Commonwealth act

Loan (Housing) Act 1949

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

73 of 1949

Collection

act

Plain English Summary

1/10 complexity

What it does: This Act authorises the federal government to borrow up to £17 million (seventeen million pounds) specifically to fund public housing programs.

How it works: The Treasurer can raise this money by issuing government stock or Treasury Bills under existing financial legislation. The borrowed funds must be used for two purposes only:

Covering the administrative costs of arranging the loans
Providing money to State governments to build homes under the Commonwealth and State Housing Agreement Act 1945

Who it affects: While this is primarily a technical financing law between the Commonwealth and the States, it ultimately supports the construction of public housing for Australian families.

Why it matters: The Act provides the legal authority for the Commonwealth to borrow money on behalf of the States, ensuring funding flows to post-war housing construction programs established under the 1945 Housing Agreement.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1949.

Loan (Housing) Act 1949

LOAN (HOUSING).

No. 73 of 1949.

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

[Assented to 28th October, 1949.1

[Date of commencement, 25th November, 1949.]

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 1949.

Authority to borrow £17,000,000.

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 Seventeen 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 1949