Federal Register of Legislation - Australian Government

Primary content

Directions/Other as made
This instrument repeals the Direction Relating to Commonwealth Borrowing 2017 and limits the maximum total face value of stock and securities that may be on issue under the Commonwealth Inscribed Stock Act 1911 (the Act) and the Loans Securities Act 1919 in relation to borrowings under section 3A of the Act and section 4 of the Loans Redemption and Conversion Act 1921, to $850 billion.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 03
Registered 23 Mar 2020

 

Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020

I, Josh Frydenberg, Treasurer, give the following direction.

Dated: 20 March 2020

 

Josh Frydenberg

Treasurer

 

  

  

  


Contents

Part 1—Preliminary                                                                                                      1

1  Name. ...................................................................................................................................... 1

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

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

5  Definitions................................................................................................................................ 1

Part 2—Direction relating to Commonwealth borrowing                                         1

6  Direction as to the maximum total face value of stock and securities that may be on issue....... 1

Schedule 1—Repeals                                                                                                     1

Direction Relating to Commonwealth Borrowing 2017 [F2017L00513]                                 1

 


Part 1Preliminary

1  Name

                   This instrument is the Commonwealth Inscribed Stock (Maximum Total Face Value of Stock and Securities) Direction 2020.

2  Commencement

             (1)  Each provision of this instrument 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 instrument

The day after this instrument is registered.

 

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

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

3  Authority

                   This instrument is made under the Commonwealth Inscribed Stock Act 1911.

4  Schedules

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

5  Definitions

Note:       Expressions have the same meaning in this instrument as in the Commonwealth Inscribed Stock Act 1911 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

                   In this instrument:

face value has the same meaning as in section 51JA of the Act.

the Act means the Commonwealth Inscribed Stock Act 1911.

Part 2Direction relating to Commonwealth borrowing

  

6  Direction as to the maximum total face value of stock and securities that may be on issue

                   For the purposes of subsection 51JA(2) of the Act, the maximum total face value of stock and securities that may be on issue under the Act and the Loans Securities Act 1919 in relation to borrowings under section 3A of the Act and section 4 of the Loans Redemption and Conversion Act 1921 is $850,000,000,000.


Schedule 1Repeals

  

Direction Relating to Commonwealth Borrowing 2017 [F2017L00513]

1  The whole of the instrument

Repeal the instrument.