Commonwealth act

Loan (Supplementary Borrowing) Act 1969

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

3 of 1969

Collection

act

Plain English Summary

1/10 complexity

This Act gives the Treasurer permission to borrow up to $150 million on behalf of the Australian Government.

What the money is for: The borrowed funds must be paid into the Loan Consolidation and Investment Reserve — a government reserve account used to manage the Commonwealth's investments and debt. The money can also be used to cover the administrative costs of arranging the loans themselves (such as fees and interest).

How it works: The Treasurer can raise this money either by issuing Commonwealth inscribed stock (government bonds) under the Commonwealth Inscribed Stock Act 1911-1966, or by issuing Treasury Bills (short-term government debt).

Who it affects: This is an internal government funding mechanism. It doesn't directly affect individual citizens, but it forms part of the government's overall budget and debt management strategy.

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Current sections

Direct links to the current provisions in Loan (Supplementary Borrowing) Act 1969.

Loan (Supplementary Borrowing) Act 1969

Loan (Supplementary Borrowing)

No. 3 of 1969

An Act to authorize the Raising and Expending of certain Moneys.

[Assented to 8 April 1969]

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 (Supplementary Borrowing) Act 1969.

Commencement.

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

Authority to borrow $50.000.000.

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 fifty million dollars.

Application of moneys.

Moneys borrowed under this Act shall be issued and applied only for the expenses of borrowing and for the purposes of payment to the credit of the Loan Consolidation and Investment Reserve established by the Loan Consolidation and Investment Reserve Act 1955.

Source text

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

1 Loan (Supplementary Borrowing) Act 1969