Wheat Industry Stabilization (Reimbursement of Borrowing Costs) Act 1979 (Cth)

Wheat Industry Stabilization

(Reimbursement of Borrowing Costs) Act 1979

No. 39 of 1979

An Act to provide for the reimbursement of the Australian Wheat Board for certain costs of borrowing or otherwise raising moneys.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Wheat Industry Stabilization (Reimbursement of Borrowing Costs) Act 1979.

Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Interpretation,

3. (1) In this Act—

“Board” means the Australian Wheat Board;

“commercial borrowing” means a borrowing made otherwise than from the Reserve Bank of Australia;

“expenses of borrowing” does not include—

(a) interest; or

(b) expenses incurred after 31 March 1980;

“interest” does not include interest accruing after 31 March 1980;

“loan repayment” means the repayment of prescribed borrowings, being Reserve Bank borrowings;

“prescribed borrowing” means a borrowing made by the Board at any time, including a time before the commencement of this Act, of moneys to be used in the performance of its functions in relation to wheat delivered to the Board (whether in pursuance of the Stabilization Act or of a law of a State) during the period of 12 months that commenced on 1 October 1978;

“Reserve Bank borrowing” means a borrowing made from the Reserve Bank of Australia;

“Stabilization Act” means the Wheat Industry Stabilization Act 1974;

“wheat” has the same meaning as in the Stabilization Act.

(2) A reference in this Act to a borrowing for a particular purpose shall be read as a reference to so much of any borrowing as is made for that purpose.

(3) A reference in this Act to a commercial borrowing shall be read as including a reference to raising moneys, otherwise than from the Reserve Bank of Australia, by means of any transaction of a kind referred to in sub-section 36(2) of the Stabilization Act, including a transaction of such a kind that took place before the amendment of section 36 of that Act by the Wheat Industry Stabilization Amendment Act 1979.

Amounts payabe to Board

4. (1) There is payable to the Board an amount equal to the difference, as determined by the Minister, between—

(a) the total amount of interest paid or payable by the Board in respect of—

(i) prescribed borrowings, being commercial borrowings, made for purposes of loan repayment; and

(ii) prescribed borrowings, being commercial borrowings, made for purposes for which advances may be made under sub-section 57(1) of the Reserve Bank Act 1959; and

 

(b) the total amount of interest that would have been paid or payable by the Board in respect of those borrowings if they had been Reserve Bank borrowings.

(2) There is payable to the Board an amount equal to the difference, as determined by the Minister, between—

(a) the total expenses of borrowing paid or payable by the Board in respect of prescribed borrowings, being commercial borrowings, made for purposes for which advances may be made under sub-section 57(1) of the Reserve Bank Act 1959 (not being purposes of loan repayment); and

(b) the total expenses of borrowing that would have been paid or payable by the Board in respect of those borrowings if they had been Reserve Bank borrowings.

(3) There is payable to the Board an amount, as determined by the Minister, equal to the total expenses of borrowing paid or payable by the Board in respect of prescribed borrowings, being commercial borrowings, made for purposes of loan repayment.

Advances

5. (1) The Minister for Finance may, at such times as he thinks fit, make advances to the Board of such amounts as he thinks fit on account of an amount that is expected to become payable to the Board under section 4.

(2) If the total amount of advances paid to the Board under sub-section (1) exceeds the total of the amounts payable to the Board under section 4, the Board shall, on demand by the Minister for Finance, repay to the Commonwealth the amount of the excess.

Appropriation

6. Payments (including advances) to the Board under this Act shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.