Summary
Commonwealth Bank Regulations, 1915 - Banking regulations originally enacted in 1915 to govern the operations of the Commonwealth Bank of Australia, re-registered in 2014. These regulations would have covered the bank's governance, note issuance, interest rate policies, reserve requirements, and banking operations under government ownership.
Reason
A 1915 banking regulation inherently distorts market signals through interest rate controls and reserve requirements, protects a state-owned bank at the expense of competition, and imposes compliance costs that discourage private banking competition. The unseen costs include suppressed competition in banking services, misallocation of capital due to distorted interest rates, and the perpetuation of government intervention in the financial sector. Regulations of this nature - governing a state bank with preferential treatment - create moral hazard and reduce overall economic efficiency. Additionally, a regulation from over 110 years ago is almost certainly outdated and ill-suited to modern banking needs, having been preserved merely from legislative inertia rather than genuine necessity.