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Note: This table relates only to the provisions of this Act as originally enacted.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Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1—Amendments
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.