Australian Loan Council decides the total amount of money to be raised each year by Australia's federal and state governments, except for money used for defense and temporary purposes. The council also decides how the money will be distributed. A premier represents each state on the council, and the prime minister represents the federal government. The council meets in Canberra, Australian Capital Territory. It was set up in 1927 and given legal standing by an amendment to the Constitution in 1928.