Document ID: chunk:federal_register_of_legislation:F2021C01223:front:0:p48
Version: federal_register_of_legislation:F2021C01223
Segment Type: other
Provision Reference: 
Character Range: 145195–148090

in relation to Martin Place and surrounding buildings.  Source: ARCHITECTUS, February 2020.

6.0              Heritage Legislation and Management Framework

6.1                Legislative Framework Generally
The Reserve Bank of Australia, as a Commonwealth Government agency, is subject to Commonwealth legislation.  The Environment Protection and Biodiversity Conservation Act 1999 is the primary heritage legislation addressed in the management of the Reserve Bank of Australia Head office building, located at 65 Martin Place Sydney.

The Reserve Bank is not required to seek approvals from either Local or State authorities.  Nevertheless, general consultation is pursued by the Bank to inform local authorities of major works proposed for the place.  The Bank endeavours to comply with relevant State environmental legislation where it does not conflict with Commonwealth legislation.

6.2                Relevant Commonwealth Legislation

6.2.1            Reserve Bank Act 1959 (Cwlth)
The Reserve Bank of Australia is a statutory authority and functions in accordance with the Reserve Bank Act 1959 and other applicable Acts[39].  The functions of the Bank are set out in Sect 10 of the Act:
         (1) Subject to this Part, the Reserve Bank Board has power to determine the policy of the Bank in relation to any matter, other than its payments system policy, and to take such action as is necessary to ensure that effect is given by the Bank to the policy so determined.

         (2) It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank under this Act and any other Act, other than the Payment Systems (Regulation) Act 1998, the Payment Systems and Netting Act 1998 and Part 7.3 of the Corporations Act 2001, are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:
              (a) the stability of the currency of Australia;
              (b) the maintenance of full employment in Australia; and
              (c) the economic prosperity and welfare of the people of Australia.

Section 74(1) of the Reserve Bank Act requires:
         '…The head office of the Bank shall be at Sydney in the State of New South Wales.'

The continued use of the existing head office building to carry out its legal functions under the Reserve Bank Act is compatible with the continued use of the RBA Head office as a Commonwealth heritage place.  The existing building can continue to be adapted to enable the Reserve Bank to carry out its legal functions subject to likely impacts on the demonstrated heritage values of the place.

6.2.2            Environment Protection and Biodiversity Conservation Act 1999 (Cwlth)
The Reserve Bank of Australia Head Office building