Commonwealth act

Loan (Housing) Act 1965

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

55 of 1965

Collection

act

Plain English Summary

2/10 complexity

This law authorises the Australian Government to borrow up to £51 million to fund public housing programs.

What it does:

Allows the Treasurer to raise debt by issuing government bonds (under the Commonwealth Inscribed Stock Act) or Treasury Bills
Caps total borrowing at £51 million pounds
Restricts use of funds to:
1. Administrative costs of the borrowing itself
2. Lending money to State governments for housing projects

Who gets the money: The funds must be provided to States under either:

Section 4 of the Housing Agreement Act 1961 (a federal-state housing agreement), or
Any other Act authorising housing advances to States

Why it matters: This is a financial authority law. Without it, the Commonwealth could not legally raise this debt. It enables the federal government to act as a banker for the States, securing capital on national markets to build public housing.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1965.

Loan (Housing) Act 1965

Loan (Housing)

No. 55 of 1965

An Act to Authorize the Raising and Expending of a sum not exceeding Fifty-one million pounds for the purposes of Housing.

[Assented to 22 September, 1965]

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 1965.

Commencement.

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

Authority to borrow £51,000,000.

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1963, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole Fifty-one million 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 the States—

(a) in pursuance of section 4 of the Housing Agreement Act 1961; or

(b) in pursuance of an Act authorizing the making of advances to States for the purposes of housing.

Source text

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

1 Loan (Housing) Act 1965