EXPLANATORY MEMORANDUM
Statutory Rules 1984 No. 461
MINISTER FOR INDUSTRY, TECHNOLOGY AND COMMERCE
SUBJECT: Bounty (Agricultural Tractors) Act 1966 - Bounty (Agricultural Tractors) Regulations (Amendment).
Sections 22 and 6 of the Bounty (Agricultural Tractors) Act 1966 (the Act), read in part:
“22. The Governor-General may make regulations, not inconsistent with this Act, prescribing all matters required or permitted by this Act to be prescribed…”.
“6(1A). The regulations may prescribe a factor for the purpose of this sub-section and, where a factor is so prescribed, then, for the purpose of calculating a bounty payable in respect of a tractor manufactured at a time when the regulations prescribing that factor are in force, an amount ascertained in accordance with the Schedule shall be multiplied by that factor.”
“6(1AB). Regulations made for the purpose of varying the factor referred to in sub-section (1A) shall, as far as practicable, so vary the factor that the variation adjusts the bounty in accordance with movements in prices of imported tractors.”
Regulation 4 of the Bounty (Agricultural Tractors) Regulations prescribes, for the purposes of sub-section 6(1A) of the Act, the factor by which an amount ascertained in accordance with the Schedule to the Act may be multiplied.
Proposed regulation 2 will amend regulation 4 of the Bounty (Agricultural Tractors) Regulations by introducing a new factor.
The revised factor is an increase from the previous factor and has been calculated to accord with recent movements in the Australian Bureau of Statistics Import Price Index “Machinery Specialised for Particular Industries” group. This adjustment is consistent with established practice.
The increase in the factor will mean an increase in bounty entitlements of approximately 0.6% from the previous factor.
Proposed Regulation 1 will provide that the proposed regulations will come into effect on 1 January 1985.
AUTHORITY:
Section 22 of the Bounty (Agricultural Tractors) Act 1966.