National Debt Commission

Established by the National Debt Sinking Fund Act 1923 as a body corporate to administer the new National Debt Sinking Fund for the redemption of Commonwealth public debt, much of it raised during the First World War. It was a new body rather than one formed from an existing agency, and it worked with the support of the Treasury.

Legislation: National Debt Sinking Fund Act 1923; National Debt Sinking Fund Act 1966; National Debt Sinking Fund Repeal Act 1994

1. 1966The National Debt Sinking Fund Act 1966 repealed the 1923 Act and the later sinking fund Acts and continued the Commission as a body corporate.
2. 5 July 1994The National Debt Sinking Fund Repeal Act 1994 received assent, providing for the fund to be paid out and the 1966 Act repealed from the day of a Treasurer's notice in the Gazette.

The National Debt Sinking Fund Repeal Act 1994 directed the Commission to pay the Commonwealth's balance of the fund into the Consolidated Revenue Fund and each state's balance into the Debt Retirement Reserve Trust Account, and repealed the National Debt Sinking Fund Act 1966 under which the Commission existed, from a day fixed by a Treasurer's notice in the Gazette, following the Financial Agreement Act 1994. The end year 1994 is an estimate resting on the year of the repeal Act; the date of the Gazette notice has not been confirmed.

• Administration of the National Debt Sinking Fund
• Repurchase and redemption of Commonwealth securities
• Holding sinking fund contributions for state debts under the Financial Agreement

Last in the portfolio of Department of the Treasury.

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Some dates or links for this organisation are uncertain. Corrections are welcome.