NRS-14451 | Minutes of meetings of the National Debt Commission

Full description

The National Debt Commission was constituted by the National Debt Sinking Fund Act, 1923, and came into operation on 11 August 1923. By that Act the National Debt Sinking Fund was established for the redemption of the Australian Government Debt; sinking funds previously established were merged with the National Debt Sinking Fund. The latter was placed under the control of the National Debt Commission consisting of the Chief Justice of the High Court, the Federal Treasurer, the Governor of the Commonwealth Bank, the Secretary of the Treasury and the Solicitor General. In 1927 by virtue of the Financial Agreement, the Commission was charged with the control of the sinking funds of the States and its membership was expanded to include a representative of the States. New South Wales commenced to contribute to the National Debt Sinking Fund on 1 July 1928.

The objective of the Sinking Fund, as regards the States, was to extinguish debt existing at 30 June 1927 within 58 years of that date, and subsequent debt within 53 yars of the raising of a loan. To this end contributions were made by both state and federal Governments. In 1976, under the provision of the Financial Agreement the Commonwealth assumed liability for State debts and a simplified method of calculating contributions on state debt was adopted.

This series consists of minutes of the National Debt Commission meetings 28-74, 78, 79, 81 and 83 and includes annual reports and financial statements as to the position of national and state debts.

These records were held by the New South Wales Treasury.

Jun 1932-Aug 1977 (11/19308-22), Aug 1980-Aug 1985 (incomplete) (12/13304.4). 15 vols, 1 bundle.

Note:
This description is extracted from Concise Guide to the State Archives of New South Wales, 3rd Edition 2000.