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Brief
'The Loan Act 1976' authorized the borrowing and expending of moneys for defence purposes. The Act came into operation on April 23, 1976, after receiving royal assent. It empowered the Treasurer to borrow up to $700,000,000 during the financial year ending June 30, 1976, in accordance with specific provisions.
The borrowed amount was to be applied only for expenses related to borrowing and services specified under the Department of Defence heading in the Appropriation Act (No. 1) 1975-76 or an Act passed after the commencement of this Act. The expenditure for a service referred to in section 4 could not exceed the total amount authorized by the Acts referred to in section 4.
The Act also specified that nothing in it would authorize expenditure exceeding the amounts set out in those Acts, except for expenses related to borrowing. Furthermore, no expenditure was allowed after June 30, 1976.
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