STATES GRANTS (CAPITAL ASSISTANCE)
ACT 1978
No.
153 of 1978
An Act to grant financial assistance to
the States in connection with the 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 1978.
Commencement
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Grants to
States during year 1978-79
3. (1)
There is payable to a State specified in Column 1 of the Schedule, during the
year ending on 30 June 1979, for the purpose of financial assistance in
connection with expenditure of a capital nature, the amount specified in Column
2 of the Schedule opposite to the name of that State, less the sum of any amounts paid
to that State under section 4 of the States Grants (Capital Assistance) Act 1977.
(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 1979-80
4. The
Treasurer may, during the period of 6 months commencing on 1 July 1979, make
payments to a State specified in Column 1 of the Schedule, for the purpose of
financial assistance in connection with expenditure of a capital nature, of
amounts not exceeding in the aggregate the amount specified in Column 3 of the
Schedule opposite to the name of that State.
Payments
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 1979, in
accordance with the provisions of the Commonwealth Inscribed Stock Act 1911,
or in accordance with the provisions of an Act authorizing the issue of
Treasury Bills, borrow moneys not exceeding in the aggregate the sum of—
(a) $716,899,500;
and
(b) the expenses of borrowing.
(2) For the purposes of the application of sub-section (1), the
amount specified in paragraph (1)(a) shall be taken to be reduced by the sum of
any amounts borrowed by the Treasurer in accordance with sub-section 6(1) of
the States Grants (Capital Assistance) Act 1977 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 1977, the Minister of State for Finance 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 prepared by the Minister of State for Finance
under section 49 or 50 of the Audit Act 1901, 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 1977.
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 |
State | Amount of grant under sub-section
3(1) | Maximum aggregate amount of
payments under section 4 |
$ | $ |
New South Wales | 154,489,000 | 77,244,500 |
Victoria | 120,071,000 | 60,035,500 |
Queensland | 63,370,000 | 31,685,000 |
South Australia | 62,284,000 | 31,142,000 |
Western Australia | 44,223,000 | 22,111,500 |
Tasmania | 33,496,000 | 16,748,000 |
477,933,000 | 238,966,500 |