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Commonwealth act
What this law does in plain English:
This is a short, highly specific piece of legislation that authorises the Australian Commonwealth Government to act as a guarantor (a financial backstop — someone who promises to repay a debt if the borrower can't) for a single loan taken out by a specific farming cooperative.
Who is involved?
What exactly does it authorise?
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Direct links to the current provisions in Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Key conditions that must be met before the guarantee kicks in:
Why does this matter?
This law was essentially a financial lifeline for a specific farming cooperative struggling with debt. Rather than giving the organisation a direct cash handout, the government used a guarantee — meaning taxpayer money would only be at risk if the cooperative actually defaulted on the loan. By requiring Victoria to share the guarantee equally, the Commonwealth also shared the financial risk with the State government. The audit access condition ensured public accountability over private business affairs supported by public funds.