Reference no: EM132976994
Problem 1: When the Constitution of Australia came into force, on 1 January 1901, the colonies collectively became states of the Commonwealth of Australia. How were the new states funded?
A. States continued to coin their own money or notes
B. States were guaranteed 75% of the amount they would normally have collected in Customs and Excise by the Commonwealth Government
C. Selling wheat and wool overseas at very high prices
D. Nothing changed - states continued to fund themselves independently in the same way they did before the new Commonwealth initiatives
Problem 2: In 1927, a new financial agreement was forged between the Commonwealth and the States? Was it:
A. Commonwealth assumed responsibility, via the Loan Council, for borrowing on behalf of the states
B. States received a fixed annual sum from the Commonwealth to be used exclusively for the repayment of public debt
C. Provision for a state to apply for "Special Grants" in cases of hardship not necessarily related to the effects of Federation
D.All the above
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