Part 1Preliminary

Part 1—Preliminary

1 Name

This instrument is the Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020.

3 Authority

This instrument is made under the Commonwealth Inscribed Stock Act 1911.

5 Definitions

Note: Expressions have the same meaning in this instrument as in the Commonwealth Inscribed Stock Act 1911 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

In this instrument:

face value has the same meaning as in section 51JA of the Act.

the Act means the Commonwealth Inscribed Stock Act 1911.

Part 2—Direction relating to Commonwealth borrowing

6 Direction as to the maximum total face value of stock and securities that may be on issue

For the purposes of subsection 51JA(2) of the Act, the maximum total face value of stock and securities that may be on issue under the Act and the Loans Securities Act 1919 in relation to borrowings under section 3A of the Act and section 4 of the Loans Redemption and Conversion Act 1921 is $1,200 billion.