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Financial Agreement Between the Commonwealth, States and Territories (Approval) Act 1994
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NORTHERN TERRITORY OF AUSTRALIA
FINANCIAL AGREEMENT BETWEEN THE COMMONWEALTH, STATES
AND TERRITORIES (APPROVAL) ACT 1994
As in force at 20 June 2018
Table of provisions
1 Short title ......................................................................................... 1
2 Approval of agreement .................................................................... 1
Schedule
ENDNOTES
NORTHERN TERRITORY OF AUSTRALIA
As in force at 20 June 2018
FINANCIAL AGREEMENT BETWEEN THE COMMONWEALTH, STATES
AND TERRITORIES (APPROVAL) ACT 1994
An Act to approve an agreement between the Commonwealth, the
States, the Territory and the Australian Capital Territory with respect to
public debts
1 Short title
This Act may be cited as the Financial Agreement Between the
Commonwealth, States and Territories (Approval) Act 1994.
2 Approval of agreement
The agreement set out in the Schedule is approved.
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Financial Agreement Between the Commonwealth, States and Territories (Approval) Act 1994
2
Schedule
AGREEMENT made the 25th day of February One thousand nine hundred
and ninety four between:
THE COMMONWEALTH OF AUSTRALIA of the first part;
THE STATE OF NEW SOUTH WALES of the second part;
THE STATE OF VICTORIA of the third part;
THE STATE OF QUEENSLAND of the fourth part;
THE STATE OF WESTERN AUSTRALIA of the fifth part;
THE STATE OF SOUTH AUSTRALIA of the sixth part;
THE STATE OF TASMANIA of the seventh part;
THE AUSTRALIAN CAPITAL TERRITORY of the eighth part; and
THE NORTHERN TERRITORY OF AUSTRALIA of the ninth part
(each of the parties of the second, third, fourth, fifth, sixth and seventh parts
and, in relation to clause 4, the Australian Capital Territory and the Northern
Territory of Australia in respect of which for the time being the Agreement is in
force being in this Agreement referred to as a "State" and all of those parties
as the context so permits or requires being in this Agreement referred to as
"the States").
WHEREAS:
(A) an Agreement (in this Agreement called "the Original Agreement") was
made the 12th December 1927 between the parties to this Agreement
with respect to the public debts of the States;
(B) the provisions of the Original Agreement (which, as varied by the
Supplemental Agreements, is in this Agreement called the "Principal
Agreement") have been varied by the following agreements made in
pursuance of section 105A of the Constitution of the Commonwealth of
Australia:
(i) Agreement made the 1st July 1928, a copy of which is
set out in the Schedule to the Tasmania Sinking Fund
Agreement Act 1928;
(ii) Agreement made the 21st July 1931, a copy of which is
set out in the Schedule to the Debt Conversion
Agreement Act 1931;
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3
(iii) Agreement made the 22nd October 1931, a copy of
which is set out in the Schedule to the Debt Conversion
Agreement Act (No. 2) 1931;
(iv) Agreement made the 3rd July 1934, a copy of which is
set out in the Schedule to the Soldier Settlement Loans
(Financial Agreement) Act 1935;
(v) Agreement made the 15th November 1944, a copy of
which is set out in the Schedule to the Financial
Agreement Act 1944;
(vi) Agreement made the 11th February 1966, a copy of
which is set out in the Schedule to the Financial
Agreement Act 1966; and
(vii) Agreement made the 5th February 1976, a copy of
which is set out in the Schedule to the Financial
Agreement Act 1976,
(which Agreements are in this Agreement referred to as "the
Supplemental Agreements");
(C) the parties, other than those of the eighth and ninth parts, have agreed
that in pursuance of section 105A of the Constitution provision as
specified in this Agreement different from that in the Principal
Agreement should be made as to;
(i) the powers of the Loan Council;
(ii) the restriction on a State from borrowing by the issue of
securities in its own name in domestic and overseas
markets;
(iii) the requirement on the Commonwealth and on a State
for approval of borrowings; and
(iv) the power of the Commonwealth to borrow on behalf of
the States; and
(D) all the parties agree that
(i) the Australian Capital Territory and the Northern
Territory be represented on the Loan Council;
(ii) the Loan Council have a power to make resolutions only;
and
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(iii) the Northern Territory and the Commonwealth make into
the Debt Retirement Reserve Trust Account the
payments that they would otherwise have made under
the 1986 Arrangements;
NOW IT IS HEREBY AGREED as follows:
1(1) This Agreement, other than this clause, shall have no force or effect
and shall not be binding upon any party until, in respect of each party,
either:
(a) it is signed with the prior authority of the Parliament or, in the case
of each Territory, the Legislative Assembly, of that party; or
(b) after having been signed, it is approved by the Parliament or, in
the case of each Territory, the Legislative Assembly, of that party.
