States
Grants (Capital Assistance)
No. 111 of 1970
An Act to grant Financial
Assistance to the States in connexion with Expenditure of a Capital Nature and
to Authorize the Borrowing of Moneys by the Commonwealth for the purpose of that
Assistance.
[Assented to 11 November 1970]
BE
it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of
Representatives of the Commonwealth of Australia, as follows:—
Short
title.
1. This
Act may be cited as the States Grants (Capital Assistance) Act 1970.
Commencement.
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Grants
to States during year 1970-71.
3.—(1.) There is payable to each State, during the
year ending on the thirtieth day of June, One thousand nine hundred and
seventy-one, for the purpose of financial assistance in connexion with
expenditure of a capital nature, the amount specified in the following table
opposite to the name of that State:—
$ |
New South Wales............................................................
| 63,610,000 |
Victoria...........................................................................
| 51,020,000 |
Queensland......................................................................
| 25,290,000 |
South Australia................................................................
| 27,420,000 |
Western Australia............................................................
| 18,680,000 |
Tasmania.........................................................................
| 13,980,000 |
200,000,000 |
(2.) Payments for the purposes of this section
shall be made in such amounts and at such times as the Treasurer determines.
Authority
to borrow.
4. The Treasurer may, from time to time during the year ending on the
thirtieth day of June, One thousand nine hundred and seventy-one, in accordance
with the provisions of the Commonwealth
Inscribed Stock Act 1911-1966, or in accordance with the provisions of an
Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the
whole Two hundred million dollars.
Application
of moneys borrowed.
5. Moneys borrowed under the last preceding section shall be issued
and applied only for the expenses of borrowing, for the purpose of making
payments to the States in accordance with section 3 of this Act and for the
purpose of making payments to the Consolidated Revenue Fund in accordance with
sub-section (2.) of the next succeeding section.
Grants
may be paid out of Consolidated Revenue Fund.
6.—(1.) A payment to a State for the purposes of
section 3 of this Act may be made out of the Consolidated Revenue Fund, which
is appropriated accordingly.
(2.) Where an amount has been paid out of the
Consolidated Revenue Fund under the last preceding sub-section, the Treasurer
may authorize the payment to that Fund, out of any moneys borrowed under
section 4 of this Act, of an amount not exceeding the amount so paid.
(3.) In any statement of the receipts and
expenditure, or of the expenditure, of the Consolidated Revenue Fund prepared
by the Treasurer under section 49 or section 50 of the Audit Act 1901-1969, amounts paid to the Consolidated Revenue Fund
under the last preceding sub-section shall not be shown as receipts of that
Fund but shall be shown as having reduced the total of the amounts expended
from that Fund in pursuance of sub-section (1.) of this section.
Advances
for year 1971-72.
7.—(1.) The Treasurer may, during the period of six
months commencing on the first day of July, One thousand nine hundred and
seventy-one, make advances to a State, for the purpose of financial assistance
in connexion with expenditure of a capital nature, of amounts not exceeding in
the whole one-half of the amount specified in the table in sub-section (1.) of
section 3 of this Act opposite to the name of that State.
(2.) Payments to
a State for the purposes of this section shall be made out of the Consolidated
Revenue Fund, which is appropriated accordingly.
Advances
made before commencement of Act.
8.An advance that was made to a State under section 5 of
the Financial Agreement Act 1928