{"id":"F2017L00513","name":"Direction Relating to Commonwealth Borrowing 2017","slug":"direction-relating-to-commonwealth-borrowing-2017","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96272,"registerId":"commonwealth-F2017L00513-current","compilationNumber":null,"startDate":"2026-04-02","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Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"DIRECTION RELATING TO COMMONWEALTH BORRO","sectionType":"part","heading":"DIRECTION RELATING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, SCOTT JOHN MORRISON, 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 $600 billion.\n\n    This Direction replaces the previous Direction made under section 51JA of the CIS Act on 11 December 2013, which is repealed.\n\n    Dated this 9th day of May 2017\n\n    SCOTT JOHN MORRISON  \n    Treasurer of the Commonwealth of Australia","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1779},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a routine administrative update replacing an earlier Direction. It maintains the same scope and purpose as the original 1911 Act and previous directions—setting a statutory ceiling on Commonwealth indebtedness. The document does not expand borrowing purposes or delegate powers beyond what was originally intended."},"complexity_factors":["Extremely short document (under 300 words)","No defined terms or interpretation section","Single operative provision (the $600 billion numerical cap)","Minimal cross-referencing (only cites sections 51JA and 3A of the CIS Act)"],"plain_english_summary":"**What this does:** This Direction sets a **$600 billion cap** on how much money the Australian Government can owe at any one time through government bonds (called \"stock and securities\").\n\n**Who it affects:** Government officials who handle Commonwealth borrowing under the *Commonwealth Inscribed Stock Act 1911*.\n\n**Why it matters:** This acts as the government's credit card limit. It allows borrowing for two purposes:\n- **Budgetary needs** — funding day-to-day operations and services\n- **Policy purposes** — funding specific government initiatives\n\nThe Direction replaces an earlier borrowing limit set in December 2013. Once total debt hits $600 billion, the government cannot borrow more without paying down existing debt or issuing a new Direction to raise the limit."}},"importantCases":[],"_links":{"self":"/api/acts/direction-relating-to-commonwealth-borrowing-2017","history":"/api/acts/direction-relating-to-commonwealth-borrowing-2017/history","analysis":"/api/acts/direction-relating-to-commonwealth-borrowing-2017/analysis","conflicts":"/api/acts/direction-relating-to-commonwealth-borrowing-2017/conflicts","importantCases":"/api/acts/direction-relating-to-commonwealth-borrowing-2017/important-cases","documents":"/api/acts/direction-relating-to-commonwealth-borrowing-2017/documents"}}