Version No. 001 Commonwealth and States Financial Agreement Act 1927 Act No. 3554/1927




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PART II

Sch. 1 Pt 2 repealed by No. 5051 s. 3(Sch. item 7(1)(a)).

* * * * *


Sch. 1 Pt 3 amended by Nos 5051 s. 3(Sch. items 5, 7(1)(b)(c)), 7452 s. 3(Sch. item 3), 8843 s. 3(Sch. items 8, 9, 10(c)(d)).
PART III

8. This Part of this Agreement shall not come into force or be binding upon any party hereto unless before the 1st July, 1929, the Constitution of the Commonwealth has been altered in accordance with the proposals referred to in Part IV of this Agreement and a law of the Parliament of the Commonwealth has been made thereunder validating this Agreement, but shall come into full force and effect if and when before the said date the Constitution is so altered and this Agreement is so validated.

9. When this Part of this Agreement comes into force every matter or thing done and payment made under or in pursuance of Part II of this Agreement shall be deemed, so far as is practicable, to have been done or made under this Part of this Agreement to the same extent as if this Part had then in fact been in force, and all necessary adjustments shall be made in respect of moneys so paid in order to ensure that no party hereto shall be liable for or make double payments in respect of the same matter.

PERMANENT PROVISIONS

10. Taking over States' public debts


Sch. 1

Subject to the provisions of this Part of this Agreement the Commonwealth will take over on the 1st July, 1929—

(i) the balance then unpaid of the gross public debt of each State existing on 30th June, 1927; and

(ii) all other debts of each State existing on the 1st July, 1929, for moneys borrowed by that State which by this Agreement are deemed to be moneys borrowed by the Commonwealth for and on behalf of that State—

and will in respect of the debts so taken over assume as between the Commonwealth and the States the liabilities of the States to bondholders.



11. Payment of Interest

(1) Subject to this clause the Commonwealth will pay to bondholders from time to time interest payable on the Public Debts of the States taken over by the Commonwealth as aforesaid other than debts due by the States to the Commonwealth.

(2) The Commonwealth will in each year during the period of 58 years, commencing on 1st July, 1927, provide by equal monthly instalments the following amounts in respect of each State as shown hereunder towards the interest payable by that State:






$

New South Wales

5 834 822

Victoria

4 254 318

Queensland

2 192 470

South Australia

1 407 632

Western Australia

946 864

Tasmania

533 718




15 169 824

(3) Each State shall in each year during the same period of 58 years pay to the Commonwealth the excess over the amounts to be provided by the Commonwealth under the last preceding sub-clause necessary to make up as they fall due the interest charges falling due in that year on the public debt of that State taken over by the Commonwealth as aforesaid and then unpaid, and on any moneys borrowed by the Commonwealth on behalf of that State and then unpaid, and after the expiration of the said period each State shall in each year pay to the Commonwealth, as they fall due, the whole of the interest charges on any debt then unpaid and included in the public debt of that State taken over by the Commonwealth as aforesaid, and on any moneys borrowed by the Commonwealth on behalf of that State and then unpaid.

Sch. 1

(4) The method by which payments shall be made by a State under sub-clause (3) of this Clause shall be arranged from time to time between the Commonwealth and that State.

(5) The rate of interest payable under sub-clause (3) of this Clause in respect of moneys borrowed by the Commonwealth on behalf of a State shall be the full rate of interest payable by the Commonwealth in respect of the loan by which such moneys were borrowed or such other rate of interest as may be payable by the State to the Commonwealth under any Agreement made or to be made between the Commonwealth and that State in respect of such moneys and such interest shall be payable by the State for the full term of that loan.

* * * * *
12A. Sinking Funds

(1) There shall be a National Debt Sinking Fund which shall be controlled by the Commission.

(2) A separate account shall be established and kept in the Sinking Fund in respect of each State.

