Power to borrow
16 Power to borrow
Subject to the Financial Agreement, the Treasurer may borrow on behalf of the State such sums as are required for the purposes of the
State.
Money borrowed by the Treasurer under this section (other than money borrowed by way of overdraft) must be credited to the Consolidated
Account or must be paid to SAFA on such terms and conditions as the Treasurer thinks fit.
The Treasurer must not borrow money by way of overdraft in excess of the limit prescribed for that purpose by an annual Appropriation Act or a
Supply Act.
The Treasurer may issue and apply money from the Consolidated
Account—
in repayment of money borrowed under this section (other than money borrowed by way of overdraft) and credited to the Consolidated Account and in payment of interest or any other obligation in the nature of interest in relation to such borrowing; and
in payment of interest or any other obligation in the nature of interest in relation to money borrowed by way of overdraft.
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