Commonwealth act

Loan (Housing) Act (No. 2) 1962

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

70 of 1962

Collection

act

Plain English Summary

1/10 complexity

This law gives the Australian Government permission to borrow up to £45.9 million (in 1960s currency) to fund public housing.

What it does:

Allows the Treasurer to raise money by selling government bonds or issuing Treasury Bills
Limits the total borrowing to £45,900,000
Restricts how the money can be spent: only on the costs of arranging the loan, and on payments to State governments for housing projects

Why it matters: This is a "money bill" that provides the cash for the 1961 Housing Agreement between the Commonwealth and the States. It doesn't create new housing rules; it simply authorizes the borrowing needed to pay for homes already promised under that earlier agreement.

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Current sections

Direct links to the current provisions in Loan (Housing) Act (No. 2) 1962.

Loan (Housing) Act (No. 2) 1962

LOAN (HOUSING) (No. 2).

No. 70 of 1962.

An Act to Authorize the Raising and Expending of a sum not exceeding Forty-five million nine hundred thousand pounds for the purposes of Housing.

[Assented to 24th November, 1962.]

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 (No. 2) 1962.

Commencement.

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

Authority to borrow £45,900,000.

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-five 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 the States in pursuance of section four 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 (No. 2) 1962