(3) There shall be paid into the account of each State in the Sinking Fund—

(a) the balance of cash held by the Commission at the 30th June 1975 in respect of that State arising from the operation of the sinking funds under this Agreement; and

(b) amounts payable in accordance with the succeeding provisions of this Clause and the provisions of Clauses 12B and 12C.

(4) Moneys standing to the credit of a State in the Sinking Fund shall not be accumulated but, subject to sub-clause (5) of this Clause, shall be applied to the purchase, redemption, including redemption upon conversion, and repayment of securities of the State, and the gross cost, in the case of purchase, or the cost at face value, in the case of redemption and repayment, shall be charged to the State account in the Sinking Fund.


Sch. 1

(5) Moneys standing to the credit of a State in the Sinking Fund may, if at any time the Commission considers it expedient to do so, be temporarily invested by the Commission in any investments in which the Commission is for the time being authorized by law to invest moneys.

(6) For the purposes of sub-clause (5) of this Clause moneys are temporarily invested if they are invested for a period not exceeding one year.

(7) Interest received by the Commission by virtue of an investment made under sub-clause (5) of this Clause shall be paid to the credit of the account of the State or accounts of the respective States in the Sinking Fund from which the moneys that are invested were drawn.

(8) Any profit or loss sustained on realization of an investment made under sub-clause (5) of this Clause shall be paid to the credit of, or debited to, the account of the State or accounts of the respective States in the Sinking Fund from which the moneys that were invested were drawn.

(9) Amounts that are to be paid to the Sinking Fund in accordance with the provisions of this Clause and of Clauses 12B and 12C shall be debts payable to and recoverable by the Commission.

(10) When a security of a State is purchased, redeemed or repaid by the Commission the security shall be deemed to have been cancelled on the date of the purchase, redemption or repayment.

(11) A State may from time to time pay to the Commission in addition to the moneys otherwise payable by the State under this Agreement an amount to be applied for the purpose of the purchase, redemption or repayment of securities of the State.

(12) The Commission may arrange with any State to act as its agent in connection with payments due to bondholders.



Sch. 1

12B. States to pay Sinking Fund Contributions

(1) Each State shall, in respect of the public debt of the State, pay to the Commission for credit to the account of the State in the Sinking Fund in respect of each year after the 30th June 1975 by equal monthly instalments during the year or in such other amounts during the year as are determined by agreement between the Commonwealth and the relevant State a sinking fund contribution calculated as provided in this Clause.

(2) The Sinking Fund contribution payable by a State in the year commencing the 1st July 1975 shall be the amount in respect of the State set out opposite the State in the following table—





$

New South Wales

41 500 000

Victoria

29 000 000

Queensland

15 900 000

South Australia

16 100 000

Western Australia

12 000 000

Tasmania

7 000 000




121 500 000

(3) The Sinking Fund contribution payable by a State in each of the nine years after the 30th June 1976 (except in the case of New South Wales in relation to which the number of years after that date shall be ten) shall be the amount in respect of the State provided by sub-clause (2) of this Clause—

(a) increased, if the net public debt of the State at the 30th June immediately preceding the year is greater than the net public debt of the State at the 30th June 1975, by an amount equal to 1·20 per centum of the amount by which the net public debt first mentioned is the greater; or

(b) reduced, if the net public debt of the State at the 30th June immediately preceding the year is less than the net public debt of the State at the 30th June 1975, by an amount equal to 1·20 per centum of the amount by which the net public debt first mentioned is the lesser.

(4) The Sinking Fund contribution payable by a State in each year after the 30th June 1985 (except in the case of New South Wales in relation to which that date shall be the 30th June 1986) shall be the amount that is equivalent to 0·85 per centum of the net public debt of the State at the 30th June immediately preceding the year in which the contribution is payable.



