{"id":"F2020L00290","name":"Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020","slug":"commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100846,"registerId":"commonwealth-F2020L00290-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary\n\n#### 1 Name\n\n  This instrument is the Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020.\n\n#### 3 Authority\n\n  This instrument is made under the Commonwealth Inscribed Stock Act 1911.\n\n#### 5 Definitions\n\nNote: Expressions have the same meaning in this instrument as in the Commonwealth Inscribed Stock Act 1911 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\n> face value has the same meaning as in section 51JA of the Act.\n\n> the Act means the Commonwealth Inscribed Stock Act 1911.\n\n## Part 2—Direction relating to Commonwealth borrowing\n\n#### 6 Direction as to the maximum total face value of stock and securities that may be on issue\n\n  For the purposes of subsection 51JA(2) of the Act, the maximum total face value of stock and securities that may be on issue under the Act and the Loans Securities Act 1919 in relation to borrowings under section 3A of the Act and section 4 of the Loans Redemption and Conversion Act 1921 is $1,200 billion.","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under the Commonwealth Inscribed Stock Act 1911.","sortOrder":2},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\nNote: Expressions have the same meaning in this instrument as in the Commonwealth Inscribed Stock Act 1911 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\n> face value has the same meaning as in section 51JA of the Act.\n\n> the Act means the Commonwealth Inscribed Stock Act 1911.","sortOrder":3},{"sectionNumber":"Part 2","sectionType":"part","heading":"Direction relating to Commonwealth borrowing","content":"## Part 2—Direction relating to Commonwealth borrowing","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Direction as to the maximum total face value of stock and securities that may be on issue","content":"#### 6 Direction as to the maximum total face value of stock and securities that may be on issue\n\n  For the purposes of subsection 51JA(2) of the Act, the maximum total face value of stock and securities that may be on issue under the Act and the Loans Securities Act 1919 in relation to borrowings under section 3A of the Act and section 4 of the Loans Redemption and Conversion Act 1921 is $1,200 billion.","sortOrder":5}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument serves its original narrow purpose: setting a statutory debt ceiling. It has not expanded beyond this single function. The 2020 version increased the limit from $600 billion to $1,200 billion, but this was a quantitative change to the same scope, not a qualitative expansion of the instrument's purpose."},"complexity_factors":["Extremely short instrument (only 6 sections, effectively 3 substantive provisions)","Only 2 defined terms ('face value' and 'the Act')","Single operative provision (section 6) containing one clear numerical limit","No conditional logic, exceptions, or nested provisions","Minimal cross-referencing (only to specific sections of two Acts)","Straightforward purpose-built instrument with no regulatory machinery"],"plain_english_summary":"This instrument sets a statutory ceiling on federal borrowing, capping the face value of Commonwealth bonds and securities at $1,200 billion and applying to issuance under the Commonwealth Inscribed Stock Act 1911 and the Loans Securities Act 1919.  \n\nIt directly constrains the government’s ability to borrow, signals a legal limit to investors and markets, and forces parliamentary action if the nation needs to raise the debt cap—affecting taxpayers’ exposure to national debt."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not amend the underlying Acts or broaden their subject‑matter. It simply sets the maximum total face value permitted on issue under subsection 51JA(2) to $1,200 billion, thereby constraining the amount of stock and securities that may be issued under the existing statutory framework (s6)."},"complexity_factors":["Numeric cap tied to statutory mechanism: single monetary limit ($1,200 billion) set under subsection 51JA(2) as implemented by s6.","Cross‑references to multiple statutes: Commonwealth Inscribed Stock Act 1911, Loans Securities Act 1919, and Loans Redemption and Conversion Act 1921 (s6).","Reliance on defined term 'face value' which is defined in section 51JA of the Act (definition dependency).","Administrative implementation and monitoring burden on Treasury/Finance to ensure total issuance stays within the cap (s6).","Textual repetition within the instrument increases potential for drafting confusion but does not alter substantive effect."],"plain_english_summary":"The Direction fixes the maximum aggregate face value of Commonwealth inscribed stock and certain related securities at $1,200 billion, by operating under the Commonwealth Inscribed Stock Act 1911 (s6). It binds the Commonwealth as issuer (who must keep issuance within the cap), affects investors and debt markets by constraining the available supply of these securities, and places an administrative implementation task on Treasury/Finance that alters borrowing headroom and issuance choices (s6)."}},"importantCases":[],"_links":{"self":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020","history":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020/history","analysis":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020/analysis","conflicts":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020/conflicts","importantCases":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020/important-cases","documents":"/api/acts/commonwealth-inscribed-stock-maximum-total-face-value-of-stock-and-securities-direction-2020/documents"}}