States Grants (Capital Assistance) Act 1973
No. 150 of 1973
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
Australian Government.
[Assented to 27 November 1973]
BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—
Short title.
1. This Act may be cited as the States Grants (Capital Assistance) Act 1973.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Grants to States during year 1973-74.
3. (1) There is payable to a State specified in the first column of the Schedule, during the year ending on 30th June, 1974, for the purpose of financial assistance in connexion with expenditure of a capital nature, the amount specified in the second column 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 (No. 3) 1972.
(2) Payments for the purposes of this section shall be made in such amounts and at such times as the Treasurer determines.
Advance payments to States for 1974-75.
4. The Treasurer may, during the period of six months commencing on 1st July, 1974, make payments to a State specified in the first column 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 the third column 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 31st December, 1974, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1966, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate Four hundred and seventeen million, four hundred and sixty thousand, five hundred dollars.
(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 (No. 3) 1972 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 (No. 3) 1972, 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 1901-1969, 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 (No. 3) 1972.
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
First Column | Second Column | Third Column |
State | Amount of Grant under Section 3(1) | Maximum Aggregate Amount of Payments under Section 4 |
| $ | $ |
New South Wales............................... | 86,551,000 | 43,275,500 |
Victoria...................................... | 70,789,000 | 35,394,500 |
Queensland................................... | 36.987,000 | 18,493,500 |
South Australia................................. | 37,625,000 | 18,812,500 |
Western Australia............................... | 25,806,000 | 12,903,000 |
Tasmania..................................... | 20,549,000 | 10,274,500 |
| 278,307,000 | 139,153,500 |
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