56. Borrowing by the Commonwealth

(1) An agreement for the borrowing of money by the Commonwealth (including by obtaining an advance on overdraft or obtaining credit by way of credit card or credit voucher) is of no effect unless the borrowing is expressly authorised by or under an Act.

(2) The Finance Minister may, on behalf of the Commonwealth, enter into an agreement for borrowing money.

(3) The agreement must:

(a) require the amount borrowed to be repaid by the Commonwealth within 90 days; and

(b) be in accordance with any requirements prescribed by the rules.

Related glossary terms: 

Last updated: 13 January 2016