1928 Australian state debts referendum

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In 1928, Australia held a referendum on 17 November to decide whether to alter the Constitution with the Constitution Alteration (State Debts) 1928. The change would insert a new section, 105A, to confirm the Financial Agreement reached in 1927 and to formalize the Loan Council, which would oversee most government borrowing by the states (except for defence) and end the old per-capita grant system that had been in place since 1910.

Why it mattered: The new arrangement aimed to coordinate public borrowing and finance between the Commonwealth and the states, help with economic planning, and resolve tax and investment issues.

Results:
- Yes: 2,237,391 (74.30%)
- No: 773,852 (25.70%)
- Valid votes: 3,011,243 (93.39%)
- Invalid/blank votes: 213,257 (6.61%)
- Total votes: 3,224,500 (100%)
- Registered voters: 3,444,766
- Turnout: 93.61%

The referendum was approved by a majority of voters and by a majority in each state. It became law on 13 February 1929, giving legal backing to the Loan Council and the new financial framework between the Commonwealth and the states.