States Grants (Housing Assistance) Act 1974

STATES GRANTS (HOUSING ASSISTANCE)

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No. 101 of 1974

An Act to Authorize Advances to the States of Financial Assistance in connexion with Housing and to Authorize the Borrowing of Certain Moneys by the Treasurer.

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 1974.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Repeal.

3. The States Grants (Housing Assistance) Act (No. 2) 1973 is repealed.

Definitions.

4. In this Act—

“Housing Agreement”, in relation to a State, means—

(a) the agreement with the State executed in pursuance of the Housing Agreement Act 1973; or

(b) if that agreement is subsequently amended by an agreement or agreements the execution of which is authorized or approved by the Parliament—that agreement as so amended;

“repealed Act” means the States Grants (Housing Assistance) Act (No. 2) 1973.

Advances to States.

5. The Treasurer may, during the period commencing on the date of commencement of this Act and ending on 30 June 1975, make advances to a State, in accordance with the Housing Agreement with the State, of amounts not exceeding in the aggregate the amount specified in Column 1 of the Schedule opposite to the name of that State.

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 31 December 1975, in accordance with the provisions of the Commonwealth Inscribed Stock Act 1911-1973, or in accordance with the provisions of an Act authorizing the issue of Treasury Bills, borrow moneys not exceeding in the aggregate $465,000,000.

(2) The aggregate amount of moneys that may be borrowed under sub-section (1) is reduced by the sum of any amounts borrowed by the Treasurer in accordance with section 5 of the repealed Act for the purposes of making payments to the States in accordance with section 7 of that Act.

Advances made before commencement of Act.

7. (1) An advance that was made to a State under section 7 of the repealed Act before the commencement of this Act shall be deemed to have been an advance made to that State under section 5 of this Act.

(2) An advance that was made to a State under section 5 of the Financial Agreement Act 1928-1966 on or after 1 July 1974, and before the commencement of this Act, shall, if the Treasurer, with the concurrence of the State, so determines, be deemed to have been an advance made to that State under section 5 of this Act.

Advances to States for year 1975-76.

8. The Treasurer may, during the period of 6 months commencing on 1 July 1975, make advances to a State, in accordance with the Housing Agreement with that State, of amounts not exceeding in the aggregate the amount specified in Column 2 in the Schedule opposite to the name of that State.

Advances to be made out of Consolidated Revenue Fund or Loan Fund.

9. Advances to a State under section 5 or 8 may be made out of the Consolidated Revenue Fund or the Loan Fund.

Application of money borrowed.

10. Moneys borrowed under section 6, and moneys borrowed under section 5 of the repealed Act and not applied before the commencement of this Act, shall be issued and applied only for the expenses of borrowing, for the purposes of making advances to the States in accordance with section 5 or 8 of this Act and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 11.

Reimbursement of Consolidated Revenue Fund from Loan Fund.

11. (1) Where an amount has been paid out of the Consolidated Revenue Fund under this Act or under the repealed 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 of the statements of the receipts and expenditure, or of the expenditure, of the Consolidated Revenue Fund prepared by the Treasurer under section 49 or 50 of the Audit Act 1901-1973, amounts paid to the Consolidated Revenue Fund under sub-section (1) of this section or under sub-section 10(1) of the repealed Act 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 or the repealed Act.

(3) Where there has been a payment from the Loan Fund to the Consolidated Revenue Fund under sub-section (1) in respect of an amount paid out of the Consolidated Revenue Fund under this Act or the repealed Act, the amount so paid out of the Consolidated Revenue Fund, shall, for the purposes of sections 9 and 10 of the National Debt Sinking Fund Act 1966-1967, be deemed to have been paid out of the Loan Fund.

Appropriation.

12. The Consolidated Revenue Fund and the Loan Fund are appropriated as necessary for the purposes of this Act.

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SCHEDULE Sections 5 and 8

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