Commonwealth act

Loan Act 1921

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

9 of 1921

Collection

act

Plain English Summary

2/10 complexity

What this law does

This Act gives the Australian government permission to borrow up to £5 million (in 1921 currency) to fund its operations.

Key details

Who borrows: The Treasurer can raise the money using existing government borrowing powers—either by selling government bonds (under the Commonwealth Inscribed Stock Act 1911-1918) or issuing short-term Treasury Bills.
The limit: Total borrowing cannot exceed £5 million.
What the money can be used for: The funds can only cover:
- The costs of arranging the loan itself (administrative fees, etc.), and
- Expenses that Parliament has already approved through separate funding laws (called "appropriations").

Why it matters

This is a "money bill" that controls government debt. It ensures the Executive can only borrow what Parliament specifically authorizes and can only spend it on projects Parliament has already approved.

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Current sections

Direct links to the current provisions in Loan Act 1921.

Loan Act 1921

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LOAN.

No. 9 of 1921.

An Act to authorize the raising of the sum of Five million pounds for certain purposes.

[Assented to 11th November, 1921.]

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 and citation.

1. This Act may be cited as the Loan Act 1921.

Authority to borrow £5,000,000.

2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1918, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Five million pounds.

Purpose for which money may be borrowed.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.

Source text

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