(2) The Commonwealth will take, as soon as possible, all practicable steps
to seek the enactment of legislation relating to:
(a) the cessation of the National Debt Sinking Fund created by the
National Debt Sinking Fund Act 1966;
(b) the establishment of the Debt Retirement Reserve Trust Account;
and
(c) thereupon, the payment from the National Debt Sinking Fund or,
in the case of the Northern Territory, the Northern Territory Debt
Sinking Fund, into the Debt Retirement Reserve Trust Account,
but so that the payment is made to the credit of the accounts
established in respect of the relevant States or the Northern
Territory, as the case may be, of the moneys then standing to the
credit of the accounts in the National Debt Sinking Fund or the
Northern Territory Debt Sinking Fund, respectively, including any
later amounts which, but for the abolition of the National Debt
Sinking Fund or the Northern Territory Debt Sinking Fund, would,
when received, have been paid into the National Debt Sinking
Fund or the Northern Territory Debt Sinking Fund.
2(1) This Agreement, as varied from time to time, shall be known as
"the 1994 Financial Agreement".
(2) Upon its coming into force, clauses 7, 8, 10, 11 and 13 of this
Agreement shall be deemed to have commenced to operate on and
from 1 July 1990.
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3(1) In this Agreement, unless the contrary intention appears:
bondholder means holder of any securities but does not include
the Commonwealth;
face value means:
(a) in relation to securities repayable in Australian currency, the
principal amount, excluding any amount payable by way of
premium, remaining to be repaid in respect of the securities;
(b) in relation to securities repayable in an overseas currency, the
equivalent in Australian currency of the principal amount,
excluding any amount payable by way of premium, remaining
to be repaid in respect of the securities, converted at the
Reserve Bank of Australia selling rate to the Commonwealth
Government at the time of conversion or at such rate as is
agreed between the Commonwealth and the States;
gross cost, in relation to the purchase of securities, means the
amount actually paid for the securities, including interest, brokerage
and commission;
holder, in relation to securities, means owner of the securities
according to the manner in which ownership of the securities is
determined;
net public debt, means:
(a) in relation to a State, the public debt of the State less an
amount equal to the sum of the balance standing to the credit
of the State:
(A) in relation to the period until the establishment of the
Debt Retirement Reserve Trust Account, in the Sinking
Fund; and
(B) thereafter, in the Debt Retirement Reserve Trust
Account; and
(b) in relation to the Northern Territory, the public debt of that
Territory less an amount equal to the sum of the balance
standing to the credit of the Territory:
(C) in relation to the period until the establishment of the
Debt Retirement Reserve Trust Account, in the Northern
Territory Debt Sinking Fund; and
(D) thereafter, in the Debt Retirement Reserve Trust
Account;
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Premier includes, in relation to clause 4, the Chief Minister of:
(a) the Australian Capital Territory; and
(b) the Northern Territory of Australia,
as the case may be;
public debt means
(a) in relation to a State, the aggregate of the face value of the
securities issued or created by the State or issued or created
in respect of the State in accordance with the Principal
Agreement that have not been purchased, redeemed or
otherwise repaid or in respect of which the State has not
otherwise been freed and discharged from liability; and
(b) in relation to the Northern Territory, the aggregate of the face
value of the securities issued or created in respect of the
Northern Territory in accordance with the 1986 Arrangements
that have not been purchased, redeemed or otherwise repaid
or in respect of which the Northern Territory has not otherwise
been freed and discharged from liability;
securities means:
(a) where the context involves a State;
Inscribed Stock and Bonds
Instalment Stock
Registered Stock
Funded Stock
Stock payable to bearer
Special Bonds
Australian Savings Bonds
which were issued or created by a State and taken over by the
Commonwealth under the Principal Agreement or issued or
created in respect of a State; and
(b) where the context involves the Northern Territory;
Inscribed Stock and Bonds
Registered Stock
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Stock payable to bearer
Australian Savings Bonds
which were issued or created in respect of the Northern
Territory under the 1986 Arrangements;
the Commission means the National Debt Commission continued
in existence by the National Debt Sinking Fund Act 1966;
the Loan Council means the Australian Loan Council continued in
existence pursuant to this Agreement;
the Sinking Fund means the National Debt Sinking Fund created
by the National Debt Sinking Fund Act 1966; and
the 1986 Arrangements means the Arrangements entered into
between the Commonwealth of Australia and the Northern Territory
dated the 26th May 1986 under which, among other things, there
was created the Northern Territory Debt Sinking Fund within the
Commonwealth Trust Fund.
