International Monetary Agreements Act 1947

To the extent that the Fund is prepared to accept from Australia promissory notes or other securities issued by Australia in place of any of the following, the Treasurer may make and issue those securities:

any payment that Australia is required to make to the Fund;

any Australian currency held by the Fund.

To the extent that the Bank or another body is prepared to accept from Australia promissory notes or other securities issued by Australia in place of any of the following, the Treasurer may make and issue those securities:

any payment to the Bank or other body that Australia is required to make in accordance with a relevant financial obligation in relation to the Bank;

any Australian currency held by the Bank.

A security issued under subsection (1) or (1A) is to be:

non‑negotiable; and

non‑interest bearing; and

payable to the Fund, Bank or other body, as the case may be, at its par value on demand.

Sums payable under any security issued under this section shall be a charge on the Consolidated Revenue Fund.

Where, upon the redemption of any such security, the moneys necessary to redeem the security are not paid out of the proceeds of any loan raised under this Act, the moneys shall be paid out of the Consolidated Revenue Fund, which is, to the necessary extent, hereby appropriated accordingly.