{"id":"C1962A00019","name":"Loan Act 1962","slug":"loan-act-1962","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"19 of 1962","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":4960,"registerId":"commonwealth-C1962A00019-current","compilationNumber":null,"startDate":"2026-03-30","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Loan Act 1962","content":"LOAN.\n\nNo. 19 of 1962.\n\nAn Act to Authorize the Raising and Expending of a sum not exceeding Sixty million pounds for Defence Purposes.\n\n\\[Assented to 6th April, 1962.\\]\n\nBE it enacted by the Queen’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 1962.\n\nCommencement.\n\n2. This Act shall come into operation on the day on which it receives the Royal Assent.\n\nAuthority to borrow £60,000,000.\n\n3. The Treasurer may, during the year that commenced on the first day of July, One thousand nine hundred and sixty-one, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole Sixty million pounds.\n\n  \n\nPurposes for which moneys borrowed may be applied.\n\n4. Moneys borrowed under this Act shall be issued and applied for the expenses of borrowing and—\n\n(a) as to a sum not exceeding Forty-one million pounds—for the purpose of meeting expenditure specified in Part I. of the Second Schedule to the Appropriation Act 1961–62 under the heading “XX.—DEFENCE SERVICES.”; and\n\n(b) as to a sum not exceeding Nineteen million pounds—for the purpose of paying off, repurchasing or redeeming Commonwealth securities issued for war purposes.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1634},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of authorizing borrowing for defence expenditure and war debt retirement, with no expansion beyond the stated £60 million cap."},"complexity_factors":["Only 4 operative sections with no interpretation clause or defined terms","Simple arithmetic allocation between two purposes (£41m + £19m = £60m)","Straightforward references to existing borrowing statutes without conditional logic","No exceptions, exclusions, or sunset clauses"],"plain_english_summary":"**What it does:** This Act gives the Treasurer legal permission to borrow up to £60 million (sixty million pounds) during the 1961-62 financial year.\n\n**How the money is raised:** Through issuing government bonds (under the *Commonwealth Inscribed Stock Act*) or short-term Treasury Bills.\n\n**Where the money goes:** The £60 million is strictly allocated to two defence-related purposes:\n* **Up to £41 million** – for current military spending (specifically the defence services listed in the *Appropriation Act 1961–62*)\n* **Up to £19 million** – to pay off old war debts by buying back or redeeming government securities originally issued to fund previous wars\n\n**Why it matters:** This provides the specific parliamentary authority needed for the government to go into debt for national security purposes and to manage legacy war financing."}},"importantCases":[],"_links":{"self":"/api/acts/loan-act-1962","history":"/api/acts/loan-act-1962/history","analysis":"/api/acts/loan-act-1962/analysis","conflicts":"/api/acts/loan-act-1962/conflicts","importantCases":"/api/acts/loan-act-1962/important-cases","documents":"/api/acts/loan-act-1962/documents"}}