The Loan Council is an Australian Commonwealth-state ministerial council that coordinates public sector borrowing, comprising the Commonwealth of Australia and the states and self-governing territories, New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania the Australian Capital Territory, and the Northern Territory. The Loan Council now operates under the Financial Agreement between the Commonwealth, States and Territories of 25 February 1994, which is incorporated as a schedule to the Financial Agreement Act 1994, which came into effect on 1 July 1995. The 1994 arrangements made significant changes to the previous arrangements, the main changes being: