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Brief
The Loan Act (No. 2) 1976 is an Australian law that authorizes the borrowing of moneys for supplementing the Consolidated Revenue Fund. The Act comes into operation on the day it receives Royal Assent and allows the Treasurer to borrow moneys during the financial year ending on June 30, 1976, subject to certain conditions.
The Treasurer must consider the amount borrowed not to exceed the greatest amount by which moneys lawfully available for expenditure from the Consolidated Revenue Fund are likely to be less than the amount of expenditure made and to be made in that financial year. An amount equal to each borrowed amount is issued out of the Loan Fund and paid into the Consolidated Revenue Fund.
The expenses of borrowing under this Act may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly. The Act provides a mechanism for the Australian government to borrow moneys to supplement its revenue without exceeding the available funds.
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