Commonwealth act

Loan (Housing) Act (No. 2) 1966

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

35 of 1966

Collection

act

Plain English Summary

2/10 complexity

What it does This Act gives the federal government legal permission to borrow up to $120 million specifically to fund housing programs.

How the money is raised The Treasurer can secure this loan through:

Government bonds (issued under the Commonwealth Inscribed Stock Act 1911–1963), or
Treasury Bills (short-term government IOUs)

Where the money goes The borrowed funds must be passed on to the States as financial advances to build or support housing projects, as set out in the Housing Agreement Act 1966. The money can also be used to cover the administrative costs of arranging the borrowing.

Why it matters It creates a dedicated funding pipeline: the Commonwealth can go into debt to support state housing initiatives, but the law locks in strict rules ensuring the cash can only be used for housing purposes and related borrowing expenses.

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Current sections

Direct links to the current provisions in Loan (Housing) Act (No. 2) 1966.

Loan (Housing) Act (No. 2) 1966

Loan (Housing) (No. 2)

No. 35 of 1966

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

[Assented to 12 September, 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 (No. 2) 1966.

Commencement.

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

Authority to borrow $120,000,000.

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 One hundred and twenty 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 in pursuance of section 4 or section 5 of the Housing Agreement Act 1966.

Source text

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

1 Loan (Housing) Act (No. 2) 1966