STATES GRANTS (SPECIAL FINANCIAL ASSISTANCE).
No. 44 of 1955.
An Act to grant and apply out of the Consolidated Revenue Fund sums
for the purpose of Financial Assistance to the States.
[Assented to 2nd November, 1955.]
BE it enacted by the Queen’s Most Excellent
Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia,
for the purpose of appropriating the grant originated in the House of
Representatives, as follows:—
Short
title.
1. This Act
may be cited as the States Grants (Special Financial Assistance) Act 1955.
Commencement.
2. This Act
shall come into operation on the day on which it receives the Royal Assent.
Financial
assistance to States.
3. There is
payable to each State, during the year which commenced on the first day of
July, One thousand nine hundred and fifty-five, for the purpose of financial
assistance, an amount or amounts calculated in accordance with the next
succeeding section.
Amount
of financial assistance payable.
4.—(1.) Subject to the next succeeding sub-section,
the amount payable to a State under this Act is the amount by which the amount calculated
in respect of that State under sections six and seven of the States Grants (Tax Reimbursement) Act 1946-1948
in respect of the year which commenced on the first day of July, One thousand nine
hundred and fifty-five, is less than the amount which would be payable to that
State if the aggregate grant to be divided amongst the States in accordance
with section seven of that Act in respect of that year were One hundred and
fifty-five million pounds.
(2.) In addition to the amount calculated in
accordance with the last preceding sub-section, there is payable to the State
of New South Wales an amount of Two million pounds.
Appropriation.
5.