On Royal Assent Purpose To repeal the Gladstone Power Station Agreement Act 1970 on the grounds that it is inactive legislation. Comalco operated an Aluminium smelter at Boyne Island at Gladstone and planned to expand its operations. Accordingly, with all obligations between the Commonwealth and Queensland Governments discharged, the 1970 Act no longer has any function. Main Provisions Item 1 of Schedule 1 repeals the Gladstone Power Station Agreement Act 1970 . Endnotes Second reading speech, the Hon John Gorton MP, House of Representatives, Parliamentary Debates 14 April 1970, p. 1044.
Present value is the discounted value of a future earnings stream.
24 November 1999, p. 3900. This because the loan agreement did not provide for early repayment. In this case, the debt that would technically accumulate between 1994 and 2009 under the terms of the loan agreement. Entsch, W. op cit. Financial Management and Accountability Act 1997 .