Commonwealth act

Loan (Housing) Act 1961

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

60 of 1961

Collection

act

Plain English Summary

1/10 complexity

This Act gives the Commonwealth Treasurer power to borrow up to £42,900,000 (forty-two million nine hundred thousand pounds) specifically to fund public housing initiatives.

What the money is for:

Borrowing mechanism: The Treasurer can raise these funds by issuing government bonds (under the Commonwealth Inscribed Stock Act) or short-term Treasury Bills.
Strict allocation: Every dollar borrowed must go toward either:
1. Paying the administrative costs of arranging the loan itself; or
2. Making payments to State governments for housing programs, as set out in the Housing Agreement Act 1961.

In simple terms: This is a limited-purpose "loan authorization" law. It doesn't create any new housing programs directly; instead, it provides the credit line that the Commonwealth uses to lend money to States for housing projects.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1961.

Loan (Housing) Act 1961

LOAN (HOUSING).

No. 60 of 1961.

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

[Assented to 24th October, 1961.]

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 1961.

Commencement.

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

Authority to borrow £42,900,000.

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 Forty-two million nine hundred 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 pursuance of section four or five of the Housing Agreement Act 1961.

Source text

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

1 Loan (Housing) Act 1961