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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Public Finance and Audit (Debt Ceiling) Amendment
Bill 2013
A BILL FOR
An Act to amend the Public
Finance and Audit Act 1987.
Contents
Part 1—Preliminary
1Short
title
2Amendment provisions
Part 2—Amendment of Public Finance and
Audit Act 1987
3Amendment of section 16—Power to
borrow
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Public Finance and Audit (Debt Ceiling)
Amendment Act 2013.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Public Finance and Audit
Act 1987
3—Amendment
of section 16—Power to borrow
(1) Section 16(1)—after "Subject to" insert:
this section and
(2) Section 16—after subsection (3) insert:
(3a) The Treasurer must not borrow money if the borrowings would result in
a net debt greater than $14 000 000 000 (indexed) for the
financial year in which the borrowing is to occur.
(3) Section 16—after subsection (4) insert:
(5) In this section, $14 000 000 000 (indexed) for a
particular financial year means an amount obtained by multiplying
$14 000 000 000 by a proportion obtained by dividing the Consumer
Price Index for the quarter ending on 31 March in the financial year
immediately preceding the relevant financial year by the Consumer Price Index
for the quarter ending on 31 March 2013 (with this indexing commencing
on 1 July 2014).
(6) In this section—
Consumer Price Index means the Consumer Price Index (All
groups index for Adelaide);
net debt means the sum of deposits held, advances received
and borrowing of the Crown, minus the sum of cash and deposits, advances paid,
and investments, loans and placements of the Crown.