Explanatory Statement
Statutory Rules 1985 No. 30
Amendment of the Bounty (Agricultural Tractors) Regulations
Issued by the Authority of the Minister of State for Industry, Technology and Commerce
Regulation 4 of the Bounty (Agricultural Tractors) Regulations 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 Regulation 2 is to amend Regulation 4 of the Bounty (Agricultural Tractors) Regulations by introducing a new factor, which is to have effect from 1 April 1985.
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 4.3% from the previous factor.