Financial Agreement Validation Act 1929

The Financial Agreement Validation Act 1929 (No. 4) is an Australian Act that validates an agreement between the Commonwealth of Australia and six states regarding public debts, borrowing, and financial relations. The agreement aims to make provision for the adjustment of Commonwealth and State financial relations by altering the Constitution of the Commonwealth.

The agreement covers several key areas, including:

1. The taking over of state debts by the Commonwealth
2. The management of state debts
3. The payment of interest and the provision and management of sinking funds in respect of state debts
4. The consolidation, renewal, conversion, and redemption of state debts
5. The indemnification of the Commonwealth by the States in respect of debts taken over by the Commonwealth

The Act also establishes an Australian Loan Council to coordinate borrowing and financial relations between the Commonwealth and the states.

The agreement was approved by the Parliaments of the Commonwealth and the six states, and it was presented to the Governor-General for assent on February 13, 1929.