Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Amendment Rule 2019 (Cth)

Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Amendment Rule 2019

We, David Littleproud, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management, and Mathias Cormann, Minister for Finance, make the following rule.

Dated 10 June 2019

The Hon David Littleproud MP

Minister for Water Resources, Drought, Rural Finance, Natural Disaster

and Emergency Management

Senator the Hon Mathias Cormann

Minister for Finance

Contents

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1Name

This instrument is the Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Amendment Rule 2019.

2Commencement

This instrument commences the day after it is registered.

3Authority

This instrument is made under the Regional Investment Corporation Act 2018.

4Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1AmendmentsRegional Investment Corporation (Agribusiness Natural Disaster Loans2019 North Queensland Flood) Rule 20191

Subparagraph 8(1)(c)(iii)

Repeal the subparagraph, substitute:

1. (iii)

   restore or replace on-farm infrastructure lost or damaged as a result of the Monsoon Trough;

2. (iv)

   meet operating expenses relating to damage arising out of the Monsoon Trough;

3. (v)

   refinance its existing debt.

Example: The operating expenses referred to in subparagraph (c)(iv) include expenses such as the costs of transporting livestock or produce during and directly after the floods, the costs associated with obtaining other finance (such as an overdraft or line of credit) to enable the farm business to continue operating, and the costs of obtaining any alternative accommodation required as a result of the floods.

2

Subparagraph 9(1)(c)(iii)

Repeal the subparagraph, substitute:

1. (iii)

   restore or replace on-farm infrastructure lost or damaged as a result of the Monsoon Trough;

2. (iv)

   meet operating expenses relating to damage arising out of the Monsoon Trough;

3. (v)

   refinance its existing debt; and

3

Paragraph 9(1)(d)

After the paragraph, insert:

Example: The operating expenses referred to in subparagraph (c)(iv) include expenses such as the costs of transporting livestock or produce during and directly after the floods, the costs associated with obtaining other finance (such as an overdraft or line of credit) to enable the farm business to continue operating, and the costs of obtaining any alternative accommodation required as a result of the floods.