(2) In this Agreement:
(a) a reference to a year is, unless the contrary intention appears, a
reference to a financial year commencing on a 1st July;
(b) the expression "in writing" includes any mode of representing or
reproducing words and figures in a written form; and
(c) except where inconsistent with the context, words in the singular
include the plural and words in the plural include the singular.
4(1) The Australian Loan Council created under the Principal Agreement is
continued in existence hereunder but so that it shall consist of one
representative of the Commonwealth who shall be:
(a) the Prime Minister of the Commonwealth; or
(b) a Minister or other person nominated in writing by the Prime
Minister,
and one representative of each State who shall be:
(c) the Premier of that State; or
(d) a Minister or other person nominated in writing by the Premier of
that State,
provided that the nomination of the Minister shall be deemed to include
another Minister of the Commonwealth or of the State, as the case may
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be, who is for the time being acting for the Minister nominated and
references in this clause to a representative shall be read so as to
include a Minister who is so acting.
(2) Any nomination of a substitute representative of the Commonwealth or
of a State shall be tabled at the meeting of the Loan Council next
succeeding the nomination.
(3) The representative of the Commonwealth on the Loan Council shall
hold office during the pleasure of the Prime Minister of the
Commonwealth and a representative of a State shall hold office during
the pleasure of his or her Premier.
(4) The representative of the Commonwealth shall be the Chairman of the
Loan Council.
(5) A decision in which all the representatives for the time being of the
Loan Council concur shall be not affected by any vacancy then existing
among the representatives.
(6) A meeting of the Loan Council may at any time be convened by the
representative of the Commonwealth, and shall be so convened upon
the request of at least four State representatives.
(7) A majority of the representatives of the Loan Council shall constitute a
quorum of the Loan Council for the exercise of its powers at any
meeting, provided that:
(a) a representative may at any time appoint in writing a deputy to act
in his absence, and any deputy so appointed may in the absence
of the representative exercise all the powers and functions of the
representative and his or her presence shall be deemed the
presence of the representative; and
(b) an absent representative who has not appointed a deputy may
vote by letter, telegram, or by facsimile and in such case that
representative shall be counted as being present in relation only
to the questions on which he or she has voted.
(8) The Loan Council may make rules of procedure including rules relating
to places, times, and notices of meetings, and conduct of business at
meetings, including voting on a resolution and from time to time may
alter such rules.
(9) The Loan Council may make resolutions, which are not to operate as
they would have operated had clause 3(15) of the original Agreement
not been rescinded, in relation to:
(a) borrowings;
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(b) raisings; and
(c) other financial arrangements
by the Commonwealth, a State, a local governing body or any entity
owned or controlled wholly or as to a major part by any of them, save
for any of the foregoing excepted from time to time by the Loan
Council.
(10) In this clause the expressions "Prime Minister" and "Premier" include
the persons for the time being respectively acting as such.
5(1) Subject to this clause the Commonwealth will continue to pay to
bondholders from time to time interest payable on the Public Debts of
the States taken over by the Commonwealth under the Principal
Agreement other than debts due by the States to the Commonwealth.
(2) Each State shall continue to pay in each year to the Commonwealth, as
it falls due, the whole of the interest on any debt included in the public
debt of that State taken over by the Commonwealth under the Principal
Agreement, and on any moneys borrowed by the Commonwealth
under the Principal Agreement on behalf of that State, then unpaid.
