STATES GRANTS (CAPITAL ASSISTANCE)
ACT 1976
No. 4 of 1976
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 Commonwealth.
BE IT
ENACTED by the Queen, and the Senate and 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 1976.
Commencement.
2.This Act shall come
into operation on the day on which it receives the Royal Assent.
Grants to States during year 1975-76.
3. (1) There is payable to a State specified
in Column 1 of the Schedule, during the year ending on 30 June 1976, for the
purpose of financial assistance in connexion with expenditure of a capital
nature, the amount specified in Column 2 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 1974.
(2) Payments for the
purposes of this section shall be made in such amounts and at such times as the
Treasurer approves.
Advance payments to States for 1976-77.
4.The Treasurer may,
during the period of 6 months commencing on 1 July 1976, make payments to a
State specified in Column 1 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 Column 3 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 1976, 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 $645,499,500.
(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 1974 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 1974, 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 1901-1975, 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 1974.
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
Column 1 | Column 2 | Column 3 |
Amount of
grant under
sub-section 3(1) | Maximum aggregate
amount of payments
under section 4 |
State |
$ | $ |
New South Wales............................................................................... | 137,057,000 | 68,528,500 |
Victoria............................................................................................... | 108,871,000 | 54,435,500 |
Queensland......................................................................................... | 57,459,000 | 28,729,500 |
South Australia................................................................................... | 56,475,000 | 28,237,500 |
Western Australia............................................................................... | 40,099,000 | 20,049,500 |
Tasmania............................................................................................. | 30,372,000 | 15,186,000 |
430,333,000 | 215,166,500 |
NOTE
1. Act No. 4, 1976; assented to 9 March 1976.