Commonwealth act

Loan Act 1978

In ForceCTH

Jurisdiction

Commonwealth

Act Number

106 of 1978

Collection

act

Plain English Summary

3/10 complexity

This Act authorises the Treasurer to borrow up to $2,000,000,000 during the 1978–79 financial year to meet borrowing costs and services listed under the “DEPARTMENT OF DEFENCE” in the Supply Act(s). It commences on Royal Assent and forbids expenditure (other than borrowing costs) after 30 June 1979.

Mechanically, the Treasurer decides borrowing; funds are drawn for services appropriated from the Consolidated Revenue Fund; total spending for each service is capped to amounts in the referenced Acts; an existing appropriation for “ADVANCE TO THE MINISTER FOR FINANCE” is preserved.

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Current sections

Direct links to the current provisions in Loan Act 1978.

Commencement

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

Authority to borrow $2,000,000,000

The Treasurer may, from time to time during the financial year ending on 30 June 1979, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $2,000,000,000.

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 Supply Act (No. 1) 1978-79 or in an Act passed after the commencement of this Act and appropriating the Consolidated Revenue Fund for the service of the year ending on 30 June 1979, 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 authorized by the Acts referred to in section 4 to be expended in respect of that service.

(2) Sub-section (1) does not affect the expenditure of moneys appropriated under the heading “ADVANCE TO THE MINISTER FOR FINANCE” in an Act referred to in section 4.

(3) Nothing in this Act shall be taken to authorize expenditure (otherwise than for the expenses of borrowing) after 30 June 1979.

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Source text

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

Commencement Commencement