Commonwealth act

Loan (Housing) Act 1970

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

96 of 1970

Collection

act

Plain English Summary

1/10 complexity

This law lets the Australian Government borrow up to $142,550,000 by issuing bonds or Treasury Bills to fund public housing. The money may only cover loan‑arrangement costs and advances to State governments for housing projects, protecting the funds from diversion to other budget areas. It primarily affects State housing authorities and, indirectly, public housing tenants.

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Current sections

Direct links to the current provisions in Loan (Housing) Act 1970.

Loan (Housing) Act 1970

Loan (Housing)

No. 96 of 1970

An Act to Authorize the Raising and Expending of a sum not exceeding One hundred and forty-two million five hundred and fifty thousand dollars for the purposes of Housing.

[Assented to 4 November 1970]

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 1970.

Commencement.

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

Authority to borrow $142,550,000.

The Treasurer may, from time to time, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911–1966, or in accordance with the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole One hundred and forty-two million five hundred and fifty thousand 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 1966; 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 1970