Bills Digest no. 34 1976
Airline Equipment (Loan Guarantee) Bill 1976
WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced
and does not canvass subsequent amendments. This Digest does not have
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the subsequent official status of the Bill.
CONTENTS
Passage History
Purpose
Summary
Contact Officer & Copyright Details
Passage History
Airline
Equipment (Loan Guarantee) Bill 1976
Date introduced: 2 November 1976
House: House of Representatives
Portfolio: Transport
Commencement: On the day of Royal Assent
Purpose
The purpose of this Bill is to seek authority for the Treasurer
to guarantee, on behalf of the Commonwealth, the repayment of loans
raised by Ansett Transport Industries (Operations) Proprietory Limited
to finance the purchase of its seventh Boeing 727-200 series aircraft
and related equipment and spare parts.
Summary
The proposed Government guarantee will be limited to an amount
of US$8 million or its equivalent (sub-clause 4 (2)). The airline will
also be required to satisfy the Treasurer that the terms and conditions
on which the moneys are borrowed are reasonable (sub-clause 5 (a)),
and that various other conditions have been met (sub-clauses. 5 (b)
– 5 (e)).
Relevant Information
The figure of US$8 million or its equivalent represents 80%
of the total cost of the aircraft and associated equipment. The aircraft
presently under consideration is planned for delivery in December 1976.
The Bill follows the enactment of earlier legislation (Loans
(Australian National Airlines Commission) Act 1976) under which the
Commonwealth sought approval to borrow US$9.3 million on behalf of Ansett’s
competitor, the Australian National Airlines Commission (TAA) to enable
TAA to purchase its seventh Boeing 727-200 series aircraft and related
equipment and spare parts.
Finance, Industries, Trade and Development
9 November 1976
Bills Digest Service
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ISSN 1328-8091
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