Explanatory Statement
Statutory Rules 1983 No.29
Amendment of the Bounty (Agricultural Tractors) Regulations
Issued by the Authority of the Minister of State for Industry and Commerce
Regulation 2A 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 2A by introducing a new factor, which is to have effect from 1 April 1983.
The revised factor has been calculated to accord with recent movements in the Reserve Bank of Australia Import Price Index “Machinery except Electric” group.
The increase in the factor will mean an increase in bounty entitlements of approximately 3.8% from the previous factor.
Overview
The Bounty (Agricultural Tractors) Regulations 1983, enacted under the authority of the Minister of State for Industry and Commerce, aim to amend the Bounty (Agricultural Tractors) Regulations by introducing a new factor to be applied from 1 April 1983. This legislation responds to the need for an updated factor to reflect recent changes in the Reserve Bank of Australia Import Price Index for the "Machinery except Electric" group. The primary policy objective is to ensure that the bounty entitlements for agricultural tractors are adjusted in line with current economic conditions, thus maintaining the competitiveness and affordability of these essential farming tools. The new factor, which increases the bounty entitlement by approximately 3.8% compared to the previous factor, is intended to provide farmers with necessary support amidst fluctuating market prices.
Scope and Application
The Bounty (Agricultural Tractors) Regulations 1983, as amended, apply to entities involved in the importation and sale of agricultural tractors within Australia. These regulations are designed to adjust the bounty entitlements for such tractors based on changes in the Reserve Bank of Australia Import Price Index. The regulations specifically amend Regulation 2A to introduce a new factor that will be used to calculate the bounty entitlements from 1 April 1983. This adjustment aims to reflect recent movements in the import price index for machinery, ensuring that bounty entitlements are proportionate to current market conditions. The updated factor represents an approximate increase of 3.8% over the previous calculation, thereby affecting the financial incentives for entities importing and selling agricultural tractors in Australia. These regulations operate under the authority of the Minister of State for Industry and Commerce and extend to all relevant entities within the specified industry, ensuring alignment with national economic indicators.
Key Provisions
The key provisions of the Bounty (Agricultural Tractors) Regulations 1983 No. 29 (hereafter referred to as the Regulations) primarily concern the amendment of regulation 2A. Regulation 2A (subsection 6(1A) of the Bounty (Agricultural Tractors) Act 1966) pertains to the factor by which an amount ascertained in accordance with the Schedule to the Act may be multiplied. This regulation is being amended to introduce a new factor, effective from 1 April 1983. The amendment is intended to reflect recent changes in the Reserve Bank of Australia Import Price Index for the "Machinery except Electric" group, thereby ensuring that bounty entitlements are adjusted accordingly.
Under these Regulations, the primary obligation for entities governed by the Bounty (Agricultural Tractors) Act 1966 is to apply the new factor prescribed in regulation 2A when calculating bounty entitlements. This involves using the new multiplier to ascertain the amount eligible for bounty. The new factor has been meticulously calculated to align with the latest data from the Reserve Bank of Australia, ensuring that the bounty entitlements accurately reflect current economic conditions and import price movements.
Failure to comply with these Regulations could result in penalties, although the specific nature and extent of these penalties are not detailed in the explanatory statement. Typically, such breaches could lead to financial penalties or other sanctions as prescribed by the Act, given that the accurate calculation of bounty entitlements is critical for compliance with the Act. While the explanatory statement does not specify the maximum penalties, it is clear that adherence to the prescribed regulations is mandatory to avoid any potential repercussions.
In summary, the Regulations mandate the use of a revised factor in the calculation of bounty entitlements for agricultural tractors, reflecting recent economic data. The primary obligation is for governed entities to implement this new factor in their calculations, ensuring compliance with the Bounty (Agricultural Tractors) Act 1966. Non-compliance could lead to penalties, although the exact nature of these penalties is not detailed in the explanatory statement. The Regulations aim to maintain the integrity and accuracy of bounty entitlements, aligning them with current economic indicators.