DIRECTION RELATING TO COMMONWEALTH BORROWING

I, SCOTT JOHN MORRISON, Treasurer of the Commonwealth of Australia, give this Direction under section 51JA of the Commonwealth Inscribed Stock Act 1911 (‘the CIS Act’).

This Direction applies to the persons to whom powers under section 3A of the CIS Act have been delegated. Delegates are required to comply with this Direction.

Commonwealth borrowing

The Commonwealth can borrow to meet budgetary needs, and it can also borrow for policy purposes.

Maximum total face value of stock and securities that may be on issue

Pursuant to subsection 51JA(2) of the CIS Act, I direct that the maximum total face value of stock and securities that may be on issue is $600 billion.

This Direction replaces the previous Direction made under section 51JA of the CIS Act on 11 December 2013, which is repealed.

Dated this 9th day of May 2017

SCOTT JOHN MORRISON  
Treasurer of the Commonwealth of Australia