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Brief
The Loan Act 1978
This Act authorizes the borrowing and expending of moneys for defence purposes. It may be cited as the Loan Act 1978.
The Act shall come into operation on the day it receives Royal Assent, which is expected to occur after being assented to on August 30th, 1978.
The Treasurer has the authority to borrow up to $2,000,000,000 during the financial year ending on June 30th, 1979. This borrowing may be done in accordance with the provisions of either the Commonwealth Inscribed Stock Act 1911 or an Act authorizing the issue of Treasury Bills.
Moneys borrowed under this section shall only be applied for the expenses of borrowing and services specified under the heading "DEPARTMENT OF DEFENCE" in the Supply Act (No. 1) 1978-79, or in an Act passed after the commencement of this Act.
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