States Grants (Housing Assistance) Act 1973
No. 45 of 1973
AN ACT
To make Advances to the States of Financial Assistance in connexion with Housing and to Authorize the Borrowing of Certain Moneys by the Commonwealth.
[Assented to 7 June 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 (Housing Assistance) Act 1973.
Commencement.
2. This Act shall come into operation on the day on which, it receives the Royal Assent.
Advances to States for year 1973–74.
3. The Treasurer may, during the period of six months commencing on 1st July, 1973, make advances to a State, in accordance with an agreement executed in pursuance of the Housing Agreement Act 1973 by or on behalf of the Commonwealth and that State, of amounts not exceeding in the aggregate the amount specified in the Schedule opposite to the name of that State.
Advances to States to be made out of Consolidated Revenue Fund or Loan Fund.
4. Advances to a State for the purposes of section 3 may be made out of the Consolidated Revenue Fund or the Loan Fund.
Authority to borrow.
5. The Treasurer may, during the period commencing on the date of commencement of this Act and ending on 31st December, 1973, 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 Eighty-four million six hundred thousand dollars.
Application of money borrowed.
6. Moneys borrowed under section 5 shall be issued and applied only for the expenses of borrowing, for the purpose of making advances to the States in accordance with section 3 and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 7.
Reimbursement of Consolidated Revenue Fund from Loan Fund.
7. (1) Where an amount has been paid out of the Consolidated Revenue Fund under this Act, 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.
Appropriations.
8. The Consolidated Revenue Fund and the Loan Fund are appropriated as necessary for the purposes of this Act.
SCHEDULE Section 3
| $ |
New South Wales............................................. | 28,600,000 |
Victoria................................................... | 18,750,000 |
Queensland................................................. | 7,750,000 |
South Australia.............................................. | 14,750,000 |
Western Australia............................................. | 10,500,000 |
Tasmania.................................................. | 4,250,000 |
| 84,600,000 |
Overview
The States Grants (Housing Assistance) Act 1973 was enacted to provide financial assistance to the states for housing-related purposes. The Act allows the Commonwealth Treasurer to make advances to the states, up to a specified amount, within a defined timeframe. This Act was introduced to address the need for financial support to states for housing initiatives during the period of 1973–74. The Act authorises the Treasurer to borrow money, up to a specified aggregate amount, to facilitate these advances. The borrowing is to be made in accordance with existing Commonwealth legislation, such as the Commonwealth Inscribed Stock Act 1911–1966 or an Act authorising the issue of Treasury Bills. The policy objective of this Act is to support housing-related expenses through financial grants to the states, ensuring that funds are appropriately managed and utilised for their intended purposes.
Scope and Application
The States Grants (Housing Assistance) Act 1973 applies to the Commonwealth of Australia, specifically authorising the Treasurer to make financial advances to the states for housing assistance in the financial year 1973-74. The Act provides for the allocation of specified amounts to each state as per the attached schedule, enabling the Commonwealth to offer financial assistance to support housing initiatives. The Act applies geographically to all states of Australia, with each state receiving a designated amount based on the attached schedule. The financial assistance is to be made out of the Consolidated Revenue Fund or the Loan Fund, and the Treasurer is authorised to borrow up to $84,600,000 to facilitate these advances. The borrowed funds are to be used for the expenses of borrowing, making the specified advances, and reimbursing the Consolidated Revenue Fund from the Loan Fund. The Act also provides for appropriations of the Consolidated Revenue Fund and the Loan Fund as necessary for its purposes. There are no stated exclusions, exemptions, or thresholds in the primary Act, although the application and interpretation of the Act may be further defined through subordinate instruments or agreements.
Key Provisions
The main operative sections of the States Grants (Housing Assistance) Act 1973 establish the framework for financial assistance to states for housing purposes. Section 3 specifies that the Treasurer may make advances to a state within a six-month period from 1 July 1973, up to the amount specified in the Schedule for each state. Section 4 allows these advances to be made from either the Consolidated Revenue Fund or the Loan Fund. Section 5 empowers the Treasurer to borrow up to $84,600,000, which must be used for specified purposes including making advances to states and reimbursing the Consolidated Revenue Fund. Section 6 outlines the permissible uses of the borrowed funds, while Section 7 details how the reimbursement of the Consolidated Revenue Fund is to be handled, including its presentation in financial statements. Finally, Section 8 appropriates the Consolidated Revenue Fund and the Loan Fund for the purposes of this Act.
The obligations and requirements imposed by the Act on the parties involved are primarily centred around financial transactions and record-keeping. The Treasurer, as the key official responsible for executing the Act, must ensure that advances to states are made in accordance with Section 3 and that these advances are sourced from the appropriate funds as per Section 4. The Treasurer is also responsible for borrowing the specified amount under Section 5 and applying these funds strictly for the purposes outlined in Section 6. Furthermore, the Treasurer must manage the reimbursement of the Consolidated Revenue Fund as described in Section 7, ensuring that financial statements accurately reflect these transactions. Finally, the Act mandates that the Consolidated Revenue Fund and the Loan Fund be appropriated as necessary for the purposes of this Act, as stated in Section 8.
There are no explicit offences, penalties, or civil/criminal consequences detailed in the text of the Act itself. However, breaches of the terms and conditions specified in the agreements under the Housing Agreement Act 1973 or non-compliance with the borrowing and expenditure requirements could potentially lead to legal scrutiny. Such scrutiny might result in financial penalties or other consequences under the broader legislative framework governing financial transactions and appropriations in Australia.