Structure, organisations and key people
Coordinates and monitors the aggregate level of borrowings by the Commonwealth and each State and Territory. The Loan Council normally meets once a year in person, otherwise conducting business by correspondence. Loan Council is now mainly concerned with enhancing the transparency and accountability of public sector finances rather than, as in the past, securing adherence to strict borrowing limits. The Loan Council consists of the Prime Minister of Australia and the Premier/Chief Minister of each State and Territory. However, in practice each member is represented by a nominee, usually the Treasurer of that jurisdiction. Under long-standing arrangements, the Australian Treasury provides the Loan Council Secretariat, and the Secretary of the Loan Council is, Ex officio, the General Manager, Commonwealth--State Relations Division.
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