{"id":"C1960A00014","name":"International Monetary Agreements Act 1960","slug":"international-monetary-agreements-act-1960","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"14 of 1960","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":1580,"registerId":"C1960A00014","compilationNumber":"0","startDate":"1960-05-14","status":"InForce","reasons":[],"registeredAt":"2013-01-23T14:50:39.747Z"},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the International Monetary Agreements Act 1960.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This Act shall come into operation on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Consent to increases in quota and subscription to capital stock","content":"#### 3 Consent to increases in quota and subscription to capital stock\n\n  The approval of the Parliament is hereby given:\n    (a) to Australia consenting to the change in the quota of Australia in the International Monetary Fund referred to in the Resolution of the Board of Governors of the Fund a copy of which is set out in the First Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty; and\n    (b) to Australia subscribing One thousand three hundred and thirty additional shares of the capital stock of the International Bank for Reconstruction and Development in accordance with the conditions specified in the Resolution of the Board of Governors of the Bank a copy of which is set out in the Second Schedule to this Act and the effective date of which is the sixth day of April, One thousand nine hundred and sixty.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Appropriation","content":"#### 4 Appropriation\n\n  There may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, any moneys required for the purpose of making:\n    (a) any payment required to be made by Australia to the International Monetary Fund by reason of the change in the quota of Australia in the Fund referred to in paragraph (a) of the last preceding section; and\n    (b) any payment required to be made by Australia to the International Bank for Reconstruction and Development by reason of sub-paragraph (ii) of paragraph (c) of the conditions specified in the Resolution referred to in paragraph (b) of the last preceding section.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Issue of securities","content":"#### 5 Issue of securities\n\n  Section seven of the International Monetary Agreements Act 1947 applies to any payment referred to in the last preceding section as it applies to payments under that Act.","sortOrder":4}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Act is a narrow, purpose-built instrument with a tightly defined original scope: to consent to two specific international resolutions and authorise the associated payments. It has not grown beyond that original intent. There are no amendments layered on top expanding its reach, and it remains exactly as enacted — a one-time legislative authorisation of specific financial commitments to the IMF and World Bank."},"complexity_factors":["Very short — only 5 operative sections plus 2 schedules","Minimal defined terms — no interpretation section at all","No conditional logic or nested exceptions","Straightforward appropriation and consent mechanism with no carve-outs","Complexity limited to understanding the international institutional context (IMF quotas, World Bank capital stock) rather than the legal drafting itself","Schedules reproduce external resolutions rather than adding legislative complexity"],"plain_english_summary":"This Act authorises the Australian Government to accept an increased IMF quota and to subscribe for additional World Bank capital stock, funding those commitments from the Consolidated Revenue Fund and permitting the issue of securities to meet obligations. \n\nIt affects the Commonwealth and Treasury (who make the payments), Australian taxpayers (whose funds are appropriated), and, indirectly, the international community — strengthening Australia’s financial role in the IMF/World Bank and supporting global economic stability."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is the original 1960 Act. Its scope remains tightly focused on the specific 1960 quota increase and share subscription. It has not grown beyond its original purpose of authorising these two specific financial commitments."},"complexity_factors":["Very short statute — only 5 operative sections","No defined terms section; relies on external documents (the Resolutions in Schedules)","Single purpose legislation with straightforward conditional logic (if payment required, then appropriation available)","Minimal cross-referencing — only one reference to the 1947 Act","No nested exceptions or complex procedural requirements"],"plain_english_summary":"**What this law does:**\n\nThis Act gives Australia's Parliament formal approval for two specific financial commitments to international financial institutions in 1960:\n\n* **Increasing Australia's stake in the International Monetary Fund (IMF)** — Australia agreed to boost its \"quota\" (its financial contribution and voting share) in the IMF, as decided by the Fund's Board of Governors on 6 April 1960.\n\n* **Buying more shares in the World Bank** — Australia agreed to purchase 1,330 additional shares in the International Bank for Reconstruction and Development (commonly known as the World Bank), under conditions set by the Bank's Board of Governors on the same date.\n\n**Who it affects:**\n\nPrimarily the Australian Government and Treasury. The Act authorises spending public money (from the Consolidated Revenue Fund — Australia's main government bank account) to make these payments. It also allows the government to issue securities (like promissory notes or bonds) to cover these obligations, using powers from an earlier 1947 law.\n\n**Why it matters:**\n\nThis is a **parliamentary appropriation** (formal permission to spend money) for Australia's membership in the global financial system. The IMF and World Bank were created after World War II to stabilise currencies and fund development. By passing this Act, Parliament ensured Australia could meet its obligations to these institutions without needing fresh legislation for every payment. It reflects Australia's ongoing commitment to multilateral economic cooperation."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act does not expand general governmental powers; it gives Parliament's approval for specific IMF and IBRD transactions and authorises associated payments. Its scope is narrow and transactional, implementing particular international resolutions rather than altering the broader statutory framework."},"complexity_factors":["Short, transaction-specific approvals rather than broad regulatory change — limited subject matter.","Requires appropriation from the Consolidated Revenue Fund (s 4), so it intersects with public finance procedures.","Cross-reference to section 7 of the International Monetary Agreements Act 1947 (s 5) requires checking another statute for full effect.","Relies on copies of external resolutions in the Schedules: understanding full obligations may require reading those resolutions."],"plain_english_summary":"This Act approves Australia consenting to a specified increase in its IMF quota and subscribing 1,330 additional shares in the International Bank for Reconstruction and Development, and authorises payment of any sums required. Payments may be made from the Consolidated Revenue Fund (s 4). The Act also applies section 7 of the International Monetary Agreements Act 1947 to those payments (s 5). It converts specified international decisions into domestic legal authority to pay and to hold related securities."}},"importantCases":[],"_links":{"self":"/api/acts/international-monetary-agreements-act-1960","history":"/api/acts/international-monetary-agreements-act-1960/history","analysis":"/api/acts/international-monetary-agreements-act-1960/analysis","conflicts":"/api/acts/international-monetary-agreements-act-1960/conflicts","importantCases":"/api/acts/international-monetary-agreements-act-1960/important-cases","documents":"/api/acts/international-monetary-agreements-act-1960/documents"}}