Explanatory Statement
Statutory Rules 1983 No.80
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 July 1983. This adjustment is consistent with established practice.
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 2.31% from the previous factor.
Overview
The Bounty (Agricultural Tractors) Regulations 1983 were introduced to amend the Bounty (Agricultural Tractors) Regulations and address the need for adjustments to the bounty calculation factor used in determining the bounty entitlements for agricultural tractors. This legislative instrument was enacted by the Minister of State for Industry and Commerce to ensure that the bounty calculation remains consistent with economic conditions, particularly recent movements in the Reserve Bank of Australia Import Price Index “Machinery except Electric” group. The policy objective behind this amendment is to provide an appropriate adjustment to the bounty factor, which will result in an increase of approximately 2.31% in bounty entitlements from the previously prescribed factor, effective from 1 July 1983. This change is intended to maintain the relevance and fairness of the bounty scheme in line with market dynamics and inflationary pressures.
Scope and Application
The Bounty (Agricultural Tractors) Regulations, amended by Statutory Rules 1983 No.80, pertain to the calculation of bounty entitlements under the Bounty (Agricultural Tractors) Act 1966. These regulations are specifically concerned with the factor used to determine the bounty payable for agricultural tractors, as prescribed in regulation 2A of the Act. The regulations apply to individuals and entities involved in the importation and sale of agricultural tractors in Australia, ensuring that bounty entitlements are accurately calculated in line with current economic conditions. Geographically, these regulations apply across the Commonwealth of Australia and are intended to affect transactions and conduct related to the importation of agricultural tractors. The regulations do not specify any exclusions or exemptions, and their application is limited to the prescribed factor adjustment. Subordinate instruments may extend or modify the application of these regulations as necessary to reflect changes in the economic environment, such as adjustments to the Reserve Bank of Australia Import Price Index.
Key Provisions
The main operative sections of the Bounty (Agricultural Tractors) Regulations 1983 (No. 80) are those that specify the adjustments to the calculation factor used for determining bounty entitlements for agricultural tractors (reg. 2A). This regulation amends the existing factor prescribed in the Bounty (Agricultural Tractors) Act 1966, in line with recent economic indicators. Specifically, the new factor reflects changes in the Reserve Bank of Australia Import Price Index for "Machinery except Electric," which serves as the basis for adjusting the bounty rate. This amendment is intended to ensure that the bounty calculations remain consistent with current economic conditions.
The obligations imposed by these regulations on the parties and entities they govern primarily involve adhering to the new calculation factor for determining bounty entitlements. This adjustment ensures that those eligible for the bounty under the Act will receive amounts that are reflective of current economic conditions, specifically the recent changes in import prices for machinery. This requirement is critical for maintaining the integrity and relevance of the bounty system in supporting the agricultural sector.
Breach of these regulations could lead to several consequences, though the specific provisions detailing penalties are not explicitly stated in the explanatory statement. Generally, non-compliance with regulations could result in civil or administrative penalties, depending on the nature and severity of the breach. In more serious cases, particularly if the non-compliance is deliberate or results in significant financial loss to the government or other parties, criminal charges could be pursued. However, the exact penalties would need to be referred to within the broader legislative framework or subsequent legal interpretation.