{"id":"F2014L00074","name":"Direction Relating to Commonwealth Borrowing 2013","slug":"direction-relating-to-commonwealth-borrowing-2013","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128340,"registerId":"commonwealth-F2014L00074-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"DIRECTION RELATING TO COMMONWEALTH BORRO","sectionType":"part","heading":"DIRECTION RELATING TO COMMONWEALTH BORROWING","content":"# DIRECTION RELATING TO COMMONWEALTH BORROWING\n\n    I, JOSEPH BENEDICT HOCKEY, Treasurer of the Commonwealth of Australia, give this Direction under section 51JA of the Commonwealth Inscribed Stock Act 1911 (‘the CIS Act’).\n\n    This Direction applies to the persons to whom powers under section 3A of the CIS Act have been delegated. Delegates are required to comply with this Direction.\n\n    Commonwealth borrowing\n\nThe Commonwealth can borrow to meet budgetary needs, and it can also borrow for policy purposes.\n\nMaximum total face value of stock and securities that may be on issue\n\n    Pursuant to subsection 51JA(2) of the CIS Act, I direct that the maximum total face value of stock and securities that may be on issue is $500 billion.\n\n    This Direction replaces the previous Direction made under section 51JA of the CIS Act on 9 August 2012.\n\n    Dated this 11th day of December 2013\n\n    JOSEPH BENEDICT HOCKEY  \n    Treasurer of the Commonwealth of Australia","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2437},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The Direction operates strictly within the standard scope of section 51JA of the CIS Act, which authorises the Treasurer to set limits on Commonwealth borrowing. It replaces an earlier Direction without expanding beyond the original statutory purpose of capping government debt issuance."},"complexity_factors":["Single operative provision setting a numerical limit ($500 billion)","No defined terms or interpretive section","Minimal statutory cross-referencing (only two sections cited)","No conditional logic, exceptions, or nested provisions","Extremely short length (under 200 words)"],"plain_english_summary":"This Direction imposes a $500 billion legal cap on the total face value of Commonwealth government bonds and securities on issue, limiting how much the federal government may borrow via these instruments.  \n\nIt binds officers delegated borrowing powers under the Commonwealth Inscribed Stock Act 1911 (e.g., AOFM/Treasury delegates), requiring they keep total nominal stock below the cap — constraining fiscal flexibility unless the cap is raised."}},"importantCases":[],"_links":{"self":"/api/acts/direction-relating-to-commonwealth-borrowing-2013","history":"/api/acts/direction-relating-to-commonwealth-borrowing-2013/history","analysis":"/api/acts/direction-relating-to-commonwealth-borrowing-2013/analysis","conflicts":"/api/acts/direction-relating-to-commonwealth-borrowing-2013/conflicts","importantCases":"/api/acts/direction-relating-to-commonwealth-borrowing-2013/important-cases","documents":"/api/acts/direction-relating-to-commonwealth-borrowing-2013/documents"}}