Commonwealth act

War Loan Act 1920

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

18 of 1920

Collection

act

Plain English Summary

1/10 complexity

This Act gives the Australian Government power to borrow up to £20 million (twenty million pounds) to help pay for World War I costs.

What it does:

Authorizes borrowing: The Treasurer can raise money by issuing government bonds (under the Commonwealth Inscribed Stock Act 1911-1918) or short-term Treasury Bills
Caps the amount: The total borrowing cannot exceed £20 million
Restricts spending: The money can only be used for two things: (1) the costs of arranging the loans themselves, and (2) "War purposes" — meaning expenses related to World War I

Why it matters: Passed in 1920, shortly after WWI ended, this legislation helped Australia manage the enormous debt accumulated during the war. It allowed the government to refinance and pay off war-related obligations by borrowing from the public and financial markets.

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Current sections

Direct links to the current provisions in War Loan Act 1920.

War Loan Act 1920

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WAR LOAN.

No. 18 of 1920.

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

[Assented to 29th May, 1920.]

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 1920.

Authority to borrow £20,000,000.

2. The Treasurer may from time to time, under the provisions of the Commonwealth Inscribed Stock Act 1911-1918, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the sum of Twenty 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.