Commonwealth act

Loan Act 1980

In ForceCTH

Jurisdiction

Commonwealth

Act Number

120 of 1980

Collection

act

Plain English Summary

3/10 complexity

This Act authorises the Treasurer to borrow up to $900,000,000 during the financial year ending 30 June 1981 for defence purposes (s3). Borrowed moneys may be used only for borrowing costs and services listed under “DEPARTMENT OF DEFENCE” in the Supply Act (No.1) 1980–81 or related appropriation Acts expressed to be subject to s5 (s4).

The Commonwealth (Consolidated Revenue Fund) ultimately bears the debt and the Treasurer decides when and how to borrow under existing stock or Treasury-bill law (s3–4). Expenditure is capped to appropriation amounts and ceases after 30 June 1981, with a narrow exception for the “ADVANCE TO THE MINISTER FOR FINANCE” (s5(2)).

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Loan Act 1980

No. 120 of 1980

An Act to authorize the borrowing and expending of moneys for defence purposes

[Assented to 13 September 1980]

BE IT ENACTED by the Queen, and 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 1980.

Commencement

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

Authority to borrow

3. The Treasurer may, from time to time during the financial year ending on 30 June 1981, 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 $900,000,000.

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) 1980-81 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 1981, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure

5. (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 1981.

Source text

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

1 Loan Act 1980

Loan Act 1980

No. 120 of 1980

An Act to authorize the borrowing and expending of moneys for defence purposes

[Assented to 13 September 1980]

BE IT ENACTED by the Queen, and 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 1980.

Commencement

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

Authority to borrow

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) 1980-81 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 1981, being an Act that is expressed to have effect subject to section 5 of this Act.

Limitation of expenditure

(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 1981.