Loan Act (No. 2) 1928

Legislation au C1928A00033 Not in force Act

Legislation content

 

 

LOAN (No. 2).

 

No. 33 of 1928.

An Act to authorize the Raising and Expending of certain Sums of Money.

[Assented to 22nd September, 1928.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Loan Act (No. 2) 1928.

Authority to borrow £10,700,000.

2. The Treasurer may from time to time under the provisions of the Commonwealth Inscribed Stock Act 19111927, or under the provisions of any Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the whole the amount of Ten million seven hundred thousand pounds.

Purpose for which money may be borrowed.

3. The amount borrowed shall be issued and applied only for the expenses of borrowing and for the purposes of appropriations made or to be made by law.


Issue and application of £10,422,025.

4. There may be issued and applied out of the proceeds of any Loan raised under the authority of any Loan Act, including the present Act, the sum of Ten million four hundred and twenty-two thousand and twenty-five pounds for the purposes set forth in the Schedule to this Act.

___________

SCHEDULE.

______

ABSTRACT.

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column.

Second Column.

Third Column.

 

£

£

£

WAR AND REPATRIATION SERVICES ....

1,850,000

311,255

1,538,745

PRIME MINISTERS DEPARTMENT.......

325,000

75,000

250,000

DEPARTMENT OF THE TREASURY.......

675,000

100,000

575,000

HOME AND TERRITORIES DEPARTMENT..

658,500

10,000

648,500

DEPARTMENT OF DEFENCE............

273,100

66,250

206,850

DEPARTMENT OF TRADE AND CUSTOMS..

35,865

5,500

30,365

DEPARTMENT OF WORKS AND RAILWAYS 

1,295,000

311,000

984,000

POSTMASTER-GENERALS DEPARTMENT.

3,800,000

941,500

2,858,500

DEPARTMENT OF HEALTH.............

21,000

5,100

15,900

DEPARTMENT OF MARKETS...........

230,910

40,000

190,910

FEDERAL CAPITAL COMMISSION........

3,000,000

 

3,000,000

NORTH AUSTRALIA COMMISSION.......

122,900

 

122,900

REDEMPTIONS-PORT AUGUSTA OODNADATTA RAILWAY LOANS 

54,750

54,395

355

TOTAL.....................

12,342,025

1,920,000

10,422,025


Schedulecontinued.

——

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column.

Second Column.

Third Column.

WAR AND REPATRIATION SERVICES.

£

£

£

Under Control of Department of Defence.

 

 

 

Expenditure arising out of requisition and use of vessels for transport services in connexion with Expeditionary Forces             

50,000

..

50,000

Under Control of Department of Works and Railways.

 

 

 

Expenditure under War Service Homes Act 1918-25 (to be paid to credit of Trust Fund, War Service Homes Account)             

1,800,000

311,255

1,488,745

Total War and Repatriation Services..........

1,850,000

311,255

1,538,745

______

THE PRIME MINISTER’S DEPARTMENT.

 

 

 

Under Control of Development and Migration Commission.

 

 

 

Immigration—Advances of passage money, landing money and medical fees of assisted immigrants 

300,000

75,000

225,000

Under Control of Prime Minister’s Department.

 

 

 

Subscription to capital of Commonwealth Oil Refineries Limited in accordance with Oil Agreement Act 1926             

25,000

..

25,000

Total Prime Minister’s Department...............

325,000

75,000

250,000

______

DEPARTMENT OF THE TREASURY.

 

 

 

Under Control of Department of the Treasury.

 

 

 

Grafton to South Brisbane Railway................

675,000

100,000

575,000

______

HOME AND TERRITORIES DEPARTMENT.

 

 

 

Under Control of Department of the Treasury.

 

 

 

Loan to the Territory of New Guinea for Works

20,000

10,000

10,000

Under Control of Home and Territories Department.

 

 

 

Parliament House, Canberra (to be paid to Federal Capital Commission)

638,500

..

638,500

Total Home and Territories Department........

658,500

10,000

648,500


Schedulecontinued.

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column

Second Column.

Third Column.

 

£

£

£

THE DEPARTMENT OF DEFENCE.