(3) The Northern Territory shall continue to pay in each year to the
Commonwealth, as it falls due, the whole of the interest on any moneys
borrowed by the Commonwealth on behalf of the Northern Territory
under the 1986 Arrangements then unpaid.
(4) The method by which payments shall be made by a State under sub-
clause (2) or the Northern Territory under sub-clause (3) of this clause
shall be arranged from time to time between the Commonwealth and,
respectively, that State or the Northern Territory.
(5) The rate of interest payable under sub-clause (2) of this clause in
respect of moneys borrowed by the Commonwealth on behalf of a
State shall be the full rate of interest payable by the Commonwealth in
respect of the loan by which such moneys were borrowed or such other
rate of interest as may be payable by the State to the Commonwealth
under any agreement made or to be made between the
Commonwealth and that State in respect of such moneys and such
interest shall be payable by that State for the full term of that loan.
(6) The rate of interest payable under sub-clause (3) of this clause in
respect of moneys borrowed by the Commonwealth on behalf of the
Northern Territory shall be the full rate of interest payable by the
Commonwealth in respect of the loan by which such moneys were
borrowed or such other rate of interest as may be payable by the
Northern Territory to the Commonwealth under any agreement made or
to be made between the Commonwealth and the Northern Territory in
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respect of such moneys and such interest shall be payable by the
Northern Territory for the full term of that loan.
6(1) There shall be a trust account to be called the "Debt Retirement
Reserve Trust Account".
(2) The Commonwealth shall establish and maintain a separate account in
the Debt Retirement Reserve Trust Account in respect of each State.
(3) The Commonwealth shall establish and maintain a separate account in
the Debt Retirement Reserve Trust Account in respect of the Northern
Territory.
(4) There shall be paid by the Commonwealth into each of those accounts
in the Debt Retirement Reserve Trust Account established under
sub-clause 6(2):
(a) amounts equal to the amounts received from the State under
sub-clause 7(2); and
(b) amounts being the contributions by the Commonwealth under
clause 8.
(5) There shall be paid by the Commonwealth into the accounts in the
Debt Retirement Reserve Trust Account established under
sub-clause 6(3):
(a) amounts equal to the amounts received from the Northern
Territory under sub-clause 7(3); and
(b) amounts being the contributions by the Commonwealth under
clause 8.
(6) Moneys standing to the credit of an account established in respect of a
State in the Debt Retirement Reserve Trust Account shall be applied by
the Commonwealth in connection with the purchase, redemption,
including redemption on conversion, and repayment of securities of that
State. The gross cost, in the case of purchase, or the cost at face
value, in the case of redemption or repayment, shall be charged to the
account established in respect of that State in the Debt Retirement
Reserve Trust Account.
(7) Moneys standing to the credit of the account established in respect of
the Northern Territory in the Debt Retirement Reserve Trust Account
shall be applied by the Commonwealth in connection with the
purchase, redemption, including redemption on conversion, and
repayment of securities of the Northern Territory. The gross cost, in the
case of purchase, or the cost at face value, in the case of redemption
or repayment, shall be charged to the account established in respect of
that Territory in the Debt Retirement Reserve Trust Account.
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(8) Moneys standing to the credit of an account established in respect of a
State in the Debt Retirement Reserve Trust Account will be held within
the Commonwealth Public Account established pursuant to
paragraph 21(1)(a) of the Audit Act 1901 or that provision as amended,
modified or re-enacted from time to time. An amount equal to interest
earned on that part of the balances in the Commonwealth Public
Account attributable to the credit balance in the account established in
respect of a State within the Debt Retirement Reserve Trust Account
shall be added to the moneys standing to the credit of that account.
(9) Moneys standing to the credit of the account established in respect of
the Northern Territory in the Debt Retirement Reserve Trust Account
will be held within the Commonwealth Public Account established
pursuant to paragraph 21(1)(a) of the Audit Act 1901 or that provision
as amended, modified or re-enacted from time to time. An amount
equal to interest earned on that part of the balances in the
Commonwealth Public Account attributable to the credit balance in the
account established in respect of the Northern Territory within the Debt
Retirement Reserve Trust Account shall be added to the moneys
standing to the credit of that account.
(10) When securities of a State or of the Northern Territory are purchased,
redeemed or repaid, the securities shall be deemed to have been
cancelled on the date of the purchase, redemption or repayment.
