Banking Act 1947
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| Banking Act 1947 | |
|---|---|
 | |
| Parliament of Australia | |
| An Act relating to Banking and for other purposes. | |
| Citation | No. 57 of 1947 |
| Enacted by | Australian House of Representatives |
| Enacted by | Australian Senate |
| Date enacted | 26 November 1947 |
| Date of royal assent | 27 November 1947 |
| 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, 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.
During the Second World War, and following the assumption of the executive by John Curtin and his government, banking and the banks themselves had a number of restrictions and controls placed on them.
1943 Australian federal election?
Banking Act 1945 Following the Second World War,
In the Melbourne Corporation v Commonwealth, the High Court struck down a section of the Banking Act 1945.[3]
Ben Chifley and his government to nationalise the banking sector
It
the newly formed Liberal Party
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
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.
- ↑ "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.
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.
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