 

 

 

Under Control of Department of Defence.

 

 

 

Machinery and plant for manufacture of munitions not now produced in Australia—towards cost

 

 

 

43,000

10,000

33,000

Acquisition of Small Arms Ammunition Factory, Footscray—Instalments 

 

 

 

19,153

..

19,153

Under Control of Department of Works and Railways.

 

 

 

Naval Bases, Works and Establishments.....

72,000

18,000

54,000

Construction of drill halls, mobilization stores, ordnance stores, rifle ranges, fortifications, barracks, and other accommodation and engineering works .             

 

 

 

 

 

 

 

 

 

33,584

8,000

25,584

Towards cost of construction of buildings, hangars, workshops, barracks and earthworks, and preparation of aerial routes and landing grounds for Royal Australian Air Force

 

 

 

 

 

 

 

 

 

60,000

15,000

45,000

Towards cost of construction of buildings and works generally in connexion with new munitions production at Maribyrnong, Footscray, Lithgow, and Wakefield             

 

 

 

 

 

 

 

 

 

42,847

15,000

27,847

Purchase of properties and sites:—

 

 

 

Properties and sites for military purposes...

1,516

..

1,516

Properties and sites for Royal Australian Air Force 

 

 

 

1,000

250

750

Total Department of Defence.........

273,100

66,250

206,850

_____

THE DEPARTMENT OF TRADE AND CUSTOMS.

 

 

 

Under Control of Department of Trade and Customs.

 

 

 

New lighthouses (including upkeep of vessels for construction work) and optical and other apparatus for Lightships             

 

 

 

 

 

 

17,000

3,000

14,000

Alterations of lighthouse services..........

16,000

2,000

14,000

Establishing means of communication......

2,000

500

1,500

Under Control of Department of Works and Railways.

 

 

 

 

 

 

 

Acquisition of land for Trade and Customs purposes.

 

 

 

865

..

865

Total Department of Trade and Customs.

35,865

5,500

30,365


Schedulecontinued.

Amount required in 1828-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column.

Second Column.

Third Column.

 

£

£

£

THE DEPARTMENT OF WORKS AND RAILWAYS.

 

 

 

Under Control or the Department or Works and Railways.

 

 

 

Expenditure under River Murray Waters Act 1915-23...

250,000

70,000

180,000

Commonwealth Offices, Brisbane—towards cost....

15,000

..

15,000

Commonwealth Offices, Sydney—towards cost......

30,000

..

30,000

Trans-Australian Railway....................

104,000

l9,500

84,500

North Australia Railway—minor capital works..............

3,000

500

2,500

Central Australia Railway....................

64,000

7,000

57,000

Federal Territory Railway....................

4,000

1,000

3,000

Provision for construction of new railways under the Northern Territory Railway Extension Act 1923, the Oodnadatta to Alice Springs Railway Act 1926 and rolling stock, and the Railways (South Australia) Agreement Act 1926 (on account of £4,689,250)             

825,000

213,000

612,000

Total Department op Works and Railways....

1,295,000

311,000

984,000

______

THE POSTMASTER-GENERAL’S DEPARTMENT.

 

 

 

Under Control of the Postmaster-General’s Department and the Department of Works and Railways.

 

 

 

 

 

 

Construction and extension of telegraphs and telephones; construction of conduits and laying wires underground; land for Post and Telegraph purposes; also Buildings for the Postmaster-General’s Department as set out here- under:—             

3,745,000

940,000

2,805,000

Buildings for Postmaster-General’s Department.

 

 

 

New South Wales.

 

 

 

Additions and Alterations.—Berrigan, Boorowa, Chatswood, Condobolin, Dee Why, Glen Innes, Goulburn, Grafton, Kensington, Kyogle, Manly, Moulamein, North Sydney, Petersham, Pymble, Queanbeyan, Sydney—City North, Sydney General Post Office, Tamworth, Waverley, West Maitland.

 

 

 

Carried, forward ...............

3,745,000

940,000

2,805,000


Schedulecontinued.

___

 

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column.

Second Column.

Third Column.

 

£

£

£

THE POSTMASTER-GENERAL’S DEPARTMENT—continued.

