STATES GRANTS (CAPITAL ASSISTANCE)
ACT 1974
No. 106 of 1974
An
Act to grant Financial Assistance to the States in connexion with Expenditure
of a Capital Nature and to Authorize the Borrowing of Certain Moneys by the
Australian Government.
BE IT ENACTED by the Queen, the
Senate and the House of Representatives of Australia, as follows:—
Short
title.
1. This Act may be cited as the States
Grants (Capital Assistance) Act 1974.
Commencement.
2.This Act shall come into operation on the day on which
it receives the Royal Assent.
Grants
to States during year 1974-75.
3. (1) There is payable to
a State specified in the first column of the Schedule, during the year ending
on 30 June 1975, for the purpose of financial assistance in connexion with
expenditure of a capital nature, the amount specified in the second column of
that Schedule opposite to the name of that State, less the sum of any payments
made to that State under section 4 of the States
Grants (Capital Assistance) Act 1973.
(2) Payments for the purposes of
this section shall be made in such amounts and at such times as the Treasurer
determines.
Advance
payments to States for 1975-76.
4. The Treasurer may, during the period of 6 months commencing on 1
July 1975, make payments to a State specified in the first column of the
Schedule, for the purpose of financial assistance in connexion with expenditure
of a capital nature, of amounts not exceeding in the aggregate the amount
specified in the third column of that Schedule opposite to the name of that
State.
Payments
to States to be made out of Consolidated Revenue Fund or Loan Fund.
5. Payments to a State for the purposes of this Act may be made out
of the Consolidated Revenue Fund or the Loan Fund.
Authority
to borrow.
6. (1) Subject to sub-section
(2), the Treasurer may, during the period commencing on the date of
commencement of this Act and ending on 31 December 1975, in accordance with the
provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance
with the provisions of an Act authorizing the issue of Treasury Bills, borrow
moneys not exceeding in the aggregate $489,927,000.
(2) The aggregate amount of moneys
that may be borrowed under sub-section (1) is reduced by the sum of the moneys
(if any) borrowed by the Treasurer in accordance with sub-section 6(1) of the States Grants (Capital Assistance) Act
1973 for the purpose of making payments to the States in accordance with
section 4 of that Act.
Application
of moneys borrowed.
7.Moneys borrowed under sub-section 6(1) shall be issued
and applied only for the expenses of borrowing, for the purpose of making
payments to the States in accordance with this Act and for the purpose of
making payments to the Consolidated Revenue Fund in accordance with section 8.
Reimbursement
of Consolidated Revenue Fund from Loan Fund.
8. (1) Where an amount has
been paid out of the Consolidated Revenue Fund under this Act or under section
4 of the States Grants (Capital Assistance) Act 1973, the Treasurer may authorize the payment to that Fund, out
of the Loan Fund, of an amount not exceeding the amount so paid.
(2) 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 1901-1973, amounts paid to the
Consolidated Revenue Fund under sub-section (1) of this 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 under this Act and under section 4 of
the States Grants (Capital Assistance) Act 1973.
Appropriation.
9.The Consolidated Revenue Fund and the Loan Fund are
appropriated as necessary for the purposes of this Act.
________
SCHEDULE Sections 3 and 4
First Column | Second
Column | Third
Column |
State | Amount
of
grant under
sub-section 3(1) | Maximum
aggregate
amount of
payments under section 4 |
$ | $ |
New
South Wales............................................................... | 101,337,000 | 50,668,500 |
Victoria............................................................................. | 82,505,000 | 41,252,500 |
Queensland........................................................................ | 43,544,000 | 21,772,000 |
South
Australia.................................................................. | 44,314,000 | 22,157,000 |
Western
Australia............................................................... | 30,387,000 | 15,193,500 |
Tasmania........................................................................... | 24,531,000 | 12,265,500 |
326,618,000 | 163,309,000 |