States Grants (Debt Charges Assistance)
No. 110 of 1970
An Act to grant Financial Assistance to the States in connexion with certain Interest and Sinking Fund Contributions Payable by the States in pursuance of the Financial Agreement.
[Assented to 11 November 1970]
BE it enacted by the Queen’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 States Grants (Debt Charges Assistance) Act 1970.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Interpretation.
3. In this Act, unless the contrary intention appears—
(a) a reference to a year in relation to which this Act applies is a reference to the year ending on the thirtieth day of June, One thousand nine hundred and seventy-one, or any of the next four succeeding years;
(b) a reference to the Financial Agreement is a reference to the Agreement a copy of which is set out in the Schedule to the Financial Agreement Act 1928 as subsequently varied; and
(c) a reference to the First Schedule or to the Second Schedule is a reference to the First Schedule to this Act or to the Second Schedule to this Act, as the case may be.
Grants to States in connexion with payment of interest.
4. There is payable to each State, for the purpose of financial assistance in connexion with the payment of the interest that is required to be paid by that State in pursuance of the Financial Agreement on the debts specified in the First Schedule or on debts into which any of those debts may be converted—
(a) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-one—one-fifth of the amount specified in the second column of the Second Schedule in relation to that State;
(b) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-two—two-fifths of the amount so specified;
(c) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-three—three-fifths of the amount so specified;
(d) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-four—four-fifths of the amount so specified; and
(e) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-five—the amount so specified.
Grants to States in connexion with payment of sinking fund contributions.
5. There is payable to each State, for the purpose of financial assistance in connexion with the payment of the sinking fund contributions that are required to be paid by that State in pursuance of the Financial Agreement in respect of the debts specified in the First Schedule or in respect of debts into which any of those debts may be converted—
(a) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-one—one-fifth of the amount specified in the third column of the Second Schedule in relation to that State;
(b) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-two—two-fifths of the amount so specified;
(c) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-three—three-fifths of the amount so specified;
(d) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-four—four-fifths of the amount so specified; and
(e) in the year ending on the thirtieth day of June, One thousand nine hundred and seventy-five—the amount so specified.
Method of making payments.
6. A grant payable to a State under this Act in a year shall be paid in such amounts and at such times during that year as the Treasurer determines.
Appropriation.
7. Payments for the purposes of this Act shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.
THE SCHEDULES
——
FIRST SCHEDULE Sections 4 and 5.
Debts in Respect of Which Grants are Made
Description of Debts | Amounts of Debts (expressed in thousands of dollars) in respect of which States are Liable to pay Interest and Sinking Fund Contributions | |||||||
Rate of Interest | Maturity Date | New South Wales | Victoria | Queensland | South Australia | Western Australia | Tasmania | Total |
|
| $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 |
6.5% | July 1973.... | 69,363 | 50,799 | 20,846 | 27,300 | 20,181 | 14,511 | 203,000 |
5.9% | July 1977.... |
|
| 4,000 |
|
|
| 4,000 |
6.8% | August 1978.. | 13,212 | 9,676 | 3,304 | 5,200 | 3,844 | 2,764 | 38,000 |
5.0% | May 1984... | 66,060 | 48,380 | 26,520 | 26,000 | 19,220 | 13,820 | 200,000 |
5.0% | September 1985 | 66,060 | 48,380 | 22,520 | 26,000 | 19,220 | 13,820 | 196,000 |
4.5% | July 1986.... | 26,424 | 19,352 | 9,608 | 10,400 | 7,688 | 5,528 | 79,000 |
4.5% | February 1987 | 6,606 | 4,838 | 2,652 | 2,600 | 1,922 | 1,382 | 20,000 |
5.4% | May 1987... | 16,515 | 12,095 | 6,630 | 6,500 | 4,805 | 3,455 | 50,000 |
7.0% | May 1989... | 16.515 | 12,095 | 6,630 | 6,500 | 4,805 | 3,455 | 50,000 |
5.4% | May 1990... | 16,515 | 12,095 | 6,630 | 6,500 | 4,805 | 3,455 | 50,000 |
6.0% | October 1991. |
|
| 10,000 |
|
|
| 10,000 |
5.25% | February 2004 | 33,030 | 24,190 | 13,260 | 13,000 | 9,610 | 6,910 | 100,000 |
Total ....... | 330,300 | 241,900 | 132,600 | 130,000 | 96,100 | 69,100 | 1,000,000 | |
SECOND SCHEDULE Sections 4 and 5.
Annual Interest and Sinking Fund Contributions Payable by States in Respect of Debts Specified in First Schedule
State | Interest | Sinking Fund Contributions | Total |
| $ | $ | $ |
New South Wales................... | 18,173,106 | 825,750 | 18,998,856 |
Victoria.......................... | 13,309,338 | 604,750 | 13,914,088 |
Queensland........................ | 7,295,652 | 331,500 | 7,627,152 |
South Australia..................... | 7,152,600 | 325,000 | 7,477,600 |
Western Australia................... | 5,287,422 | 240,250 | 5,527,672 |
Tasmania......................... | 3,801,882 | 172,750 | 3,974,632 |
Total...................... | 55,020,000 | 2,500,000 | 57,520,000 |