 

 

 

Brought forward...........

3,745,000

940,000

2,805,000

Buildings for Postmaster-General’s Departmentcontinued.

 

 

 

New South Walescontinued.

 

 

 

New Buildings. Arncliffe, Balgowlah, Bexley, Burwood, Drummoyne, Eastlake, Edgecliff, Griffith, Haymarket, Hurstville, Kogarah, Lane Cove, Manly, Maroubra, Newcastle, Newtown, Ourimbah, Pooncarie, Rose Bay, Sydenham, Terrigal, Tullamore, Wickham, Willoughby, Yenda, Yeoval.

 

 

 

Sundry Offices.—For works costing not more than £300 in each case.

 

 

 

Victoria.

 

 

 

Additions and Alterations.—Ararat, Beechworth, Bendigo, Birregurra, Brunswick, Camperdown, Chiltern, Coleraine, Dandenong, Donald, Frankston, Hopetoun, Kyneton, Leongatha, Maffra, Malvern, Melbourne—Central Exchange Melbourne —Elizabeth-street, Melbourne General Post Office, Morwell, Murtoa, Numur-kah, Penshurst, Preston, Rupanyup, Sandringham, Sea Lake, Shepparton, Sorrento, South Melbourne, Swan Hill, Warragul, Warrnambool.

 

 

 

New Buildings.Beeac, Bentleigh, Box Hill, Caulfield East, Cohuna, Glen Iris, Hawthorn, Hawthorn—Telephone Exchange, Heidelberg, Ivanhoe, Melbourne—Telegraph and Telephone Workshops, Melbourne—Electric Telegraph Office and Commonwealth Offices, Oakleigh, Prahran, Quambatook, Underbool.

 

 

 

Sundry Offices.—For works costing not more than £300 in each case.

 

 

 

Carried forward...........

3,745,000

940,000

2,805,000


Schedulecontinued.

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act

 

First Column.

Second Column.

Third Colum

THE POSTMASTER-GENERAL’S DEPARTMENT—continued.

£

£

£

Brought forward..............

3,745,000

940,000

2,805 000

Buildings for Postmaster-General’s Departmentcontinued.

 

 

 

Queensland.

 

 

 

Additions and Alterations.—Cairns, Dirrinbandi, Emerald, Greenmount, Inglewood, Kingaroy, Mareeba, Redcliffe, Rockhampton.

New Buildings.Allora, Brisbane—Central Ex-change, Brisbane—Workshops and Garage, Bulimba, Coorparoo, Hughenden, Isisford, Muttaburra, Nundah, Paddington, Pialba, Sherwood, South Brisbane, South Johnstone, Yeronga.

Sundry Offices.—For works costing not more than  £300 in each case.

 

 

 

South Australia.

 

 

 

Additions and Alterations.Adelaide General Post Office, Adelaide—West Terrace, Kapunda, Norwood, Port Pirie, Tumby Bay, Unley, Yorketown.

New Buildings.—Henley Beach, Port Adelaide, Semaphore, West Adelaide, Woodville.

Sundry Offices.—For works costing not more than £300 in each case.

 

 

 

Western Australia.

 

 

 

Additions and Alterations. Geraldton, Perth— Stores.

 

 

 

New Buildings. —Cottesloe, Perth, Warrawagine.

 

 

 

Sundry Offices.—For works costing not more than £300 in each case.

 

 

 

Tasmania.

 

 

 

Additions and Alterations.—Hobart, Queenstown, Sheffield.

 

 

 

New Buildings.—Hobart, Newtown.

 

 

 

Sundry Offices.—For works costing not more than £300 in each case.

 

 

 

Carried forward...........

3,745,000

940,000

2,805,000


Schedulecontinued.

___

 

Amount required in 1928-29.

Appropriated under Loan Act (No. 1) 1928.

Appropriated under this Act.

 

First Column.

Second Column.

Third Column.

THE POSTMASTER-GENERALS DEPARTMENT—continued.

£

£

£

Brought forward...........

3,745,000

940,000

2,805,000

Erection of wireless stations and testing and experimental equipment 

5,000

1,500

3,500

Subscription to capital of Amalgamated Wireless Limited 

50,000

..

