Commonwealth act

Loan (Housing) Act 1953

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

66 of 1953

Collection

act

Plain English Summary

1/10 complexity

What this law does:

This Act gives the Australian Government permission to borrow up to £37.2 million (in 1953 currency) to fund public housing.

Who gets the money: The borrowed funds are lent to five specific states for housing projects:

New South Wales
Victoria
Queensland
South Australia
Western Australia

The rules: The money can only be used for housing that falls under an existing national agreement (the Commonwealth and State Housing Agreement Act 1945). The Treasurer can raise the cash by selling government bonds or issuing Treasury Bills.

Bottom line: This is a simple 'money bill' — it authorizes a specific loan to help states build houses in the 1950s.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1953.

Loan (Housing) Act 1953

LOAN (HOUSING).

No. 66 of 1953.

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

[Assented to 28th October, 1953.]

BE it enacted by the Queen’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 1953.

Commencement.

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

Authority to borrow £37,200,000.

The Treasurer may, from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1946, or under the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Thirty-seven million two hundred thousand 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 of New South Wales, Victoria, Queensland, South Australia and Western Australia for the purposes of housing in accordance with the agreement executed in pursuance of the authority conferred 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 1953