Commonwealth act

Loan Act 1914

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

30 of 1914

Collection

act

Plain English Summary

1/10 complexity

What it does: This Act gives the Federal Treasurer the green light to borrow up to £2 million (two million pounds) to build a railway connecting Kalgoorlie in Western Australia to Port Augusta in South Australia.

The fine print: The Treasurer can raise the cash either by issuing government bonds (under the Commonwealth Inscribed Stock Act 1911-1913) or by issuing Treasury Bills. But there’s a strict rule: every penny must go toward either the railway construction itself or the costs of arranging the loan. No dipping into the kitty for other projects.

Why it matters: This legislation bankrolled the Trans-Australian Railway—the final link that connected Western Australia to the eastern states by rail. It’s essentially a simple IOU authorization with a very specific shopping list.

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Current sections

Direct links to the current provisions in Loan Act 1914.

Loan Act 1914

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LOAN.

No. 30 of 1914.

An Act to authorize the raising and expending of the sum of Two million pounds for the construction of a Railway from Kalgoorlie to Port Augusta.

[Assented to 21st December, 1914.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Loan Act 1914.

Treasurer may borrow £2,000.000.

2. The Treasurer may from time to time under the provisions of the Commonwealth Inscribed Stock Act 1911-1913 or under the provisions of any Act authorizing the issue of Treasury Bills borrow moneys not exceeding in the whole the amount of Two million pounds.

Purpose for which money may be expended.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the construction of a railway from Kalgoorlie to Port Augusta.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.