Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to amend the Commonwealth Inscribed Stock Act 1911, and for related purposes
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Registered 07 Feb 2018
Introduced Senate 06 Feb 2018
Table of contents.

2016‑2017‑2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

Commonwealth Inscribed Stock Amendment (Debt Ceiling) Bill 2018

 

No.      , 2018

 

(Senator Bernardi)

 

 

 

A Bill for an Act to amend the Commonwealth Inscribed Stock Act 1911, and for related purposes

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Commonwealth Inscribed Stock Act 1911                                                              3

 

 


A Bill for an Act to amend the Commonwealth Inscribed Stock Act 1911, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Commonwealth Inscribed Stock Amendment (Debt Ceiling) Act 2018.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this Act

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Amendments

  

Commonwealth Inscribed Stock Act 1911

1  After section 4

Insert:

5  Limit on stock and securities on issue

             (1)  The total face value of stock and securities on issue under this Act and the Loans Securities Act 1919 at any time must not exceed $600 billion.

             (2)  In working out the total face value of that stock and securities, disregard stock and securities of the kind mentioned in subsection 51JA(2A).

             (3)  For the purposes of this section, the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued.

2  Application provision

The amendment made by item 1 applies to stock and securities on issue after the commencement of that item, regardless of whether the stock and securities were issued before or after the commencement of that item.