Commonwealth act

War Loan Act 1917

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

23 of 1917

Collection

act

Plain English Summary

1/10 complexity

What this law does

This Act gives the Australian Government permission to borrow up to £80 million (a massive sum in 1917) to help pay for World War I.

Key details:

The borrowing: The Treasurer can raise the money by selling government bonds (under the Commonwealth Inscribed Stock Act 1911-1915) or issuing short-term government IOUs called Treasury Bills.
The limit: There's a strict cap of £80 million in total.
The spending: The money can only be used for two things:
1. Paying the administrative costs of setting up the loans, and
2. War purposes (meaning troops, weapons, ships, and other military expenses).

Why it matters During WWI, Australia needed enormous funds to field an army overseas. This Act is essentially Parliament giving the government a limited "credit card" strictly for fighting the war, preventing the money from being diverted to other government projects.

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Current sections

Direct links to the current provisions in War Loan Act 1917.

War Loan Act 1917

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WAR LOAN.

No. 23 of 1917.

An Act to authorize the raising and expending of the sum of Eighty million pounds for War purposes.

[Assented to 15th September, 1917.]

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 1917.

Authority to borrow £80,000,000.

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 Eighty million pounds.

Purpose for which money may be borrowed.

3. 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.