Draft:Banking Act 1947
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| Banking Act 1947 | |
|---|---|
| Parliament of Australia | |
| |
| Citation | No. 57 of 1947 |
| Passed by | Australian House of Representatives |
| Passed | 19 November 1947 |
| Passed by | Australian Senate |
| Passed | 26 November 1947 |
| Royal assent | 27 November 1947 |
| Struck down by | |
| Bank of New South Wales v Commonwealth Commonwealth v Bank of New South Wales | |
| Status: Struck down | |
The Banking Act 1947 (Cth)[1] was an Act of the Parliament of Australia. It would have allowed the Commonwealth Government to nationalise and incorporate certain banks that operated in Australia into the Commonwealth Bank.
which wanted to nationalise certain banks that operated in Australia.
However, it was struck down by the High Court of Australia and declared unconstitutional in Bank of New South Wales v Commonwealth. This decision then affirmed by the Judicial Committee of the Privy Council in the Bank Nationalisation Case.
Background
[edit]Following the 1890s Depression, the Australian Labor Party (ALP) became wary and critical of private banks, as the 1893 banking crisis caused multiple bank failures and led to depositors losing their savings.[2]
After continued efforts by King O'Malley,[3] Labor went to the 1910 federal election promising to found a new publicly owned bank. They subsequently won the election, and thus, in 1911, Labor established the Commonwealth Bank under the Commonwealth Bank Act 1911. and Denison Miller was appointed Governor of the Commonwealth Bank. In the interwar period, the Nationalist Party was elected to government and instituted reforms that established a board of directors to head the bank and curtailed the bank's powers in favour of private enterprise.
Following the prime ministerial switch to John Curtin during the Second World War, banking and the banks themselves were placed under a number of restrictions and controls.
and
the assumption of the executive byand his government
Opposition to this Act came primarily from private banks and the Liberal–Country Coalition.
Following the Second World War,
In the Melbourne Corporation v Commonwealth, the High Court struck down a section of the Banking Act 1945.[4]
Ben Chifley and his government to nationalise the banking sector
It
the newly formed Liberal Party
With the striking of the High Court
The Labor Party perceived that private interests were taking precedence over the public and consequently introduced the Banking Bill 1947.
The perception of the Labor Party was that...
The Act
[edit]It planned to establish a Federal Court of Claims to administer compensation
The Act planned to nationalise the Australian incorporated banks of: Ballarat Banking Company; Bank of New South Wales; Bank of Adelaide; Brisbane Building and Banking Company; Commercial Bank of Australia; Commercial Banking Company of Sydney; National Bank of Australasia; and Queensland National Bank. Additionally, the United Kingdom incorporated Bank of Australasia, English, Scottish and Australian Bank and Union Bank of Australia were also mentioned in the Act for nationalisation. The Australian operations of the Bank of China, Bank of New Zealand and the Comptoir National d’Escompte de Paris were also to be nationalised.
Legacy
[edit]Bank of New South Wales v Commonwealth
as having violated the Constitution of Australia by interstate trade
by establishing a court that could not have a higher appeal, which contrary to section 75
Commonwealth v Bank of New South Wales
It was a factor in the victory of the Liberal-Country Coalition over the Australian Labor Party in the 1949 Australian election.
See also
[edit]References
[edit]- ^ "Banking Act 1947". Federal Register of Legislation. Office of Parliamentary Counsel (Australia). Retrieved 26 February 2023.
- ^ Fitz-Gibbon & Gizycki 2001.
- ^ "King O'Malley". Reserve Bank of Australia Museum. Retrieved 8 July 2024.
- ^ "High Court Declares Banking Act Section Invalid". Morning Bulletin. Rockhampton. 14 August 1947. pp. 1 & 4. Retrieved 26 August 2023.
- ^ "Main Points of Banking Bill". The Courier-Mail. 16 October 1947. p. 1. Retrieved 26 August 2023.
- ^ Wilson, J.S.G. (1 June 1949). "The Future of Banking in Australia". The Economic Journal. 59 (234). Oxford University Press: 208–218 – via JSTOR.
Bibliography
[edit]- "Australia: The Banking Act 1947". The Round Table: Commonwealth Journal of International Affairs. 38 (150): 608–615. 1948.
- Fitz-Gibbon, Brian; Gizycki, Marrianne (2001). A History of Last-Resort Lending and Other Support for Troubled Financial Institutions in Australia. Reserve Bank of Australia.