Commonwealth act

Loan (Housing) Act 1951

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

26 of 1951

Collection

act

Plain English Summary

2/10 complexity

What this law does

This Act gives the federal government the green light to borrow up to £27 million (in 1951 currency) specifically to fund public housing projects.

How the money is raised

The Treasurer can raise the cash by issuing:

Commonwealth Inscribed Stock (essentially government bonds sold to investors)
Treasury Bills (short-term IOUs issued by the government)

Where the money goes

Every pound borrowed must be handed over to the States as advances (loans or grants) to build homes. This can only happen under the existing deal between the federal government and the states—the Commonwealth and State Housing Agreement Act 1945.

The bottom line

This is a straightforward funding bill. It doesn't rewrite housing policy; it simply provides the credit to pay for the housing program already agreed upon. Once the £27 million is raised and spent, the Act has effectively served its purpose.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1951.

Loan (Housing) Act 1951

LOAN (HOUSING).

No. 26 of 1951.

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

[Assented to 16th November, 1951.]

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 1951.

Commencement.

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

Authority to borrow £27,000,000.

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-seven 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 1951