Loan Act 1986
No.
95 of 1986
An
Act to authorise the borrowing and expending of money for certain purposes
[Assented to 13 October 1986]
BE IT ENACTED by the Queen, and the
Senate and the House of Representatives of the Commonwealth of Australia, as
follows:
PART
I—PRELIMINARY
Short
title
1. This Act may be cited
as the Loan Act 1986.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Interpretation
3. In this Act, unless the
contrary intention appears—
“defence
service”, in relation to the financial year, means a service specified under
the heading “DEPARTMENT OF DEFENCE” in a relevant appropriation Act for the
financial year;
“financial
year” means the year ending on 30 June 1987;
“relevant
appropriation Act”, in relation to the financial year, means—
(a)
the Supply Act (No. 1) 1986-87; or
(b)
an Act, whether passed before or after the commencement of this Act,
appropriating the Consolidated Revenue Fund for the service of the financial
year ending on 30 June 1987, being an Act that is expressed to have effect
subject to this Act.
PART
II—BORROWING AND EXPENDING OF MONEY FOR DEFENCE PURPOSES
Authority
to borrow
4. The Treasurer may, from
time to time during the financial year, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911
or an Act authorising the issue of Treasury Bills, borrow money that,
together with any money previously borrowed under this section during the
financial year, does not exceed the sum of—
(a)
the total of the amounts authorised to be expended after the commencement of
this Act and before the end of the financial year for defence services for the
financial year; and
(b)
the expenses of borrowing.
Application
of money borrowed under section 4
5. Money borrowed under
section 4 in the financial year may be issued and expended for—
(a)
defence services for the financial year; and
(b)
the expenses of borrowing, and not otherwise.
PART III—SUPPLEMENTATION
OF THE CONSOLIDATED REVENUE FUND
Authority
to borrow
6. The Treasurer may, from
time to time during the financial year, in accordance with the provisions of
the Commonwealth Inscribed Stock Act 1911
or an Act authorising the issue of Treasury Bills, borrow money that,
together with any money previously borrowed under this section during the
financial year, does not exceed the sum of—
(a)
the amount that, at the time of the borrowing, the Treasurer considers to be
the greatest amount by which the money lawfully available, apart from this
Part, for expenditure from the Consolidated Revenue Fund in the financial year
is likely to be less than the amount of the expenditure made, and to be made,
from the Consolidated Revenue Fund in the financial year; and
(b)
the amount that, at that time, the Treasurer considers will be the expenses of
the borrowing
Application
of money borrowed under section 6
7. Money borrowed under
section 6 may be issued and expended—
(a)
in making payments to the credit of the Consolidated Revenue Fund; and
(b)
for the expenses of borrowing, and not otherwise.
PART
IV—MISCELLANEOUS
Appropriation
8. The Loan Fund is
appropriated to the extent necessary for the purposes of this Act.
Limitation
of expenditure
9. (1) Nothing in this Act, or in a relevant appropriation Act for the
financial year, shall be taken to authorise the expenditure for a defence
service for the financial year of an amount the expenditure of which would
result in the total expenditure for that service under this Act and the
relevant appropriation Acts for the financial year exceeding the total of the
amounts authorised by the relevant appropriation Acts for the financial year to
be expended in respect of that service.
(2) Sub-section (1) does
not affect the expenditure of money appropriated under the heading “ADVANCE TO
THE MINISTER FOR FINANCE” in a relevant appropriation Act for the financial
year.
(3) Nothing in this Act
shall be taken to authorise expenditure (otherwise than for the expenses of
borrowing) after 30 June 1987.
[Minister’s second reading speech made in—
House
of Representatives on 19 August 1986
Senate
on 18 September 1986