Key points of the Lang Plan included the reduction of interest owed by Australian governments on debts within Australia to 3%, and the cancellation of interest payments to overseas bondholders and financiers on government borrowings, besides other strategies. As the Commonwealth Government became responsible under the Financial Agreement for state debts, the new UAP government of Joseph Lyons was obligated to pay the interest to the overseas bondholders, and then extract the money from the states.
The Lang Plan's primary objectives included lowering the interest rates owed by Australian governments on domestic debt to 3%, canceling interest payments to foreign investors and lenders on government loans, along with other measures. As the Commonwealth Government assumed control over state debts under the Financial Agreement, the new UAP government of Joseph Lyons was required to pay interest to overseas creditors, then withdraw funds from the states.