Sch. 1

12C. Commonwealth to pay Sinking Fund contribution

(1) The Commonwealth shall, in respect of the public debt of each State, pay to the Commission for credit to the account of the State in the Sinking Fund in respect of each year after the 30th June 1975 by equal monthly instalments during the year or in such other amounts during the year as are determined by agreement between the Commonwealth and the relevant State a Sinking Fund contribution calculated as provided in this Clause.

(2) The Sinking Fund contribution payable by the Commonwealth in relation to a State in the year commencing the 1st July 1975 shall be the amount in respect of the State provided in the following table—





$

New South Wales

9 900 000

Victoria

7 500 000

Queensland

3 900 000

South Australia

4 000 000

Western Australia

2 800 000

Tasmania

2 100 000




30 200 000

(3) The Sinking Fund contribution payable by the Commonwealth in relation to a State in each of the nine years after the 30th June 1976 (except in the case of New South Wales in relation to which the number of years after that date shall be ten) shall be the amount in respect of the State provided by sub-clause (2) of this Clause—

(a) increased, if the net public debt of the State at the 30th June immediately preceding the year is greater than the net public debt of the State at the 30th June 1975, by an amount equal to 0·28 per centum of the amount by which the net public debt first mentioned is the greater; or



Sch. 1

(b) reduced, if the net public debt of the State at the 30th June immediately preceding the year is less than the net public debt of the State at the 30th June 1975, by an amount equal to 0·28 per centum of the amount by which the net public debt first mentioned is the lesser.

(4) The Sinking Fund contribution payable by the Commonwealth in relation to a State in respect of each year after the 30th June 1985 (except in the case of New South Wales in relation to which that date shall be the 30th June 1986) shall be the amount that is equivalent to 0·28 per centum of the net public debt of the State at the 30th June immediately preceding the year in which the contribution is payable.



13. Transferred properties

It is agreed that all questions between the Commonwealth and the States relating to State properties transferred to the Commonwealth or acquired by the Commonwealth under section 85 of the Constitution shall be settled as follows—

(a) the States will as from 1st July, 1929, and as between the Commonwealth and the States be completely free and discharged from all liability whether in respect of principal, interest or Sinking Fund, or otherwise, which liability shall be assumed by the Commonwealth in respect of so much of the public debts of the States bearing interest at the rate of 5 per centum per annum, taken over by the Commonwealth as aforesaid as amounts to the agreed value of transferred properties, namely, £10 924 323, apportioned to the several States as follows—





£

New South Wales

4 788 005

Victoria

2 302 862

Queensland

1 560 639

South Australia

1 035 631

Western Australia

736 432

Tasmania

500 754

Total

10 924 323

(b) the particular portion of the public debt of each State in respect of which the States shall become free and discharged from liability shall be determined by the Commonwealth;

Sch. 1

(c) each State will issue to the Commonwealth freehold titles (or, if the laws of any State do not permit of the issue of freehold titles, then titles as near to freehold as the laws of that State will permit) for transferred properties consisting of land or interests in land in that State, and all liability of the Commonwealth to the State in respect of transferred properties shall as from the 1st July, 1929, be extinguished.

* * * * *




13A. Transfer of Debts and Charges

The debts specified in the Schedule of Debts set out in the Schedule to the 1975 Supplemental Agreement are taken over from the States by the Commonwealth as from the 30th June 1975 and the State shall be completely freed and discharged from all liabilities in relation thereto, whether in respect of principal, interest, Sinking Fund contribution or otherwise falling due after that date, and those liabilities shall as between the Commonwealth and the respective States for all purposes be assumed by the Commonwealth on that date.




Sch. 1 Pt 4 amended by Nos 5051 s. 3(Sch. item 7(1)(b)(c)), 7452 s. 3(Sch. item 4), 8843 s. 3(Sch. item 10(e)).
PART IV—MISCELLANEOUS

14. Expenses of loan flotation

(1) Each State shall repay to the Commonwealth all expenses incurred or payments made by the Commonwealth in the performance of this Agreement in relation to the State, including the following expenses and payments—



Sch. 1

(a) loan flotation charges;

(b) management charges;

(c) stamp duties on transfer of securities;

(d) commission on payment of interest;

(e) expenses incurred in the conversion renewal redemption or consolidation of loans;

(f) exchange on transference of moneys.

