Explanatory Statement
Statutory Rules 1984 No. 130
Amendment of the Bounty (Agricultural Tractors) Regulations
Issued by the Authority of the Minister of State for Industry and Commerce
Regulation 4 prescribes, for the purposes of sub-section 6(1A) of the Bounty (Agricultural Tractors) Act 1966, the factor by which an amount ascertained in accordance with the Schedule to the Act may be multiplied.
The purpose of the regulations is to amend regulation 4 by introducing a new factor, which is to have effect from 1 July 1984. This adjustment is consistent with established practice.
The revised factor has been calculated to accord with recent movements in the Australian Bureau of Statistics Import Price Index “Machinery Specialised for Particular Industries” group.
The decrease in the factor will mean a decrease in bounty entitlements of approximately 2.3% from the previous factor.
Overview
The Statutory Rules 1984 No. 130, amending the Bounty (Agricultural Tractors) Regulations, was enacted in 1984 by the authority of the Minister of State for Industry and Commerce to address a discrepancy in the bounty calculation for agricultural tractors. This adjustment was introduced to ensure that the bounty remains aligned with economic indicators such as the Australian Bureau of Statistics Import Price Index for machinery specialised for particular industries. The primary objective of these regulations is to reflect recent market conditions and maintain the integrity of the bounty system, thereby ensuring fair compensation for eligible agricultural tractor purchases.
These regulations respond to the need for periodic adjustments to the bounty calculation factor, which is essential to keep the bounty system relevant and equitable. By aligning the bounty factor with the Import Price Index, the regulations aim to mitigate discrepancies caused by inflation and market fluctuations, thus providing stability and predictability for farmers and other agricultural stakeholders who rely on these bounties. The adjustment, effective from 1 July 1984, reduces the bounty entitlements by approximately 2.3% to better reflect current economic conditions.
Scope and Application
The Bounty (Agricultural Tractors) Regulations 1984, as amended by Statutory Rules 1984 No. 130, apply to any entity or individual involved in the import and subsequent bounty entitlement for agricultural tractors in Australia. This regulation is particularly pertinent to agricultural sectors reliant on the import of specialised machinery, including farming businesses and agricultural equipment importers. The regulations are administered under the authority of the Minister of State for Industry and Commerce, thereby encompassing a national scope. The amendment to regulation 4, which adjusts the factor by which an ascertained amount under the Bounty (Agricultural Tractors) Act 1966 may be multiplied, is designed to reflect recent changes in the Australian Bureau of Statistics Import Price Index for machinery specialised for particular industries. This adjustment, effective from 1 July 1984, is intended to maintain consistency with established practices and ensure that the bounty entitlement reflects current economic conditions. As a result, the amendment introduces a new factor that reduces the bounty entitlements by approximately 2.3% compared to the previous factor. This regulatory change does not specify any exclusions or exemptions and extends to the entire Commonwealth of Australia.
Key Provisions
The Bounty (Agricultural Tractors) Regulations 1984 (No. 130) primarily revise regulation 4 (subsection 6(1A) of the Bounty (Agricultural Tractors) Act 1966) to introduce a new factor for determining bounty entitlements. This adjustment takes effect from 1 July 1984 and is intended to align with recent changes in the Australian Bureau of Statistics Import Price Index for "Machinery Specialised for Particular Industries." Specifically, the new factor reflects a decrease of approximately 2.3% compared to the previous factor.
These regulations impose certain obligations on parties involved in the bounty scheme for agricultural tractors. Firstly, they mandate that any calculations of bounty entitlements must use the new factor specified in the amended regulation 4. This requirement ensures that all calculations are consistent with the updated index values and the intended adjustments to bounty amounts. Additionally, relevant authorities and entities must ensure that all documentation and records accurately reflect the use of the new factor when calculating entitlements.
Failure to comply with the provisions of the amended Bounty (Agricultural Tractors) Regulations 1984 may result in various consequences. While the specific regulations do not detail particular offences or penalties, non-compliance with legislative requirements in the context of bounty schemes can lead to civil or administrative penalties. These penalties might include fines, correction orders, or other measures to ensure adherence to the prescribed factors and calculations. The exact nature and severity of penalties would depend on the broader legislative framework and any applicable administrative guidelines.