Commonwealth act

Loan Act 1974

In ForceCTH

Jurisdiction

Commonwealth

Act Number

144 of 1974

Collection

act

Plain English Summary

3/10 complexity

This Act lets the Treasurer, during the 1974–75 financial year, borrow money to cover any shortfall between moneys lawfully available from the Consolidated Revenue Fund and amounts appropriated for Defence. Borrowing must follow existing stock or Treasury-bill rules, may be applied only to Defence services and borrowing expenses, and cannot fund expenditure after 30 June 1975.

The Commonwealth (Consolidated Revenue Fund) ultimately meets repayment and the Treasurer decides timing and amounts (s 3). The measure affects Defence financing and short-term public debt levels.

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Current sections

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Loan Act 1974

LOAN ACT 1974

No. 144 of 1974

An Act to Authorize the Raising and Expending of Moneys for Defence Purposes.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title.

This Act may be cited as the Loan Act 1974.

Commencement.

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

Authority to borrow.

The Treasurer may, from time to time during the financial year ending on 30 June 1975, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys that, together with any moneys previously borrowed under this section, do not exceed the amount that, at the time of the borrowing, he considers to be the greatest amount by which the moneys lawfully available for expenditure from the Consolidated Revenue Fund in that financial year are likely to be less than the amount of the expenditure authorized to be made from that Fund in that financial year.

Application of moneys borrowed.

Moneys borrowed under section 3 shall be applied only for the expenses of borrowing and for services specified under the heading “DEPARTMENT OF DEFENCE” in the Appropriation Act (No. 1) 1974-75 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year that commenced on 1 July 1974, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure.

(1) Nothing in this Act or in an Act referred to in section 4 shall be taken to authorize the expenditure for a service referred to in section 4 of an amount the expenditure of which would result in the total expenditure for that service under this Act and the Acts referred to in section 4 exceeding the total of the amounts specified in the Acts referred to in section in respect of that service.

(2) Sub-section (1) does not affect the expenditure of the moneys appropriated by the Appropriation Act (No. 1) 1974-75 under Division No. 590—Advance to the Treasurer.

(3) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1975.

Source text

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

1 Loan Act 1974