50,000

Total Postmaster-Generals Department.....

3,800,000

941,500

2,858,500

 

THE DEPARTMENT OF HEALTH.

 

 

 

Under Control of Department of Works and Railways.

 

 

 

Serum and Health Laboratories.............

17,000

5,000

12,000

Acquisition of properties and sites...........

4,000

100

3,900

Total Department of Health.......

21,000

5,100

15,900

 

THE DEPARTMENT OF MARKETS.

 

 

 

Under Control op Department op Markets.

 

 

 

Advances to States and to North Australia and Central Australia for purchase of wire and wire netting (to be paid to credit of Trust Fund Wire and Wire Netting account)             

230,910

40,000

190,910

______

 

 

 

LOAN TO FEDERAL CAPITAL COMMISSION

3,000,000

..

3,000,000

LOAN TO NORTH AUSTRALIA COMMISSION

122,900

..

122,900

_____

REDEMPTIONS.

 

 

 

Redemption of loans raised by the Government of South Australia in respect of the Port Augusta-Oodnadatta Railway             

54,750

54,395

355

Total..................

12,342,025

1,920,000

10,422,025

 

Overview

The Loan Act (No. 2) 1928 was enacted to address the need for additional funding for various government services and infrastructure projects for the financial year 1928-29. This legislation was passed by the Australian Parliament and authorised the borrowing of up to £10,700,000 to cover specific expenditures outlined in the schedule. The funds raised were intended to support various government departments and services, including War and Repatriation Services, the Prime Minister's Department, the Department of Defence, and the Postmaster-General's Department, among others. The primary policy objective of this Act was to ensure that the necessary financial resources were available to meet the budgetary requirements of these departments and to facilitate ongoing government operations and infrastructure development.

Scope and Application

The Loan Act (No. 2) 1928 applies to the Commonwealth of Australia and specifically authorises the Treasurer to borrow up to £10,700,000. This borrowing is to be used for expenses of borrowing and for purposes of appropriations made or to be made by law. The Act details specific allocations for various government departments and services, as outlined in its Schedule, which includes expenditures for war and repatriation services, infrastructure projects, and other government operations. The Act does not provide for any exclusions, exemptions, or thresholds beyond the specified borrowing limit and the purposes for which the funds may be applied. The application of this Act is limited to the financial year 1928-29, and no subordinate instruments extending or restricting the application of this Act are mentioned in the text.

Key Provisions

The Loan Act (No. 2) 1928 primarily authorises the Treasurer to borrow up to £10,700,000 under the Commonwealth Inscribed Stock Act 1911-1927 or any Act permitting the issuance of Treasury Bills (section 2). The borrowed funds are to be applied to the expenses of borrowing and for purposes specified in appropriations made or to be made by law (section 3). Furthermore, a specific sum of £10,422,025 is designated to be issued and applied from the proceeds of any Loan raised under the authority of this Act for the purposes detailed in the accompanying Schedule (section 4). Under this Act, the Treasurer is mandated to ensure that the borrowed funds are strictly used for the expenses related to the borrowing process and the specified appropriations. Additionally, the Act imposes a clear directive on the application of £10,422,025 from the Loan proceeds, allocating these funds to the various purposes outlined in the Schedule. The Act does not explicitly outline specific offences, penalties, or consequences for breaches within its text. However, any breaches of the terms set forth by the Act could potentially be subject to general legal consequences as per existing legislative frameworks. The absence of explicit penalties in the text suggests that any violations would be addressed under broader legal principles or supplementary legislation. In summary, the Loan Act (No. 2) 1928 provides a framework for borrowing a substantial amount of money, specifies the permissible uses of these funds, and details the allocation of a specific portion of the Loan proceeds. The Act's provisions focus on ensuring that the borrowed funds are applied according to legal appropriations and designated purposes, without detailing specific penalties for non-compliance.

Legal classification tags

Area of Law
Finance & Banking Law
Instrument
Act
Concepts
Definitions & Interpretation
Authority to Borrow
Purpose for Borrowing
Compliance Obligations

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.