//
© 2026 Zoe. All rights reserved.
Zoe is a legal information platform. Always consult the Federal Register of Legislation for authoritative text.
Commonwealth act
This Act has been repealed and is no longer in force. It is retained for historical reference.
This law permits the Commonwealth to borrow £4.5 million to finance national infrastructure and programs: immigrant passage, post‑office works across states, major railway construction (including Kalgoorlie–Port Augusta and NT lines), soldier settlement loans, war service homes, defence and munitions works at Lithgow and Maribyrnong, and development of Canberra. The Treasurer may advance up to £1 million to States for immigration projects (repaid from the loan), and the Commonwealth will subsidize one‑third of State loan interest for five years.
Want the full deep dive?
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in Loan Act 1923.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
LOAN.
No. 35 of 1923.
An Act to authorize the Raising and Expending of certain Sums of Money.
[Assented to 1st September, 1923.]
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.
Authority to borrow £4,500,000.
Purpose for which money may be borrowed.
Issue and application of £6,124,426.
Authority to make advances to States.
5.—(1.) Pending the borrowing of moneys authorized to be borrowed under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, the Treasurer may advance the States, out of any moneys in the Commonwealth Public Account, sums not exceeding in the whole the sum of One million pounds.
(2.) The Treasurer shall, out of moneys borrowed under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, immediately repay the sums advanced to the States under this section.
Appropriation of moneys.
6.—(1.) For a period of five years from the date of the raising of any loan under section two of this Act for the purpose of making loans to the States for immigration and works in connexion therewith, the
Treasurer may pay to any State a sum not exceeding one-third of the interest payable by the State on any such moneys loaned.
(2.) Payments under this section shall be payable out of the Consolidated Revenue Fund, which is hereby appropriated for the purpose.
SCHEDULE.
| — | Amount required in 1923-24. | Already available under Appropriations made by previous Acts. | Appropriated under this Act. |
|---|---|---|---|
| —First Column. | —Second Column. | —Third Column. | |
| Under Control of Prime Minister’s Department. | £ | £ | £ |
| Contribution of Commonwealth towards construction of roads by States | 30,000 | 30,000 | .. |
| London Offices............................ | 8,400 | 8,400 | .. |
| Subscription to capital of Refinery Company in accordance with Oil Agreement Act 1920 | 100,001 | 100,001 | .. |
| Immigration—Passage money of assisted immigrants... | 500,000 | 517 | 499,483 |
| Total under control of Prime Minister’s Department | 638,401 | 138,918 | 499,483 |
| Under Control OF Department OF the Treasury. | |||
| Loans to States for settling returned soldiers on the land. | 4,000,000 | 4,000,000 | .. |
| Loans to the States for immigration and works in connexion therewith | 5,000,000 | 4,000,000 | 1,000,000 |
| Construction of ships (to be paid to Trust Fund, Commonwealth Government Ships’ Account) | 750,000 | 484,288 | 265,712 |
| Total under control of Department of the Treasury | 9,750,000 | 8,484,288 | 1,265,712 |
| FEDERAL CAPITAL TERRITORY. | |||
| Under Control of Home and Territories Department and Department of Works and Railways. | |||
| Works, services, and acquisition of land in Federal Capital Territory | 165,000 | .. | 165,000 |
| Solar Observatory, Canberra, erection of—towards cost. | 1,500 | .. | 1,500 |
| (All receipts from the Federal Capital Territory to be credited to the above votes.) | |||
| 166,500 | .. | 166,500 | |
| Deduct estimated receipts......... | 15,000 | .. | 15,000 |
| Total Federal Capital Territory... | 151,500 | .. | 151,500 |
| Carried forward....... | 10,539,901 | 8,623,206 | 1,916,695 |
Schedule—continued.
| — | Amount required in 1923-24. | Already available under Appropriations made by previous Acts. | Appropriated under this Act. |
|---|---|---|---|
| —First Column. | —Second Column. | —Third Column. | |
| £ | £ | £ | |
| Brought forward................ | 10,539,901 | 8,623,206 | 1,916,695 |
| Under Control of Home and Territories Department (excepting Federal Capital Territory). | |||
| Purchase of properties and sites— | |||
| Land, Fairy Meadow, New South Wales.......... | 4,000 | 9 | 3,991 |
| Land for Defence purposes generally............ | 18,700 | 18,700 | .. |
| Properties and sites for Air Services............. | 32,000 | 14,414 | 17,586 |
| Land for Post and Telegraph purposes........... | 82,400 | 1,126 | 81,274 |
| Land for Naval purposes.................... | 16,125 | .. | 16,125 |
| Land for Trade and Customs purposes........... | 2,000 | .. | 2,000 |
| Total under control of Home and Territories Department (excepting Federal Capital Territory) | 155,225 | 34,249 | 120,976 |
| Under Control of Department of Defence. | |||
| Expeditionary Forces— | |||
| Pay and allowances, including amounts due to deceased soldiers’ estates | 10,000 | 10,000 | .. |
| Expenditure in connexion with the distribution of medals and plaques, and other Base Records work incidental to the service and records of members of the Australian Imperial Force | 25,000 | 935 | 24,065 |
| Freight, handling charges, reconditioning, and other expenditure in connexion with the post-bellum equipment of the Australian Imperial Force | 25,000 | 25,000 | .. |
| Cost of repatriation of ex-members of the Australian Imperial Force | 500 | 500 | .. |
| Employment of temporary staff, advertising, and other expenditure connected with sales of surplus war equipment and stores | 5,000 | 4,620 | 380 |
| Miscellaneous expenditure in connexion with the Australian Imperial Force, including special expenditure by the High Commissioner’s Office | 250 | .. | 250 |
| Transport services in connexion with Expeditionary Forces, including passage money, hire, fitting and reconditioning of ships, wages, coal, victualling, and all other expenditure incidental to such services | 40,000 | 40,000 | .. |
| Total under control of Department of Defence... | 105,750 | 81,055 | 24,695 |
| Carried forward........ | 10,800,876 | 8,738,510 | 2,062,366 |
Schedule—continued.
<table cellspacing="0" cellpadding="0" style="width:100%; margin-bottom:0pt; border-collapse:collapse"><tbody><tr style="height:1pt"><td style="width:58.14%; border-top:0.75pt solid #
This is an opening excerpt, not the complete document.