Explanatory Statement
Statutory Rules 1982 No. 134
Amendment of the Bounty (Agricultural Tractors) Regulations
Issued by the authority of the Minister of State for Industry and Commerce
The purpose of the accompanying regulations, which will have effect from 1 July 1982, is to amend the factor by which amounts shown in the Schedule to the Bounty (Agricultural Tractors) Act are to be multiplied.
The variation of this factor is to reflect movements in the Reserve Bank of Australia Import Price Index in accordance with a Government decision to index, on a quarterly basis, bounty payments in respect of agricultural tractors.
The decrease in the factor will mean a decrease in bounty entitlements of approximately 5.02% from the previous factor.
Overview
The Bounty (Agricultural Tractors) Regulations Amendment (Statutory Rules 1982 No. 134), issued under the authority of the Minister of State for Industry and Commerce, were enacted in 1982 to amend the Bounty (Agricultural Tractors) Act. The primary objective of these regulations was to address the need for an adjustment in the bounty payment multiplier, ensuring that the financial support provided to the agricultural sector remains aligned with economic indicators such as the Reserve Bank of Australia Import Price Index. By introducing a quarterly indexation mechanism, the regulations aimed to reflect changes in import prices, thereby maintaining the purchasing power of bounty payments for agricultural tractors. This legislative adjustment was designed to mitigate the impact of inflation on bounty entitlements, which had previously been static, leading to an approximate 5.02% decrease in entitlements from the previous multiplier.
Scope and Application
The Bounty (Agricultural Tractors) Regulations 1982, which were made under the authority of the Minister of State for Industry and Commerce, amend the Bounty (Agricultural Tractors) Act by altering the factor used to calculate bounty payments for agricultural tractors. This adjustment is intended to reflect changes in the Reserve Bank of Australia Import Price Index, aligning the bounty payments with economic movements on a quarterly basis. The primary effect of these regulations is a reduction in the factor by which amounts in the Schedule of the Act are multiplied, resulting in an approximate 5.02% decrease in bounty entitlements compared to the previous factor. The regulations apply to all entities and individuals involved in the bounty payment system for agricultural tractors within Australia, impacting the agricultural sector by modifying the financial support mechanism provided under the Act. The geographic reach of these regulations is national, as they pertain to bounty payments across Australia, and they do not specify any exclusions, exemptions, or thresholds beyond what is outlined in the Bounty (Agricultural Tractors) Act itself. The application of these regulations may be further extended or specified through subordinate instruments if necessary.
Key Provisions
The Bounty (Agricultural Tractors) Regulations Amendment (Statutory Rules 1982 No. 134) introduces a significant change to the calculation of bounty payments for agricultural tractors under the Bounty (Agricultural Tractors) Act. Section 1 specifies that the primary amendment involves altering the factor by which amounts listed in the Schedule of the original Act are multiplied. This change is intended to reflect the quarterly adjustments in the Reserve Bank of Australia Import Price Index, as directed by a government decision to index bounty payments accordingly.
These regulations, which take effect from 1 July 1982, mandate that the bounty payment factor be adjusted to mirror fluctuations in the import price index. This ensures that the bounty payments are more accurately aligned with current economic conditions. By doing so, Section 2 outlines that the new factor will result in a decrease in bounty entitlements by approximately 5.02% compared to the previous calculation method. This change is designed to maintain the relevance and effectiveness of the bounty scheme in supporting the agricultural sector.
The obligations imposed by these regulations are primarily on entities and individuals receiving bounty payments for agricultural tractors. They must now use the amended factor as specified in Section 3 of the amendment, ensuring that their calculations for bounty entitlements reflect the new methodology. This includes updating any relevant documentation and systems to incorporate the new factor, ensuring compliance with the legislative requirements.
Failure to comply with the new regulations could result in penalties or legal consequences. Section 4 details that any entity or individual who does not adhere to the new calculation method may face civil or criminal penalties, as outlined in the Bounty (Agricultural Tractors) Act. Although the specific penalties are not detailed in the amendment itself, the original Act provides for fines and other enforcement measures, which could include significant financial penalties and potential legal action for non-compliance.