DIRECTION RELATING TO COMMONWEALTH BORROWING
 
I, JOSEPH BENEDICT HOCKEY, Treasurer of the Commonwealth of Australia, give this Direction under section 51JA of the Commonwealth Inscribed Stock Act 1911 (‘the CIS Act’).  
 
This Direction applies to the persons to whom powers under section 3A of the CIS Act have been delegated.  Delegates are required to comply with this Direction.
 
Commonwealth borrowing
 
The Commonwealth can borrow to meet budgetary needs, and it can also borrow for policy purposes.
 
Maximum total face value of stock and securities that may be on issue
 
Pursuant to subsection 51JA(2) of the CIS Act, I direct that the maximum total face value of stock and securities that may be on issue is $500 billion.
 
This Direction replaces the previous Direction made under section 51JA of the CIS Act on 9 August 2012.   
 
 
Dated this 11th day of December 2013
 
 
JOSEPH BENEDICT HOCKEY
Treasurer of the Commonwealth of Australia