States Grants (Housing Assistance) Act (No. 2) 1973

Administered by Department of the Treasury

Legislation au C2004A00053 Not in force Act

Legislation content

States Grants (Housing Assistance) Act (No. 2) 1973

 

No. 152 of 1973

 

 

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.

[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 (Housing Assistance) Act (No. 2) 1973.

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 The States Grants (Housing Assistance) Act 1973 (in this Act referred to as “the repealed Act”) is repealed.


Advances to States for year 1973-74.

4. The Treasurer may, during the period commencing on the date of commencement of this Act and ending on 30 June 1974, make advances to a State, in accordance with an agreement with that State executed in pursuance of the Housing Agreement Act 1973, of amounts not exceeding in the aggregate the amount specified in the First Column in the Schedule opposite to the name of that State.

Authority to borrow.

5. (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 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 money not exceeding in the aggregate Three hundred and twenty-seven million nine hundred and seventy-five thousand dollars.

(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sub-section (1) is reduced by the sum of any amounts borrowed by the Treasurer in accordance with section 5 of the repealed Act for the purpose of making payments to the States in accordance with section 3 of that Act.

Advances made before commencement of Act.

6. (1) An advance that was made to a State under section 3 of the repealed Act before the commencement of this Act shall be deemed to have been a payment made to that State under section 4 of this Act.

(2) An advance that was made to a State under section 5 of the Financial Agreement Act 1928 on or after 1 July 1973, and before the commencement of this Act, shall, if the Treasurer, with the concurrence of the State, so determines, be deemed to have been a payment made to a State under section 4 of this Act.

Advances to States for year 1974-75.

7. The Treasurer may, during the period of six months commencing on 1 July 1974, make advances to a State, in accordance with an agreement with that State executed in pursuance of the Housing Agreement Act 1973, of amounts not exceeding in the aggregate the amount specified in the Second Column in the Schedule opposite to the name of that State.

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

8. Advances to a State under section 4 or section 7 may be made out of the Consolidated Revenue Fund or the Loan Fund.

Application of money borrowed.

9. Moneys borrowed under section 5 of this Act, 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 purpose of making advances to the States in accordance with section 4 and section 7 of this Act and for the purpose of making payments to the Consolidated Revenue Fund in accordance with section 10.


Reimbursement of Consolidated Revenue Fund from Loan Fund.

10. (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 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 or under sub-section 7 (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.

Appropriations.

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

_____________

 

SCHEDULE  Section 4 and 7

 

First Column

Second Column

 

1973-74

1974-75

 

$ million

$ million

New South Wales.................................

86.00

43.000

Victoria........................................

53.50

26.750

Queensland.....................................

17.40

8.700

South Australia...................................

32.75

16.375

Western Australia.................................

13.00

6.500

Tasmania.......................................

16.00

8.000

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

218.65

109.325

 

____________

 

Overview

The States Grants (Housing Assistance) Act (No. 2) 1973 was enacted to provide financial assistance to the states for housing purposes, addressing the need for coordinated funding to support housing initiatives across Australia. This Act was passed by the Parliament of Australia and received Royal Assent on 27 November 1973. It replaced the earlier States Grants (Housing Assistance) Act 1973, aiming to streamline and continue the provision of housing assistance to the states. The policy objective of this Act is to support state governments in delivering affordable housing solutions through financial aid, ensuring that the necessary funds are available to meet the housing needs of the population. The Act authorises the Treasurer to make financial advances to the states for specific periods, ensuring that the funds are used in accordance with agreements made under the Housing Agreement Act 1973.

Scope and Application

The States Grants (Housing Assistance) Act (No. 2) 1973 applies to the Commonwealth of Australia and is designed to provide financial assistance to the states for housing purposes. The Act authorises the Treasurer to make financial advances to the states for the financial years 1973-74 and 1974-75, as specified in the Schedule, to support housing initiatives in those states. These advances are to be made in accordance with agreements executed under the Housing Agreement Act 1973. Additionally, the Act allows the Treasurer to borrow money to fund these advances, up to a specified limit, and mandates that any money borrowed under this Act or its predecessor must be applied specifically to the expenses of borrowing and to making the authorised advances to the states. The Act does not explicitly state any exclusions or exemptions, but its application is confined to the financial years mentioned, and it does not extend beyond the parameters of the specified borrowing and advance limits. The Act also provides for the reimbursement of the Consolidated Revenue Fund from the Loan Fund for certain payments made under the Act.

Key Provisions

The States Grants (Housing Assistance) Act (No. 2) 1973, as detailed in sections 4 and 7, allows the Treasurer to make financial advances to various states for housing assistance. Specifically, Section 4 permits advances for the fiscal year 1973-74, up to specified amounts listed in the first column of the attached schedule, while Section 7 allows for similar advances for the fiscal year 1974-75, as detailed in the second column of the schedule. These advances are subject to agreements executed in accordance with the Housing Agreement Act 1973. Furthermore, Section 8 clarifies that these advances can be sourced from either the Consolidated Revenue Fund or the Loan Fund. The Act imposes certain obligations on the Treasurer. Under Section 5, the Treasurer is authorised to borrow up to a specified aggregate amount for the purpose of making advances to states. However, this borrowing limit is adjusted according to any prior borrowings under the repealed Act, as stated in Section 5(2). Section 9 further stipulates that borrowed funds are to be used specifically for the expenses of borrowing, making the aforementioned advances, and any payments to the Consolidated Revenue Fund. Additionally, Section 10 outlines the process for reimbursing the Consolidated Revenue Fund from the Loan Fund, ensuring that expenditures are accurately recorded and reported. Breaches of the provisions outlined in this Act could result in various consequences. While specific offences and penalties are not detailed within the text, the Act does include provisions for financial oversight and reporting, which are crucial for compliance. Failure to adhere to these could potentially lead to administrative or legal repercussions, though the exact nature of such penalties is not explicitly stated in the provided excerpt.

Legal classification tags

Area of Law
Finance & Banking Law
Property Law
Instrument
Act
Concepts
Commencement Provisions
Repeal & Amendment
Advances to States for year 1973-74
Authority to borrow

Interactions

Authorises

All Versions

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.