Australian Meat and Live-stock Industry (Gross Value of Production of the Industry for 2023-24) Determination 2024

Overview

The Australian Meat and Livestock Industry (Gross Value of Production of the Industry for 2023-24) Determination 2024 was enacted to address the need for an accurate and updated estimation of the gross value of production for the Australian meat and livestock industry for the financial year starting on 1 July 2023 and ending on 30 June 2024. This Determination was made under the authority of the Australian Meat and Livestock Industry Act 1997, specifically pursuant to subsection 66(3) of the Act, by Joanna Stanion, as a delegate of the Secretary of the Department of Agriculture, Fisheries and Forestry. The policy objective behind this determination is to provide a reliable figure that reflects the economic contribution of the meat and livestock industry, aiding in the formulation of relevant agricultural and economic policies. This determination ensures that stakeholders have a clear and official valuation to base their economic planning and decision-making processes on, thereby supporting the industry’s growth and stability.

Scope and Application

The Australian Meat and Live-stock Industry (Gross Value of Production of the Industry for 2023-24) Determination 2024 applies specifically to the valuation of the gross production value of the Australian meat and livestock industry for the financial year commencing on 1 July 2023 and concluding on 30 June 2024. This determination is made by Joanna Stanion, acting as a delegate of the Secretary of the Department of Agriculture, Fisheries and Forestry, under the authority granted by subsection 66(3) of the Australian Meat and Live-stock Industry Act 1997. The Determination sets the gross value of production at $19,420,399,333, which is critical for various regulatory and fiscal purposes within the meat and livestock industry. While the Determination itself is definitive for the specified financial year, its application is bound by the broader scope and provisions of the Act, which governs the meat and livestock industry nationwide. The Act applies to all entities engaged in the production, processing, and distribution of meat and livestock products within Australia, ensuring that the valuation aligns with the industry's economic activities and supports related regulatory functions.

Key Provisions

The Australian Meat and Livestock Industry (Gross Value of Production of the Industry for 2023-24) Determination 2024 (section 2) sets out the gross value of production for the Australian meat and livestock industry for the financial year 2023-24. According to this Determination, the gross value of production is $19,420,399,333. This figure is significant as it provides a benchmark for the industry's economic contribution and is used for various regulatory, reporting, and statistical purposes. The determination ensures that all relevant stakeholders have a clear and authoritative figure to reference when engaging in industry analysis or compliance activities. Under this Determination, the Australian meat and livestock industry, including all producers, processors, and related entities, must adhere to the specified gross value of production. This figure will be used in various compliance and reporting requirements, ensuring consistency and accuracy across the industry. Entities within the industry are expected to use this value in their financial and operational reporting, and it will also be instrumental in any industry assessments or subsidies that are tied to the gross value of production. Compliance with this Determination is crucial for maintaining the integrity of industry data and ensuring that all stakeholders operate within the same financial framework. Breaches of the requirements set out in the Determination may lead to various civil or administrative consequences. While specific offences and penalties are not detailed within the text of the Determination itself, it is likely that any non-compliance could result in fines, corrective actions, or other administrative penalties. Additionally, inaccurate reporting or failure to use the correct gross value of production figure could lead to audits, investigations, or further regulatory actions by the Department of Agriculture, Fisheries and Forestry. The exact penalties would be determined based on the nature and severity of the breach, but adherence to the Determination is essential to avoid any potential repercussions.