Commonwealth act

War Loan Act 1916

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

22 of 1916

Collection

act

Plain English Summary

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What this law does:

This Act gives the federal Treasurer power to borrow up to £50 million (a huge sum in 1916) to help pay for World War I.

Key points:

Who can borrow: The Commonwealth Treasurer
How much: Up to £50 million pounds in total
How: By issuing government bonds (called "inscribed stock") under the Commonwealth Inscribed Stock Act 1911-1915, or by issuing short-term Treasury Bills
What the money is for: Only for war expenses and the costs of arranging the loans themselves

In simple terms, this was Australia's legislative way of opening a massive line of credit to fund the war effort.

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Current sections

Direct links to the current provisions in War Loan Act 1916.

War Loan Act 1916

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WAR LOAN.

View image in the official sourceNo. 22 of 1916.

An Act to authorize the Raising and Expending of the sum of Fifty Million Pounds for War purposes.

[Assented to 30th May, 1916]

BE it enacted by the King's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows :-

Short title and citation.

1 . This Act may be cited as the War Loan Act 1916.

Authority to borrow S50,000,000.

2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1915, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Fifty million pounds.

Purposed for which money may be borrowed.

View image in the official source3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for War purposes.

Source text

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