The Treasury

The Treasury is remaking the Banking Regulations 1966, which are scheduled to sunset on 1 April 2017, without significant amendments. The Banking Regulations 1966 specify the thresholds and conditions for the Government’s deposit guarantee and unclaimed monies regime.

The remade Regulation will repeal redundant provisions, simplifying language and restructure provisions that are difficult to navigate. These changes will not alter the substantive meaning or operation of the provisions.

Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, the Treasury has assessed that the regulation is operating effectively and efficiently. Therefore, under the Government’s best practice requirements, a Regulation Impact Statement (RIS) is not required for remaking this Regulation.