4Reference of matters

4 Reference of matters

(1)  The following matters are referred to the Parliament of the Commonwealth:

(a) the matters to which the initial referred provisions relate, but only to the extent of the making of laws with respect to those matters by including the initial referred provisions in Acts enacted in the terms, or substantially in the terms, of the tabled text;

(b) any referred credit matter, but only to the extent of the making of laws with respect to such a matter by making express amendments of the National Credit legislation.

(2)  The reference of a matter under subsection (1) has effect only –

(a) if and to the extent that the matter is not included in the legislative powers of the Parliament of the Commonwealth (otherwise than by a reference under section 51(xxxvii) of the Constitution of the Commonwealth); and

(b) if and to the extent that the matter is included in the legislative powers of the Parliament of the State.

(3)  The operation of each paragraph of subsection (1) is not affected by the other paragraph.

(4)  For the avoidance of doubt, it is the intention of the Parliament of the State that –

(a) the National Credit legislation may be expressly amended, or have its operation otherwise affected, at any time after the commencement of this Act by provisions of Commonwealth Acts the operation of which is based on legislative powers that the Parliament of the Commonwealth has apart from under the references under subsection (1) ; and

(b) the National Credit legislation may have its operation affected, otherwise than by express amendment, at any time by provisions of Commonwealth Credit instruments.

(5)  Despite any other provision of this section, a reference under this section has effect for a period –

(a) beginning when this section commences; and

(b) ending at the end of the day fixed under section 5 as the day on which the reference is to terminate –