States Grants (Housing Assistance) Act 1973

States Grants (Housing Assistance) Act 1973

This Act is a straightforward financial mechanism that authorised the Commonwealth (federal) government to hand out money to the states to help fund housing in the 1973–74 financial year.

What does it do?

• Advances to the States: The federal Treasurer was empowered to make financial advances (essentially loans) to each state for housing purposes during the first six months of the 1973–74 financial year (July to December 1973). These advances had to be made in accordance with a separate agreement under the Housing Agreement Act 1973.
• Total funding pool: The Act authorised a total of $84.6 million across all six states, with specific amounts allocated to each:
  • New South Wales: $28.6 million
  • Victoria: $18.75 million
  • South Australia: $14.75 million
  • Western Australia: $10.5 million
  • Queensland: $7.75 million
  • Tasmania: $4.25 million

Where did the money come from?

The Commonwealth had two options for where to draw the funds:

• The Consolidated Revenue Fund (the government's main operating account, funded by taxes), or
• The Loan Fund (money the government itself has borrowed).