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  Name 

2  Commencement

3  Authority

4  Schedules

5  Definitions

Part 2—Direction relating to Commonwealth borrowing

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

Schedule 1—Repeals

Direction Relating to Commonwealth Borrowing 2017 [F2017L00513]

Part 1—Preliminary

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.

Note: This table relates only to the provisions of this instrument as originally made.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  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 2—Direction 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 1—Repeals

Direction Relating to Commonwealth Borrowing 2017 [F2017L00513]

1  The whole of the instrument

Repeal the instrument.