1
Short title
1 Short title
This Act may be cited as the Urban and Regional Development (Financial Assistance) Act 1974.
//
© 2026 Zoe. All rights reserved.
Zoe is a legal information platform. Always consult the Federal Register of Legislation for authoritative text.
Commonwealth act
Mechanically, this Act lets the Commonwealth provide financial assistance (loans or other payments) to States and approved bodies for urban and regional development programs listed in the Schedule. The Minister approves programs and bodies, agreements must be written and tabled in Parliament, and loans carry repayment and interest terms tied to the Government's long‑term bond rate. It affects Commonwealth and State budgets, state authorities and local governing bodies because it sets who pays, who decides, and the rules for repayment and conditions.
Want the full deep dive?
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in Urban and Regional Development (Financial Assistance) Act 1974.
This Act may be cited as the Urban and Regional Development (Financial Assistance) Act 1974.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
appropriate Minister, in relation to a State, means a Minister of that State having functions relating to urban and regional development, and includes any other Minister of that State for the time being acting for and on behalf of such a Minister.
approved body means a body approved under section 3A.
State includes the Australian Capital Territory.
urban and regional development includes any matter specified in an item in the Schedule.
(1) The Minister may, in writing, approve a body for the purposes of this Act if the body is: (a) an authority of a State; or (b) a local governing body; or (c) a body corporate constituted for purposes other than the acquisition of gain by its individual members. (2) An approval under subsection (1) is not a legislative instrument.
The Minister may, in consultation with an appropriate Minister of a State, approve programs relating to matters specified in the Schedule.
(1) Australia may agree with a State upon financial assistance by way of a loan or otherwise to be provided by Australia to the State under this Act in respect of expenditure by that State, or by an approved body, in accordance with a program approved under section 4, and financial assistance may be provided to the State accordingly. (2) An agreement under subsection (1) shall be in writing. (3) An agreement under subsection (1) may include provision for: (a) the review of the operation of the agreement; and (b) the amendment of the agreement by a further agreement in consequence of such a review; and the agreement as so amended may vary any conditions provided for by section 7.
(1) Financial assistance to a State under this Act is subject to: (a) such of the conditions provided for by this Act as are applicable; and (b) such other conditions as are specified in the agreement. (2) For the purposes of paragraph (1)(a), such of the provisions of this Act as are applicable to a State shall be regarded as conditions.
(1) Subject to this Act, where financial assistance under this Act is provided to a State by way of loan, the State shall: (a) repay the loan in such manner, and within such period, as are specified in the agreement in accordance with which the financial assistance is provided; and (b) pay interest in respect of the loan at the long‑term bond rate in such manner, and at such times within that period, as are so specified. (2) For purposes of subsection (1), a reference to the long‑term bond rate, in relation to any interest, is a reference to the rate that is equivalent to the rate of yield to maturity of the long‑term loan of the last loan‑raising by the Australian Government in Australia for public subscription before a date specified in, or ascertained in accordance with, the agreement.
The Minister shall cause a copy of every agreement made under this Act, including every amending agreement, to be laid before each House of the Parliament within 15 sitting days of the House after the date on which the agreement was made.
Financial assistance provided to the States under this Act shall be made out of moneys appropriated from time to time by the Parliament for the purposes of this Act.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Urban and Regional Development (Financial Assistance) Act 1974.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, unless the contrary intention appears:
appropriate Minister, in relation to a State, means a Minister of that State having functions relating to urban and regional development, and includes any other Minister of that State for the time being acting for and on behalf of such a Minister.
approved body means a body approved under section 3A.
State includes the Australian Capital Territory.
urban and regional development includes any matter specified in an item in the Schedule.
(1) The Minister may, in writing, approve a body for the purposes of this Act if the body is: (a) an authority of a State; or (b) a local governing body; or (c) a body corporate constituted for purposes other than the acquisition of gain by its individual members. (2) An approval under subsection (1) is not a legislative instrument.
The Minister may, in consultation with an appropriate Minister of a State, approve programs relating to matters specified in the Schedule.
(1) Australia may agree with a State upon financial assistance by way of a loan or otherwise to be provided by Australia to the State under this Act in respect of expenditure by that State, or by an approved body, in accordance with a program approved under section 4, and financial assistance may be provided to the State accordingly. (2) An agreement under subsection (1) shall be in writing. (3) An agreement under subsection (1) may include provision for: (a) the review of the operation of the agreement; and (b) the amendment of the agreement by a further agreement in consequence of such a review; and the agreement as so amended may vary any conditions provided for by section 7.
(1) Financial assistance to a State under this Act is subject to: (a) such of the conditions provided for by this Act as are applicable; and (b) such other conditions as are specified in the agreement. (2) For the purposes of paragraph (1)(a), such of the provisions of this Act as are applicable to a State shall be regarded as conditions.
(1) Subject to this Act, where financial assistance under this Act is provided to a State by way of loan, the State shall: (a) repay the loan in such manner, and within such period, as are specified in the agreement in accordance with which the financial assistance is provided; and (b) pay interest in respect of the loan at the long‑term bond rate in such manner, and at such times within that period, as are so specified. (2) For purposes of subsection (1), a reference to the long‑term bond rate, in relation to any interest, is a reference to the rate that is equivalent to the rate of yield to maturity of the long‑term loan of the last loan‑raising by the Australian Government in Australia for public subscription before a date specified in, or ascertained in accordance with, the agreement.
The Minister shall cause a copy of every agreement made under this Act, including every amending agreement, to be laid before each House of the Parliament within 15 sitting days of the House after the date on which the agreement was made.
Financial assistance provided to the States under this Act shall be made out of moneys appropriated from time to time by the Parliament for the purposes of this Act.