{"id":"C1942A00047","name":"Loan Act (No. 3) 1942","slug":"loan-act-no-3-1942","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"47 of 1942","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":4221,"registerId":"commonwealth-C1942A00047-current","compilationNumber":null,"startDate":"2026-03-30","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Loan Act (No. 3) 1942","content":"LOAN (No. 3).\n\nNo. 47 of 1942.\n\nAn Act to authorize the Raising and Expending of a certain Sum of Money.\n\n\\[Assented to 6th October, 1942.\\]\n\nShort title.BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—\n\n1. This Act may be cited as the Loan Act (No. 3) 1942.\n\nCommencement.\n\n2. This Act shall come into operation on the day on which it receives the Royal Assent.\n\nAuthority to borrow £200,000,000.\n\n3. The Treasurer may, from time to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1940, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of Two hundred million pounds.\n\nPurposes for which money may be expended.\n\n4. The amount borrowed may 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 £200,000,000.\n\n5. There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or of any other Act, the sum of Two hundred million pounds for war purposes.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1172},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: authorizing a specific borrowing limit for World War II expenses. The scope has not expanded beyond the initial war financing intent."},"complexity_factors":["Only 5 operative sections","No definitions section or defined terms","Single unconditional purpose with no exceptions, provisos, or conditional logic","Minimal cross-references (only two other Acts mentioned)","Straightforward numerical cap (£200 million) with no tiered or variable calculations"],"plain_english_summary":"This World War II-era law authorized the Australian Government to borrow up to £200 million (an enormous sum in 1942) to help pay for the war effort.\n\n**What it does:**\n- Gives the Treasurer power to raise up to £200 million through government loans\n- Allows borrowing via **Commonwealth Inscribed Stock** (government bonds sold to investors) or **Treasury Bills** (short-term government IOUs)\n\n**Where the money goes:**\n- Paying the costs of arranging these loans\n- Funding military operations and other government spending that Parliament has approved or will approve\n\n**Why it matters:**\nDuring WWII, Australia needed massive funds to pay for troops, ships, aircraft, and equipment. This Act provided the legal authority for the government to borrow that money from financial markets, ensuring Australia could meet its military commitments without immediate cash reserves."}},"importantCases":[],"_links":{"self":"/api/acts/loan-act-no-3-1942","history":"/api/acts/loan-act-no-3-1942/history","analysis":"/api/acts/loan-act-no-3-1942/analysis","conflicts":"/api/acts/loan-act-no-3-1942/conflicts","importantCases":"/api/acts/loan-act-no-3-1942/important-cases","documents":"/api/acts/loan-act-no-3-1942/documents"}}