(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 –
