Commonwealth act

Loan (Housing) Act 1957

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

66 of 1957

Collection

act

Plain English Summary

1/10 complexity

This Act gives the federal Treasurer permission to borrow £33,160,000 (in 1957 pounds) specifically to fund public housing projects through the States.

What it does:

Authorises borrowing: The Treasurer can raise this money by issuing government stock or bonds (under the Commonwealth Inscribed Stock Act) or short-term Treasury Bills.
Locks in the purpose: The money can only be used for two things:
1. Paying the costs of arranging the loans (administrative fees, etc.); and
2. Lending the funds to State governments to build houses, under the 1956 Housing Agreement between the Commonwealth and the States.

Why it matters: This is a "supply" Act — a specific, one-off parliamentary approval allowing the government to go into debt for a single purpose. It ensures the borrowed money cannot be diverted to other government projects and must flow directly to State housing programs as agreed.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Loan (Housing) Act 1957.

Loan (Housing) Act 1957

LOAN (HOUSING)

No. 66 of 1957.

An Act to authorize the Raising and Expending of Moneys for the purposes of Housing.

[Assented to 29th November, 1957.]

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 1957.

Commencement.

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

Authority to borrow £33,160,000.

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1946, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Thirty-three million one hundred and sixty thousand pounds.

Application of moneys.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purpose of making advances to States in accordance with the agreement executed in pursuance of the authority conferred by the Housing Agreement Act 1956.

Source text

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

1 Loan (Housing) Act 1957