7Financial assistance by way of loan

7 Financial assistance by way of loan

(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.