Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 (Qld)

Queensland Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 Subordinate Legislation 2005 No. 161 made under the Rural and Regional Adjustment Act 1994 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s 9 (Amendment of existing approved assistance scheme—Act, s 54) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

s1 2 s3 Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 No. 161, 2005 1 Short title This regulation may be cited as the Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 . 2 Regulation amended This regulation amends the RuralandRegionalAdjustmentRegulation 2000. 3 Amendment of s 9 (Amendment of existing approved assistance scheme—Act, s 54) (1) Section 9— insert— ‘(1A) The scheme, item 2 (Assessment criteria), first dot point, after ‘income.’— insert— ‘Also, QRAA must disregard the ability of the applicant to purchase additional farming property during the drought.’. ‘(1B) The scheme, item 2 (Assessment criteria), fourth dot point, before ‘the NewStart Allowance Assets Test’— insert— ‘double’. ‘(1C) The scheme, item 3 (Level of support), second dot point, ‘the financial years as identified in the attached Schedules’— omit, insert— ‘the first year of the EC declaration’. ‘(1D) The scheme, item 3 (Level of support), after second dot point— insert— ‘• The interest subsidy granted to a primary producer in the second or any subsequent year of an EC declaration must be no greater than a maximum of 80% of the interest payable on, and associated costs of, borrowings that are subsidised. However, if an applicant has received an

s3 3 s3 Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 No. 161, 2005 interest rate subsidy of a maximum of 50% for the second or any subsequent year of an EC declaration and is within that period, the applicant may claim for each of the years an additional maximum of 30% of the interest payable on, and associated costs of, borrowings that are subsidised.’. ‘(1E) The scheme, item 3 (Level of support), as amended, fifth dot point, from ‘recovery year with’— omit, insert— ‘recovery year. However, if the EC area is extended, an additional interest rate subsidy is available for each year the EC area is extended. Applications must be received within 28 days after the closing date for the relevant year. The provision of support in a year does not guarantee support in the subsequent year. A primary producer not receiving support in the declaration year may be eligible in a subsequent year. However, if the EC declaration for an EC area ended before 30 May 2005, a primary producer in the area is not eligible for— • the additional interest rate subsidy; or • the change to the NewStart Allowance Assets Test for Homeowners (Partnered), allowing a producer’s net value of off-farm assets to be not greater than double the assets test.’. ‘(1F) The scheme, item 3 (Level of support), as amended, after sixth dot point— insert— ‘• In deciding the level of commercial borrowings to be supported for an initial interest subsidy for a producer who has purchased additional farming property during the drought, QRAA must deduct the full cost of the property purchase from the balance of the producer’s existing commercial borrowings.’. ‘(1G) The scheme, item 4 (Terms and conditions), after third dot point—

s3 4 s3 Rural and Regional Adjustment Amendment Regulation (No. 7) 2005 No. 161, 2005 insert— ‘• The producer can not apply for an interest rate subsidy until 9 months after the day the producer last makes a successful interest rate subsidy application. The producer can receive only 1 subsidy payment in each EC year.’.’. (2) Section 9(1A) to (9)— renumber as section 9(2) to (16). ENDNOTES 1 Made by the Governor in Council on 14 July 2005. 2 Notified in the gazette on 15 July 2005. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Department of Primary Industries and Fisheries. © State of Queensland 2005