Australian Shipping Commission (Additional Capital) Act 1985

Overview

The Australian Shipping Commission (Additional Capital) Act 1985 was enacted to address a financial shortfall faced by the Australian Shipping Commission, necessitating an injection of additional capital to maintain its operational viability and efficiency. This Act was brought before the Australian Parliament, receiving Royal Assent on 4 June 1985, and is the result of coordinated legislative efforts to provide the necessary funds to the Commission. The primary objective of this Act, as stated in the Minister’s second reading speech, was to authorise the payment of $70,541,000 to the Australian Shipping Commission from the Consolidated Revenue Fund, ensuring that the Commission could continue its pivotal role in the maritime sector without financial impediments.

Scope and Application

The Australian Shipping Commission (Additional Capital) Act 1985 is a Commonwealth Act that provides for the payment of additional capital to the Australian Shipping Commission. The Act applies specifically to the Australian Shipping Commission and its need for additional capital, without specifying broader applicability to other entities, industries, or conduct. The geographic reach of the Act is national, as it is a Commonwealth Act, and it applies across the entire Commonwealth of Australia. The Act outlines the process by which the specified sum of $70,541,000 will be paid to the Australian Shipping Commission, with the exact amounts and timing of the payments determined by the Minister for Finance. The payments are to be made from the Consolidated Revenue Fund, with specific appropriations for this purpose. Additionally, any amounts paid as additional capital before the Act’s commencement are deemed to be part of the payments outlined in the Act, subject to certain conditions. The Act does not explicitly state any exclusions, exemptions, or thresholds beyond the scope of its application to the Australian Shipping Commission. The Act itself does not extend its application through subordinate instruments, but the payments and appropriations may be further detailed in related financial regulations or orders.

Key Provisions

The Australian Shipping Commission (Additional Capital) Act 1985 authorises the payment of additional capital to the Australian Shipping Commission. The main provisions of the Act are found in section 3, which stipulates that $70,541,000 is payable to the Commission for the purpose of providing additional capital. The Act allows for payments to be made in amounts and at times determined by the Minister for Finance (subsection 3(2)). The funds are to be paid out of the Consolidated Revenue Fund (subsection 3(3)). Furthermore, if any amount has been paid to the Commission before the Act's commencement, this amount will be deemed to have been paid under the Act (subsection 3(4)). Under this Act, the Minister for Finance is obligated to determine the timing and amounts of the payments to the Australian Shipping Commission from the Consolidated Revenue Fund. This responsibility is outlined in section 3(2) of the Act. The Act ensures that any payments made before the Act's commencement are considered valid and part of the capital provision under this Act, as stipulated in section 3(4). It also appropriates the necessary funds from the Consolidated Revenue Fund to cover these payments. The Act does not explicitly outline specific offences, penalties, or consequences for non-compliance. However, failure to comply with the Minister's determination of payment amounts and timing, as specified in section 3(2), could potentially lead to legal repercussions under the Public Governance, Performance and Accountability Act 2013 or other relevant legislation. The maximum penalties for such breaches would depend on the specific laws applicable at the time of the breach.