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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Loan Bill
1996
No. ,
1996
(Finance)
A Bill
for an Act to authorise the borrowing and spending of money for certain
purposes
9602620—950/6.5.1996—(26/96)
Cat. No. 96 4491 1 ISBN 0644 441321
Contents
9602620—950/6.5.1996—(26/96)
Cat. No. 96 4491 1 ISBN 0644 441321
The Parliament of Australia enacts:
This Act may be cited as the Loan Act 1996.
This Act commences on the day on which it receives the Royal Assent or on
1 July 1996, whichever is the later.
(1) In this Act, unless the contrary intention appears:
current financial year means the year ending on 30 June
1997.
defence service, in relation to the current financial year,
means a service specified under the heading “DEPARTMENT OF DEFENCE”
in a relevant appropriation Act for the financial year.
relevant appropriation Act means:
(a) the Supply Act (No. 1) 1996-97; or
(b) the Appropriation Act (No. 1) 1996-97; or
(c) an Act, whether passed before or after the commencement of this Act,
that appropriates the Consolidated Revenue Fund for the service of the current
financial year and that is expressed to have effect subject to this
Act.
(2) For the purposes of the definition of defence service in
subsection (1), any service specified under the heading “DEPARTMENT OF
VETERANS’ AFFAIRS” in a relevant appropriation Act is taken not to
be a service specified under the heading “DEPARTMENT OF DEFENCE” in
that Act.
(1) The Treasurer may, from time to time during the current financial
year, borrow money that, together with any money previously borrowed under this
subsection during that financial year, does not exceed the sum of:
(a) the total of the amounts authorised to be spent, after the
commencement of this Act and before the end of that financial year, for defence
services for that financial year; and
(b) the expenses of borrowing.
(2) Money may be borrowed under subsection (1) in accordance
with:
(a) the Commonwealth Inscribed Stock Act 1911; or
(b) the Loans Securities Act 1919; or
(c) an Act authorising the issue of Treasury Bills;
and not otherwise.
Money borrowed under subsection 4(1) in the current financial year may be
issued and spent for:
(a) defence services for that financial year; and
(b) the expenses of borrowing;
and not otherwise.
(1) The Treasurer may, from time to time during the current financial
year, borrow money that, together with any money previously borrowed under this
subsection during that financial year, does not exceed the sum of:
(a) the amount that, at the time of borrowing, the Treasurer considers to
be the amount by which, apart from this Part, money received, and to be
received, in the Consolidated Revenue Fund in that financial year is likely to
be less than the amount of the expenditure made, and to be made, from the
Consolidated Revenue Fund in that financial year; and
(b) the amount that, at that time, the Treasurer considers will be the
expenses of borrowing.
(2) Money may be borrowed under subsection (1) in accordance
with:
(a) the Commonwealth Inscribed Stock Act 1911; or
(b) the Loans Securities Act 1919; or
(c) an Act authorising the issue of Treasury Bills;
and not otherwise.
Money borrowed under subsection 6(1) may be issued and spent:
(a) in making payments to the credit of the Consolidated Revenue Fund;
and
(b) for the expenses of borrowing;
and not otherwise.
The Loan Fund is appropriated to the extent necessary for the purposes of
this Act.
(1) Nothing in this Act or in a relevant appropriation Act authorises the
spending of an amount for a defence service for the current financial year if
that amount, together with the total amount already spent for that service under
this Act and the relevant appropriation Acts, would exceed the total of the
amounts authorised to be spent in respect of that service under the relevant
appropriation Acts.
(2) Subsection (1) does not affect the spending of money appropriated
under the heading “ADVANCE TO THE MINISTER FOR FINANCE” in a
relevant appropriation Act.
(3) Nothing in this Act authorises the spending of money after 30 June
1997 except for paying the expenses of borrowing.