{"id":"C1934A00017","name":"Loan Act 1934","slug":"loan-act-1934","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"17 of 1934","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":19790,"registerId":"commonwealth-C1934A00017-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Loan Act 1934","content":"LOAN.\n\nNo. 17 of 1934.\n\nAn Act to authorize the Raising and Expending of a certain Sum of Money.\n\n\\[Assented to 4th August, 1934.\\]\n\nBE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—\n\nShort title.\n\n1. This Act may be cited as the Loan Act 1934.\n\nAuthority to borrow £1,050,000.\n\n2. The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1933, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of One million and fifty thousand pounds.\n\nPurpose for which money may be borrowed.\n\n3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.\n\nIssue and application of £1,000,000.\n\n4. There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act, including this Act, the sum of One million pounds for the purposes set forth in the Schedule to this Act.\n\n  \n\nTHE SCHEDULE.\n\n| —                                                                                        | Appropriated by this Act. |\n| ---------------------------------------------------------------------------------------- | ------------------------- |\n| THE POSTMASTER-GENERAL’S DEPARTMENT.                                                     | £                         |\n| Under Control of the Postmaster-General’s Department and the Department of the Interior. |                           |\n| Telephone exchange services; trunk line services; buildings and sites.......             | 1,000,000                 |","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1367},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation remains precisely limited to its original purpose: authorizing a fixed sum of borrowing for specific postal and telecommunications infrastructure. There is no expansion of scope beyond the initial £1,050,000 authority."},"complexity_factors":["Only 4 operative sections plus a single-item schedule","No defined terms or interpretation section","Minimal cross-referencing (sole reference to Commonwealth Inscribed Stock Act 1911–1933)","Single, unambiguous appropriation purpose with no conditional triggers","No exceptions, provisos, or nested legislative machinery"],"plain_english_summary":"**What this law does:** This Act gives the federal government permission to borrow £1,050,000 (just over one million pounds) to expand Australia's telephone network.\n\n**Key details:**\n- The **Treasurer** can raise this money by selling government bonds (under the *Commonwealth Inscribed Stock Act*) or issuing short-term Treasury Bills.\n- **£1,000,000** is specifically earmarked for the Postmaster-General's Department to build telephone exchanges, trunk lines, and related buildings and sites.\n- The remaining **£50,000** covers the administrative costs of arranging the loan itself.\n\n**Why it matters:** In 1934, this funded critical national infrastructure—expanding telephone services during a period of economic recovery. It operates as a \"special appropriation,\" meaning Parliament is pre-approving both the debt and the specific spending rather than funding it through regular annual budgets."}},"importantCases":[],"_links":{"self":"/api/acts/loan-act-1934","history":"/api/acts/loan-act-1934/history","analysis":"/api/acts/loan-act-1934/analysis","conflicts":"/api/acts/loan-act-1934/conflicts","importantCases":"/api/acts/loan-act-1934/important-cases","documents":"/api/acts/loan-act-1934/documents"}}