TEL 25. Feb. 94 8: 54 No. 001 P. 01/ Q4
13/ 94
STATEMENT BY THE PRIME MINISTER, THE HON P J KEATING, MP
SIGNING OF NEW FINANCIAL AGREEMENT
Heads of Government today signed the new Financial Agreement Between
the Commonwealth, States and Territories.
Under the new agreement, the Australian Capital Territory and the Northern
Territory become, for the first time, members of Loan Council and parties to
the Financial Agreement, originally signed in 1927. Until now, participation
by the Territories in Loan Council arrangements has been on an informal
basis. Obsolete provisions of the present Agreement, which prevented the States
from borrowing in their own names in the capital markets, have been
removed. The administration of the Agreement has been simplified and the
requirement for Commonwealth and State borrowings to be approved under
its provisions Is removed.
Borrowings by the Commonwealth, States and Territories are subject to
monitoring and reporting under new Loan Council arrangements introduced
from 1993-94.
The new Agreement would become effective after the passage of
complementary Commonwealth, State and Territory legislation.
HOBART FEBRUARY, 1994
Keating, Paul
Period of Service: 20/12/1991 - 11/03/1996
Find more information on Keating, Paul on the:
Release Date:
25/02/1994
Release Type:
Media Release
Transcript ID:
9136
Document:
00009136.pdf
1 Page(s)
Released by:
- Keating, Paul John
STATEMENT BY THE PRIME MINISTER, THE HON P J KEATING, MP SIGNING OF NEW FINANCIAL AGREEMENT
9136