Australian Loan Council

The current Loan Council arrangements, in place since 1 July 1993, operate on a voluntary basis and emphasise transparency of public sector financing. These arrangements are designed to enhance financial market scrutiny of public sector borrowing and facilitate informed judgments about each government's financial performance. The Loan Council traditionally meets annually to consider jurisdictions' nominated borrowings for the forthcoming year. It has regard to each jurisdiction's fiscal position and the macroeconomic implications of the aggregate figure. Prime Minister as Chair and each State Premier and Territory Chief Minister (or their representatives). Current practice is for the Treasurers of each jurisdiction to constitute the Council (as the Prime Minister's, State Premiers', and Chief Ministers' representatives).