7(1) Each State shall, in respect of the public debt of the State, pay by equal
monthly instalments during each year commencing on 1 July 1990 or in
such other amounts as are determined by agreement between the
Commonwealth and the relevant State a contribution calculated in
respect of that year as provided in this clause.
(2) Each State shall pay the contribution in respect of each year –
(a) in respect of the period from 1 July 1990 until the establishment of
the Debt Retirement Reserve Trust Account, to the Commission
for credit to the account of the State in the Sinking Fund, and
(b) thereafter, to the Commonwealth for credit to the account
established in respect of the State in the Debt Retirement
Reserve Trust Account
such that the contribution, together with:
(c) in the case of the period referred to in paragraph (a),
(i) amounts of interest referred to in sub-clause 12A(7) of
the Principal Agreement, preserved by sub-clause 16(2),
in respect of the relevant year or, where the Debt
Retirement Reserve Trust Account has operated for only
part of the year, the other part of that year;
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(ii) contributions by the Commonwealth pursuant to clause 8
as it relates to the State in respect of the relevant year
or, where the Debt Retirement Reserve Trust Account
has operated for only part of the year, the other part of
that year; and
(iii) the moneys standing to the credit of an account in
respect of the State in the Sinking Fund as at the
commencement of that year including where the Debt
Retirement Reserve Trust Account has operated for only
part of the year; and
(d) in the case of the period referred to in paragraph (b),
(i) amounts equal to interest referred to in sub-clause 6(8)
in respect of the relevant year, or where the Debt
Retirement Reserve Trust Account has operated for only
part of the year, the interest referred to in sub-clause
6(8) for that part of that year;
(ii) contributions by the Commonwealth pursuant to clause 8
in respect of the relevant year or where the Debt
Retirement Reserve Trust Account has operated for only
part of the year, the contribution made into the Debt
Retirement Reserve Trust Account for that part of the
year; and
(iii) the moneys standing at the commencement of the
relevant year to the credit of an account in respect of the
State in the Debt Retirement Reserve Trust Account,
is equal to the total of those parts of its public debt which falls to be
redeemed or is repaid or purchased in that year, or any greater amount
which the State elects to have redeemed, repaid or purchased in that
year, but so that in any event that contribution shall not be less than an
amount equal to 0.85 per centum of the net public debt of the State as
at the 30th June immediately preceding the year in which the
contribution is payable.
(3) The Northern Territory shall pay a contribution in respect of each year:
(a) in respect of the period from 1 July 1990 until the establishment of
the Debt Retirement Reserve Trust Account, to the
Commonwealth for credit to the Northern Territory Debt Sinking
Fund; and
(b) thereafter, to the Commonwealth for credit to the account
established in respect of the Northern Territory in the Debt
Retirement Reserve Trust Account
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such that the contribution, together with:
(c) in the case of the period referred to in paragraph (a),
(i) amounts of interest which would have been payable
under the 1986 Arrangements in respect of the relevant
year or, where the Debt Retirement Reserve Trust
Account has operated for only part of the year, the other
part of that year;
(ii) contributions by the Commonwealth pursuant to clause 8
as it relates to the Territory in respect of the relevant
year or, where the Debt Retirement Reserve Trust
Account has operated for only part of the year, the other
part of that year; and
(iii) the moneys standing to the credit of the Northern
Territory Debt Sinking Fund as at the commencement of
that year including where the Debt Retirement Reserve
Trust Account has operated for only part of the year; and
(d) in the case of the period referred to in paragraph (b),
(i) amounts equal to interest referred to in sub-clause 6(9)
in respect of the relevant year or, where the Debt
Retirement Reserve Trust Account has operated for only
part of the year, the interest referred to in sub-clause
6(9) for that part of that year;
(ii) contributions by the Commonwealth pursuant to clause 8
in respect of the relevant year or, where the Debt
Retirement Reserve Trust Account has operated for only
part of the year, the contribution made into the Debt
Retirement Reserve Trust Account for that part of the
year; and
(iii) the moneys standing at the commencement of the
relevant year to the credit of the account in respect of
the Northern Territory in the Debt Retirement Reserve
Trust Account,
is equal to the total of those parts of its public debt which falls to be
redeemed or is repaid or purchased in that year or any greater amount
which the Northern Territory elects to have redeemed, repaid or
purchased in that year, but so that in any event that contribution shall
not be less than an amount equal to 0.85 per centum of the net public
debt of the Northern Territory as at the 30th June immediately
preceding the year in which the contribution is payable.
