Commonwealth act

Loan Act 1945

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

19 of 1945

Collection

act

Plain English Summary

1/10 complexity

The Act gives the Treasurer authority to borrow up to £150 million (about $15 billion today) by issuing government stock or short-term Treasury Bills to finance Australia’s WWII effort. Borrowed funds are restricted to loan administration and authorised “war purposes,” so the government can raise large-scale wartime funding while legally limiting spending to military needs.

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Current sections

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Loan Act 1945

LOAN.

No. 19 of 1945.

An Act to authorize the Raising and Expending of a certain Sum of Money.

[Assented to 3rd August, 1945.]

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.

This Act may be cited as the Loan Act 1945.

Commencement.

This Act shall come into operation on the day on which it receives the Royal Assent.

Authority to borrow £150,000,000.

The Treasurer may, from to time, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1943, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole the amount of One hundred and fifty million pounds.

Purposes for which money may be expended.

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

Issue and application of £150,000,000.

There may be issued and applied out of the proceeds of any loan raised under the authority of this Act, or of any other Act, the sum of One hundred and fifty million pounds for war purposes.

Source text

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

1 Loan Act 1945