Commonwealth act

Loan Act 1962

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

19 of 1962

Collection

act

Plain English Summary

1/10 complexity

What it does: This Act gives the Treasurer legal permission to borrow up to £60 million (sixty million pounds) during the 1961-62 financial year.

How the money is raised: Through issuing government bonds (under the Commonwealth Inscribed Stock Act) or short-term Treasury Bills.

Where the money goes: The £60 million is strictly allocated to two defence-related purposes:

Up to £41 million – for current military spending (specifically the defence services listed in the Appropriation Act 1961–62)
Up to £19 million – to pay off old war debts by buying back or redeeming government securities originally issued to fund previous wars

Why it matters: This provides the specific parliamentary authority needed for the government to go into debt for national security purposes and to manage legacy war financing.

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Current sections

Direct links to the current provisions in Loan Act 1962.

Loan Act 1962

LOAN.

No. 19 of 1962.

An Act to Authorize the Raising and Expending of a sum not exceeding Sixty million pounds for Defence Purposes.

[Assented to 6th April, 1962.]

BE it enacted by the Queen’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 1962.

Commencement.

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

Authority to borrow £60,000,000.

The Treasurer may, during the year that commenced on the first day of July, One thousand nine hundred and sixty-one, borrow, under the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or under the provisions of any Act authorizing the issue of Treasury Bills, moneys not exceeding in the whole Sixty million pounds.

Purposes for which moneys borrowed may be applied.

Moneys borrowed under this Act shall be issued and applied for the expenses of borrowing and—

(a) as to a sum not exceeding Forty-one million pounds—for the purpose of meeting expenditure specified in Part I. of the Second Schedule to the Appropriation Act 1961–62 under the heading “XX.—DEFENCE SERVICES.”; and

(b) as to a sum not exceeding Nineteen million pounds—for the purpose of paying off, repurchasing or redeeming Commonwealth securities issued for war purposes.

Source text

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

1 Loan Act 1962