Commonwealth act

Loan (Housing) Act 1947

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

66 of 1947

Collection

act

Plain English Summary

1/10 complexity

What it does: This Act allows the Australian Government to borrow up to £13 million (in 1947 currency) to fund public housing construction.

How it works:

The Treasurer can raise the money by selling government bonds (under the Commonwealth Inscribed Stock Act) or issuing short-term Treasury Bills
The borrowed funds are then advanced (lent) to the State governments
The States must spend this money on housing projects under the Commonwealth and State Housing Agreement Act 1945 — a post-war deal where Canberra provided the cash and the States built the homes

Why it matters: Passed during a severe national housing shortage after WWII, this Act provided the initial funding to kick-start large-scale public housing programs, helping house returning servicemen and working families.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1947.

Loan (Housing) Act 1947

LOAN (HOUSING).

No. 66 of 1947.

An Act to authorize the Raising of Moneys to be advanced to the States for the purposes of Housing.

[Assented to 4th, December, 1947.]

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 (Housing) Act 1947.

Commencement.

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

Authority to borrow £13,000,000.

The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Thirteen million pounds.

Application of moneys.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for making advances to the States for the purposes of housing in pursuance of the agreement the execution of which is authorized by the Commonwealth and State Housing Agreement Act 1945.

Source text

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

1 Loan (Housing) Act 1947