Commonwealth act

War Loan Act 1918

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

13 of 1918

Collection

act

Plain English Summary

1/10 complexity

This law authorises the Australian Government to borrow up to £80 million to fund World War I operations.

What it does:

Gives the Treasurer power to raise loans using existing borrowing mechanisms (Commonwealth Inscribed Stock or Treasury Bills)
Caps total borrowing at £80 million
Restricts the money to two uses only: paying for the war itself, and covering the administrative costs of arranging the loans

Who it affects:

The Government (specifically the Treasurer), who gains temporary spending power
Future Australian taxpayers, who would ultimately repay the debt
Investors willing to lend money to the government through war bonds

Why it matters:

Passed during WWI, this represents emergency fiscal legislation allowing Australia to finance its massive military commitment without immediate taxation
Demonstrates how governments use legislative authority to create national debt for wartime expenditure

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Current sections

Direct links to the current provisions in War Loan Act 1918.

War Loan Act 1918

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WAR LOAN.

No. 13 of 1918.

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

[Assented to 11th June, 1918.]

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 1918.

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.