(2) Unless it is otherwise agreed between the Commonwealth and a State, the Commonwealth will not do anything in connexion with a loan of that State existing on the 30th June, 1927, or raised thereafter pursuant to this Agreement, which, if done by that State, would be a breach of any now existing agreement by that State with any Bank.

(3) A certificate by the Auditor-General of the Commonwealth stating the amount to be repaid by a State to the Commonwealth and the matter in respect of which the repayment is to be made shall, in the event of a dispute, be conclusive as to the amount and matter stated.



15. Alteration of the Constitution

The Commonwealth will take the necessary action to submit to the Parliament of the Commonwealth and to the electors proposals for the alteration of the Constitution of the Commonwealth in the following form:

"105A.(1) The Commonwealth may make agreements with the States with respect to the public debts of the States, including—

(a) the taking over of such debts by the Commonwealth;

(b) the management of such debts;

(c) the payment of interest and the provision and management of Sinking Funds in respect of such debts;

(d) the consolidation, renewal, conversion, and redemption of such debts;

(e) the indemnification of the Commonwealth by the States in respect of debts taken over by the Commonwealth; and



Sch. 1

(f) the borrowing of money by the States or by the Commonwealth or by the Commonwealth for the States.

(2) The Parliament may make laws for validating any such agreement made before the commencement of this section.

(3) The Parliament may make laws for the carrying out by the parties thereto of any such agreement.

(4) Any such agreement may be varied or rescinded by the parties thereto.

(5) Every such agreement and any such variation thereof shall be binding upon the Commonwealth and the States parties thereto, notwithstanding anything contained in this Constitution or the constitution of the several States or in any law of the Parliament of the Commonwealth or of any State.

(6) The powers conferred by this section shall not be construed as being limited in any way by the provisions of section 105 of this Constitution.".


16. Indemnity

Each State agrees with the Commonwealth that it will by the faithful performance of its obligations under this Agreement indemnify the Commonwealth against all liabilities whatsoever in respect of the public debt of that State taken over by the Commonwealth as aforesaid (other than the liabilities of the Commonwealth under this Agreement to pay interest and to make Sinking Fund contributions and under Clause 13 of this Agreement) and in respect of all loans of that State in respect of which this Agreement provides that Sinking Fund contributions shall be made.



17. Accounts

Separate accounts shall be kept by the Commonwealth for each State in respect of Debt, Interest, and Sinking Funds.



Sch. 1

IN WITNESS whereof the Prime Minister of the Commonwealth of Australia and the Premiers of each of the States of New South Wales, Victoria, Queensland, South Australia, Western Australia, and Tasmania have signed this Agreement respectively for and on behalf of the Commonwealth of Australia and of the said States.

Signed by the Prime Minister of the Commonwealth of Australia for and on behalf of the said Commonwealth in the presence of—

EARLE PAGE





S. M. BRUCE












Signed by the Premier of the State of New South Wales for and on behalf of the said State in the presence of—

B. S. STEVENS





T. R. BAVIN












Signed by the Premier of the State of Victoria for and on behalf of the said State in the presence of—

H. A. PITT





E. J. HOGAN












Signed by the Premier of the State of Queensland for and on behalf of the said State in the presence of—

J. MULLAN





W. McCORMACK



Signed by the Premier of the State of South Australia for and on behalf of the said State in the presence of—

H. TASSIE





R. L. BUTLER












Signed by the Premier of the State of Western Australia for and on behalf of the said State in the presence of—

GEO. W. SIMPSON





P. COLLIER












Signed by the Premier of the State of Tasmania for and on behalf of the said State in the presence of—

J. ALLAN GUY





J. E. LYONS



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