{"id":"C1943A00055","name":"Loan Act (No. 3) 1943","slug":"loan-act-no-3-1943","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"55 of 1943","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":4324,"registerId":"commonwealth-C1943A00055-current","compilationNumber":null,"startDate":"2026-03-30","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Loan Act (No. 3) 1943","content":"THE COMMONWEALTH OF AUSTRALIA.\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nLOAN (No. 3).\n\n––––––\n\nNo. 55 of 1943.\n\nAn Act to authorize the Raising and Expending of a certain Sum of Money.\n\n\\[Assented to 19th October, 1943.\\]\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 (No. 3) 1943.\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.\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nBy Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.\n\nF.6438.—Price 3d.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1442},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains exactly within its original scope as described in the preamble: authorising the raising and expending of a specific sum. There are no provisions that expand beyond war financing or the stated borrowing purposes."},"complexity_factors":["Only 5 sections with straightforward procedural content","No defined terms or interpretation section","Single external statutory reference (Commonwealth Inscribed Stock Act 1911-1940)","No conditional logic, exceptions, or schedules","Explicit monetary cap and clear purpose limitation"],"plain_english_summary":"This law authorised the Australian Government to borrow **£200 million** (a massive sum in 1943) to help pay for **World War II**.\n\n**What it does:**\n- Allows the Treasurer to borrow up to £200 million by issuing government bonds (under the *Commonwealth Inscribed Stock Act*) or short-term Treasury Bills\n- Limits the use of these funds to:\n  - Costs of borrowing itself (fees, interest, etc.)\n  - War expenses approved by Parliament through other laws\n\n**Why it matters:**\nDuring WWII, the government needed extraordinary funds for troops, equipment, and operations. Rather than raising taxes immediately, this Act allowed the government to borrow from investors and banks—essentially asking the public to lend money to the war effort now and be repaid later. The £200 million cap (equivalent to roughly $16–20 billion in today's currency) illustrates the enormous financial scale of total war."}},"importantCases":[],"_links":{"self":"/api/acts/loan-act-no-3-1943","history":"/api/acts/loan-act-no-3-1943/history","analysis":"/api/acts/loan-act-no-3-1943/analysis","conflicts":"/api/acts/loan-act-no-3-1943/conflicts","importantCases":"/api/acts/loan-act-no-3-1943/important-cases","documents":"/api/acts/loan-act-no-3-1943/documents"}}