Financial Agreement Act 1994 (NSW)

Financial Agreement Act 1994 No 71

An Act to approve a financial agreement made between the Commonwealth of Australia and the States and Territories; and to make the necessary appropriation from the Consolidated Fund.

1 Name of Act This Act may be cited as the Financial Agreement Act 1994.

2 Commencement This Act commences on a day to be appointed by proclamation.

3 Definition In this Act: 1994 financial agreement means the agreement approved under section 4 as amended by any subsequent agreement approved by Parliament.

4 Approval of agreement The agreement (a copy of which is set out in Schedule 1) is approved.

5 Appropriation The Consolidated Fund is appropriated to the extent necessary for the purpose of carrying out the 1994 financial agreement on the part of New South Wales.

6 Consequential amendments of Public Finance and Audit Act 1983 No 152 (1) (Repealed) (2) A reference in the Public Finance and Audit Act 1983 (as amended by this Act) to the 1994 financial agreement extends to the old financial agreement in relation to any financial year (or part of a financial year) during which it was still in force. In this subsection, "old financial agreement" means the Financial Agreement as defined in that Act immediately before the amendment took effect.

Schedule 1 1994 Financial Agreement (Section 4) AGREEMENT made the 25th day of February One thousand nine hundred and ninety four between— THE COMMONWEALTH OF AUSTRALIA of the first part; THE STATE OF NEW SOUTH WALES of the second part; THE STATE OF VICTORIA of the third part; THE STATE OF QUEENSLAND of the fourth part; THE STATE OF WESTERN AUSTRALIA of the fifth part; THE STATE OF SOUTH AUSTRALIA of the sixth part; THE STATE OF TASMANIA of the seventh part; THE AUSTRALIAN CAPITAL TERRITORY of the eighth part; and THE NORTHERN TERRITORY OF AUSTRALIA of the ninth part (each of the parties of the second, third, fourth, fifth, sixth and seventh parts and, in relation to clause 4, the Australian Capital Territory and the Northern Territory of Australia in respect of which for the time being the Agreement is in force being in this Agreement referred to as a "State" and all of those parties as the context so permits or requires being in this Agreement referred to as "the States"). WHEREAS: (A) an Agreement (in this Agreement called "the Original Agreement") was made the 12th December 1927 between the parties to this Agreement with respect to the public debts of the States; (B) the provisions of the Original Agreement (which, as varied by the Supplemental Agreements, is in this Agreement called the "Principal Agreement") have been varied by the following agreements made in pursuance of section 105A of the Constitution of the Commonwealth of Australia— (i) Agreement made the 1st July 1928, a copy of which is set out in the Schedule to the Tasmania Sinking Fund Agreement Act 1928; (ii) Agreement made the 21st July 1931, a copy of which is set out in the Schedule to the Debt Conversion Agreement Act 1931; (iii) Agreement made the 22nd October 1931, a copy of which is set out in the Schedule to the Debt Conversion Agreement Act (No. 2) 1931; (iv) Agreement made the 3rd July 1934, a copy of which is set out in the Schedule to the Soldier Settlement Loans (Financial Agreement) Act 1935; (v) Agreement made the 15th November 1944, a copy of which is set out in the Schedule to the Financial Agreement Act 1944; (vi) Agreement made the 11th February 1966, a copy of which is set out in the Schedule to the Financial Agreement Act 1966; and (vii) Agreement made the 5th February 1976, a copy of which is set out in the Schedule to the Financial Agreement Act 1976, (which Agreements are in this Agreement referred to as "the Supplemental Agreements"); (C) the parties, other than those of the eighth and ninth parts, have agreed that in pursuance of section 105A of the Constitution provision as specified in this Agreement different from that in the Principal Agreement should be made as to; (i) the powers of the Loan Council; (ii) the restriction on a State from borrowing by the issue of securities in its own name in domestic and overseas markets; (iii) the requirement on the Commonwealth and on a State for approval of borrowings; and (iv) the power of the Commonwealth to borrow on behalf of the States; and (D) all the parties agree that (i) the Australian Capital Territory and the Northern Territory be represented on the Loan Council; (ii) the Loan Council have a power to make resolutions only; and (iii) the Northern Territory and the Commonwealth make into the Debt Retirement Reserve Trust Account the payments that they would otherwise have made under the 1986 Arrangements; NOW IT IS HEREBY AGREED as follows: