Financial Agreement Act 1994

Here is a brief overview of the Financial Agreement Act 1994:

The Financial Agreement Act 1994 is an Australian law that approves an agreement between the Commonwealth, the States and the Territories. The agreement aims to manage public debts of the States and the Northern Territory, and provides for the establishment of accounts to hold the repayable securities.

Key provisions include:

• The appointment of a Loan Council to oversee the management of public debts
• The creation of debt retirement reserve trust accounts in each State and the Northern Territory
• Payments by each State and the Northern Territory to the Commonwealth, based on equal monthly instalments or other amounts determined by agreement

The Act also includes provisions for the payment of interest on securities held in the debt retirement reserve trust accounts.