Commonwealth act

Loan (Housing) Act 1966

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

6 of 1966

Collection

act

Plain English Summary

1/10 complexity

This Act is a straightforward borrowing authority. It gives the Commonwealth Treasurer permission to raise up to $15 million to fund public housing.

How it works:

The Treasurer can borrow the money by issuing Commonwealth Inscribed Stock (government bonds) or Treasury Bills (short-term debt).
The funds must be used for two things only: (1) covering the costs of borrowing (like fees and interest), and (2) lending the cash to State governments for housing projects.
These loans to the States must be made under the Housing Agreement Act 1961 or similar legislation.

Why it matters: Instead of raising taxes, the federal government is tapping the debt market to bankroll state housing programs—essentially acting as a financial middleman to get homes built.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1966.

Loan (Housing) Act 1966

Loan (Housing)

No. 6 of 1966

An Act to Authorize the Raising and Expending of a sum not exceeding Fifteen million dollars for the purposes of Housing.

[Assented to 28 April, 1966]

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 1966.

Commencement.

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

Authority to borrow $15,000,000.

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 Fifteen million dollars.

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 1966