of state notes and withdrew their status as legal tender.<ref name=ABS>{{cite web|title=THE AUSTRALIAN NOTE ISSUE|url=http://www.abs.gov.au/ausstats/[email protected]/Previousproducts/1301.0Feature%20Article21966|publisher=Commonwealth of Australia|accessdate=14 November 2014}}</ref><ref name=RBA>Reserve Bank of Australia, [https://banknotes.rba.gov.au/australias-banknotes/history/ History of Banknotes]</ref> |
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For the next three years, some of the earlier private banknotes were overprinted by the Treasury as a temporary measure and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913.<ref name=RBA/> Blank note forms of 16 banks were supplied to the Australian Government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes. |
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The ''Commonwealth Bank Act 1920'' gave note issuing authority to the [[Commonwealth Bank]]. In 1960, responsibly for note printing passed to the [[Reserve Bank of Australia]].<ref name=RBA/> |
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S.44(1) of the ''Reserve Bank Act 1959''<ref>{{Cite Legislation AU|Cth|act|rba1959130|Reserve Bank Act 1959}}, [http://www8.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/rba1959130/s44.html s.44]</ref> now prohibits private currencies. The section prohibits any person or a State from issuing "a bill or note for the payment of money payable to bearer on demand and intended for circulation." |
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In 1976, [[Wickrema Weerasooria]] published an article which suggested that the issuing of [[bank cheque]]s violated s.44(1),<ref>{{cite web |last=Weerasooria |first=Wickrema |title=The Australian Bank Cheque - Some Legal Aspects |url=http://www.austlii.edu.au/au/journals/MonashULawRw/1976/3.pdf}} (1976) 2(2) Monash University Law Review 180. {{issn|0311-3140}}</ref> to which some banks responded that bank cheques were printed with the words "not negotiable" on them, marking them as not intended for circulation and thus did not violate the statute. |
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The [[Bank Notes Tax Act 1910]], enacted in October 1910 imposed a prohibitive tax on [[banknote]]s issued by [[bank]]s in [[Australia]].<ref name=ComLaw>{{cite web|title=Bank Notes Tax Act 1910|url=http://www.comlaw.gov.au/Details/C1910A00014|publisher=Commonwealth of Australia|accessdate=14 November 2014}}</ref> , and imposed an annual tax of 10% on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act and not redeemed,"<ref name=ABS /> and effectively ended the use of [[private currency]] in Australia. |
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==See also== |
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* [[Section 51(xii) of the Australian Constitution]] |
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* [[Australian dollar]] |
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==References== |
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{{Reflist}} |
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{{Australia-gov-stub}} |
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[[Category:Repealed Acts of the Parliament of Australia]] |
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[[Category:1910 in Australian law]] |
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Revision as of 07:06, 30 April 2018
| Australian Notes Act 1910 | |
|---|---|
 Private currency issued by the City Bank of Sydney c. 1900 | |
| Parliament of Australia | |
| Assented to | September 1910 |
| Status: Repealed | |
The Australian Notes Act 1910 was an Act of the Parliament of Australia which introduced an Australian national currency, the Australian pound. The Act was enacted in September 1910 by the Fisher Labour Government under Section 51 (xii) of the Constitution of Australia that gives the Commonwealth Parliament the power to legislate with respect to “currency, coinage, and legal tender.”
The Act also gave control over the issue of Australian notes to the Commonwealth Treasury and prohibited the circulation of state notes and withdrew their status as legal tender.[1][2]
For the next three years, some of the earlier private banknotes were overprinted by the Treasury as a temporary measure and circulated as Australian banknotes until new designs were ready for Australia's first federal government-issued banknotes, which commenced in 1913.[2] Blank note forms of 16 banks were supplied to the Australian Government in 1911 to be overprinted as redeemable in gold and issued as the first Commonwealth notes.
The Commonwealth Bank Act 1920 gave note issuing authority to the Commonwealth Bank. In 1960, responsibly for note printing passed to the Reserve Bank of Australia.[2]
S.44(1) of the Reserve Bank Act 1959[3] now prohibits private currencies. The section prohibits any person or a State from issuing "a bill or note for the payment of money payable to bearer on demand and intended for circulation."
In 1976, Wickrema Weerasooria published an article which suggested that the issuing of bank cheques violated s.44(1),[4] to which some banks responded that bank cheques were printed with the words "not negotiable" on them, marking them as not intended for circulation and thus did not violate the statute.
The Bank Notes Tax Act 1910, enacted in October 1910 imposed a prohibitive tax on banknotes issued by banks in Australia.[5] , and imposed an annual tax of 10% on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act and not redeemed,"[1] and effectively ended the use of private currency in Australia.
See also
References
- ^ a b "THE AUSTRALIAN NOTE ISSUE". Commonwealth of Australia. Retrieved 14 November 2014.
- ^ a b c Reserve Bank of Australia, History of Banknotes
- ^ Reserve Bank Act 1959 (Cth), s.44
- ^ Weerasooria, Wickrema. "The Australian Bank Cheque - Some Legal Aspects" (PDF). (1976) 2(2) Monash University Law Review 180. ISSN 0311-3140
- ^ "Bank Notes Tax Act 1910". Commonwealth of Australia. Retrieved 14 November 2014.
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