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Brief
The Loan Act 1980 is an Act of the Parliament of Australia that authorizes the borrowing and expensing of moneys for defence purposes. The Act was assented to on September 13, 1980.
This Act allows the Treasurer to borrow moneys not exceeding $900,000,000 during the financial year ending on June 30, 1981. The borrowed moneys are to be applied solely for the expenses of borrowing and for services specified under the heading "DEPARTMENT OF DEFENCE" in the Supply Act (No. 1) 1980-81.
The Act also includes provisions related to the limitation of expenditure, stating that nothing shall authorize expenditure exceeding a certain amount for a service. This is to prevent total expenditure for a service from exceeding the amounts authorized by other Acts. The Act further specifies that certain expenditures, such as those under the heading "ADVANCE TO THE MINISTER FOR FINANCE", are exempt from this limitation.
The Loan Act 1980 shall come into operation on the day it receives the Royal Assent.
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