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8(1) The Commonwealth shall, in respect of the public debt of each State
and of the Northern Territory, pay for credit to the account of the State
in the National Debt Sinking Fund and that Territory in the Northern
Territory Debt Sinking Fund by equal monthly instalments during each
year commencing 1 July 1990 or in such other amounts as are
determined by agreement between the Commonwealth and the
relevant State or the Commonwealth and the Northern Territory, as the
case may be, a contribution calculated in respect of that year as
provided in this clause.
(2) The Commonwealth shall pay a contribution in respect of each of those
years in relation to the public debt of a State and in relation to the
public debt of the Northern Territory that is equivalent to 0.28 per
centum of the net public debt of the State or the Northern Territory, as
the case may be, at the 30th June immediately preceding the year in
which the contribution is payable.
(3) On and from the establishment of the Debt Retirement Reserve Trust
Account the contribution payable by the Commonwealth under this
clause in respect of the States and the Northern Territory shall be paid
into that Account.
9 The contributions payable after the establishment of the Debt
Retirement Reserve Trust Account by the Northern Territory under
sub-clause 7(3) shall be:
(a) in respect of so much of the year ending on 30 June next
following the establishment of the Debt Retirement Reserve Trust
Account; and
(b) in respect of each succeeding year,
of equal monthly instalments during the period referred to in paragraph
(a) or during the year referred to in paragraph (b) or of such other
amounts as are determined by agreement between the Commonwealth
and the Northern Territory.
10 The Commonwealth shall reimburse, in such amounts and at such
times as agreed between the Commonwealth and the State, each State
for the excess, as assessed by agreement between the
Commonwealth and the State, of the amount of the costs to the State
incurred from 1 July 1990 in respect of the redemption, repayment and
purchase, by the Commonwealth of the securities from that date over
the amount of the costs that would have been so incurred under the
Principal Agreement.
11 The Commonwealth shall reimburse, in such amounts and at such
times as agreed between the Commonwealth and the Northern
Territory, that Territory for the excess, as assessed by agreement
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between the Commonwealth and that Territory, of the amount of the
costs to that Territory incurred from 1 July 1990 in respect of the
redemption, repayment and purchase, by the Commonwealth of the
securities from that date over the amount of the costs that would have
been so incurred under the 1986 Arrangements.
12(1) Each State and the Northern Territory shall repay to the
Commonwealth all expenses incurred or payments made by the
Commonwealth in the performance of this Agreement in relation to the
State and the Northern Territory, including the following expenses and
payments:
(a) Loan flotation charges;
(b) Management charges;
(c) Stamp duties on transfer of securities;
(d) Commission on payment of interest;
(e) Expenses incurred in the conversion, renewal, redemption or
consolidation of loans; and
(f) Exchange on transference of moneys.
(2) Unless it is otherwise agreed between the Commonwealth and a State,
the Commonwealth will not do anything in connection with a loan of
that State existing on the 30th June, 1927, or raised thereafter pursuant
to the Principal Agreement, which, if done by that State, would be a
breach of any now existing agreement by that State with any Bank.
(3) A certificate by the Auditor-General of the Commonwealth stating the
amount to be repaid by a State to the Commonwealth and the matter in
respect of which the repayment is to be made shall, in the event of a
dispute, be conclusive as to the amount and matter stated.
13 Each State agrees with the Commonwealth that it will by the faithful
performance of its obligations under this Agreement indemnify the
Commonwealth against all liabilities whatsoever in respect of the public
debt of that State (other than the liabilities of the Commonwealth under
this Agreement to pay interest and to make sinking fund contributions
or, after its establishment, contributions to the Debt Retirement
Reserve Trust Account), not falling payable under the Principal
Agreement prior to the 1 July 1990 in respect of which this Agreement
provides that sinking fund contributions or, after its establishment,
contributions to the Debt Retirement Reserve Trust Account shall be
made.
