Explanatory Statement
Statutory Rules 1984 No. 44
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 April 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 increase in the factor will mean an increase in bounty entitlements of approximately 0.6% from the previous factor.
Overview
The Bounty (Agricultural Tractors) Regulations 1984, as amended by Statutory Rules 1984 No. 44, were introduced to address the need for updating the factor by which bounty entitlements for agricultural tractors are calculated. Enacted by the relevant authority under the direction of the Minister of State for Industry and Commerce, these regulations seek to ensure that the bounty reflects recent economic changes, specifically movements in the Australian Bureau of Statistics Import Price Index for the "Machinery Specialised for Particular Industries" group. The policy objective is to maintain the relevance and effectiveness of the bounty scheme in supporting the agricultural sector by providing fair and updated financial support based on current economic indicators.
These regulations amend the Bounty (Agricultural Tractors) Regulations to incorporate a new factor, effective from 1 April 1984. The new factor, calculated in line with recent statistical data, is expected to increase bounty entitlements by approximately 0.6% compared to the previous factor, thereby aligning the bounty with current market conditions and supporting the agricultural industry's needs more accurately.
Scope and Application
The Bounty (Agricultural Tractors) Regulations 1984, issued under the authority of the Minister of State for Industry and Commerce, serve to amend Regulation 4 of the Bounty (Agricultural Tractors) Act 1966. This Act applies to entities involved in the import and bounty entitlement process of agricultural tractors within Australia. The geographic reach of the Act is national, affecting all participants in the bounty scheme across the Commonwealth. The regulations are designed to adjust the factor by which bounty amounts are calculated, ensuring that these amounts remain reflective of current economic conditions, specifically the changes in the Australian Bureau of Statistics Import Price Index for the “Machinery Specialised for Particular Industries” group. The adjustment, effective from 1 April 1984, increases the bounty entitlement by approximately 0.6%, aligning with recent market movements. The regulations do not specify exclusions or exemptions, but their application is subject to the broader provisions of the Bounty (Agricultural Tractors) Act 1966, which may include conditions and limitations pertinent to the bounty scheme.
Key Provisions
The main operative sections of the Bounty (Agricultural Tractors) Regulations 1984 (the Regulations) pertain to the adjustment of the factor by which an amount ascertained under the Bounty (Agricultural Tractors) Act 1966 (the Act) may be multiplied, as specified in Regulation 4 (section 4). This adjustment, introduced to align with recent economic indicators, specifically targets the Australian Bureau of Statistics Import Price Index "Machinery Specialised for Particular Industries" group. By amending Regulation 4, the Regulations establish a new factor effective from 1 April 1984. This new factor is intended to reflect the economic changes in the machinery sector, leading to an approximate 0.6% increase in bounty entitlements compared to the previous factor.
The Regulations impose specific obligations on parties or entities governed by the Act. Primarily, these obligations involve the adherence to the newly prescribed factor when calculating bounty entitlements. This adjustment requires a recalibration of calculations to incorporate the new factor, ensuring that all bounty determinations are in line with the updated regulatory framework. The entities responsible for administering these calculations must ensure that their processes reflect this change to comply with the Regulations.
Breaching the provisions set out in the Regulations could result in various consequences, both civil and potentially criminal, depending on the nature and severity of the non-compliance. While the explanatory statement does not detail specific penalties, breaches of legislative requirements typically involve fines or other corrective measures to ensure compliance. In more severe cases, where the breach is deemed to have caused significant harm or was the result of willful misconduct, more stringent penalties could be imposed. The exact penalties would be determined based on the specific nature of the breach and the relevant provisions of the Act and any associated regulations.