STATE
GRANTS (CAPITAL ASSISTANCE) ACT (No. 2) 1976
No. 104 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 (No. 2) 1976.
Commencement.
2.This Act shall come into operation on the day on which it receives the
Royal Assent.
Grants to States during year 1976-77.
3. (1) There is payable to a State specified
in Column 1 of the Schedule, during the year ending on 30 June 1977, 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 1976.
(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 1977-78.
4. The Treasurer may, during the
period of 6 months commencing on 1 July 1977, 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
1977, 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 $678,000,000.
(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 1976 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 1976, 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
prepared by the Treasurer under section 49 or section 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 1976.
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........................................... | 143,958,000 | 71,979,000 |
Victoria.......................................................... | 114,354,000 | 57,177,000 |
Queensland.................................................... | 60,352,000 | 30,176,000 |
South Australia............................................... | 59,318,000 | 29,659,000 |
Western Australia........................................... | 42,117,000 | 21,058,500 |
Tasmania........................................................ | 31,901,000 | 15,950,500 |
452,000,000 | 226,000,000 |