14 The Northern Territory agrees with the Commonwealth that it will by the
faithful performance of its obligations under this Agreement indemnify
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the Commonwealth against all liabilities whatsoever in respect of all
loans of that Territory for which this Agreement provides that, after its
establishment, contributions to the Debt Retirement Reserve Trust
Account shall be made.
15 Separate accounts shall be kept by the Commonwealth for each State
and, so far as relevant, for the Northern Territory in respect of Debt,
Interest, and Sinking Funds or, after its establishment, contributions for
the purposes of the Debt Retirement Reserve Trust Account.
16(1) This Agreement rescinds the Principal Agreement, except as provided
by this clause, but with effect from the date on which this Agreement,
other than Clauses 7, 8, 10, 11 and 13, comes into effect.
(2) Sub-clauses 12A(1), (2) and (4) to (12), inclusive, of the Principal
Agreement continue to operate until the date on which the Debt
Retirement Reserve Trust Account is established and, for the purposes
of their continued operation, references in sub-clause 12A(9) of the
Principal Agreement to clauses 12B and 12C are taken to be
references to clauses 7 and 8, respectively, of this Agreement.
(3) This Agreement rescinds, with effect from the date referred to in
sub-clause (1), the provisions of the 1986 Arrangements in relation to
debt outstanding as at 1 July 1990, being debt arising from securities
the subject of those Arrangements issued or created in respect of the
Northern Territory by the Commonwealth.
IN WITNESS WHEREOF this agreement has been signed for and on behalf of
the parties respectively as at the day and year first above written.
SIGNED by the Honourable PAUL JOHN * Signature omitted
KEATING, Prime Minister of the
Commonwealth of Australia,
in the presence of Dr Michael Keating
SIGNED by the Honourable JOHN * Signature omitted
JOSEPH FAHEY, Premier of the State of
New South Wales, in the presence of Mr
Roger Wilkins
SIGNED by the Honourable JEFFREY * Signature omitted
GIBB KENNETT, Premier of the State
of Victoria, in the presence of
Mr Ken Baxter
SIGNED by the Honourable WAYNE * Signature omitted
KEITH GOSS, Premier of the State of
Queensland, in the presence of
Mr Kevin Rudd
Schedule
Financial Agreement Between the Commonwealth, States and Territories (Approval) Act 1994
17
SIGNED by the Honourable RICHARD * Signature omitted
FAIRFAX COURT, Premier of the State of
Western Australia, in the presence of
Mr Don Saunders
SIGNED by the Honourable DEAN CRAIG * Signature omitted
BROWN, Premier of the State of South
Australia, in the presence of
Mr Michael Schilling
SIGNED by the Honourable RAYMOND * Signature omitted
JOHN GROOM, Premier of the State of
Tasmania, in the presence of
Dr Dan Norton
SIGNED by ROSEMARY FOLLETT, * Signature omitted
Chief Minister of the Australian Capital
Territory, in the presence of
Dr David Rosalky
SIGNED by the Honourable MARSHALL * Signature omitted
BRUCE PERRON, Chief Minister of the
Northern Territory, in the presence of
Dr Neil Conn
ENDNOTES
Financial Agreement Between the Commonwealth, States and Territories (Approval) Act 1994
18
ENDNOTES
1 KEY
Key to abbreviations
amd = amended od = order
app = appendix om = omitted
bl = by-law pt = Part
ch = Chapter r = regulation/rule
cl = clause rem = remainder
div = Division renum = renumbered
exp = expires/expired rep = repealed
f = forms s = section
Gaz = Gazette sch = Schedule
hdg = heading sdiv = Subdivision
ins = inserted SL = Subordinate Legislation
lt = long title sub = substituted
nc = not commenced
2 LIST OF LEGISLATION
Financial Agreement Between the Commonwealth, States and Territories (Approval)
Act 1994 (Act No. 57, 1994)
Assent date 4 October 1994
Commenced 4 October 1994
Statute Law Revision Act 2018 (Act No. 10, 2018)
Assent date 23 May 2018
Commenced 20 June 2018 (Gaz S41, 20 June 2018)
3 GENERAL AMENDMENTS
General amendments of a formal nature (which are not referred to in the table
of amendments to this reprint) are made by the Interpretation Legislation
Amendment Act 2018 (Act No. 22, 2018) to: s 1.
4 LIST OF AMENDMENTS
s 2 amd No. 10, 2018, s 6