Commonwealth act

Loan (Housing) Act 1950

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

21 of 1950

Collection

act

Plain English Summary

2/10 complexity

This Act authorizes the Australian Government to borrow up to £26 million (in 1950 currency) to fund public housing programs. It gives the Treasurer permission to raise this money through either government bonds (under the Commonwealth Inscribed Stock Act) or short-term government debt called Treasury Bills.

The borrowed money can only be used for two things:

Paying the administrative costs of arranging the loans
Handing the cash over to State governments to spend on housing projects under an existing 1945 agreement between the Commonwealth and the States

In short, it’s a legislative ATM withdrawal limit specifically for building houses.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1950.

Loan (Housing) Act 1950

LOAN (HOUSING).

No. 21 of 1950.

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

[Assented to 9th November, 1950.]

[Date of commencement, 7th December, 1950.]

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 1950.

Authority to borrow £26,000,000.

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 Twenty-six million pounds.

Application of money.

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 1950