Explanatory Statement
Statutory Rules 1983 No. 199
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 October 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 5.27% from the previous factor.
Overview
The Bounty (Agricultural Tractors) Regulations 1983, enacted by the Authority of the Minister of State for Industry and Commerce, aim to address the need for periodic adjustments to the factor used in calculating bounty entitlements for agricultural tractors under the Bounty (Agricultural Tractors) Act 1966. This regulatory amendment seeks to maintain the relevance of the bounty factor by aligning it with the Reserve Bank of Australia Import Price Index, specifically the "Machinery except Electric" group. The policy objective is to ensure that the bounty factor accurately reflects current economic conditions, thereby supporting fair compensation for tractor purchases in the agricultural sector.
The introduction of this new factor, effective from 1 October 1983, responds to recent price movements and is intended to increase bounty entitlements by approximately 5.27% compared to the previous factor. This adjustment aims to uphold the integrity of the bounty system, ensuring that it remains a reliable support mechanism for the agricultural industry in the face of economic fluctuations.
Scope and Application
The Bounty (Agricultural Tractors) Regulations 1983, issued under the authority of the Minister of State for Industry and Commerce, pertain specifically to the calculation and adjustment of bounty entitlements for agricultural tractors. These regulations apply to entities and individuals involved in the manufacture or importation of agricultural tractors in Australia, ensuring that the bounty calculations reflect current economic conditions. The geographic scope of these regulations is national, as they are established at the Commonwealth level to maintain uniformity in the application of the bounty across Australia. There are no specific exclusions or exemptions mentioned in the regulations, implying that they apply universally to all eligible parties within the specified industry. The regulations extend their application through the prescribed factor, which adjusts the bounty amount based on the Reserve Bank of Australia Import Price Index, ensuring the bounty remains aligned with inflation and economic changes. This amendment ensures that the bounty reflects the current economic environment and provides a fair adjustment to the entitlements of those involved in the manufacture or importation of agricultural tractors.
Key Provisions
The Statutory Rules 1983 No. 199, under the Bounty (Agricultural Tractors) Regulations, primarily revises Regulation 2A (paragraph 1). This regulation prescribes the factor by which an amount ascertained in accordance with the Schedule to the Bounty (Agricultural Tractors) Act 1966 may be multiplied. The amendment introduces a new factor effective from 1 October 1983, aligning with established practices and recent economic indicators. The revised factor has been determined based on the Reserve Bank of Australia Import Price Index “Machinery except Electric” group, reflecting current market conditions.
Entities or parties governed by the Bounty (Agricultural Tractors) Act 1966 must adhere to the updated Regulation 2A (paragraph 1). This involves using the newly prescribed factor for calculating bounty entitlements. The obligation is to ensure that any calculations or claims for bounty entitlements made after the effective date of 1 October 1983 incorporate this updated factor. This requirement ensures consistency and accuracy in the bounty entitlement calculations.
While the Bounty (Agricultural Tractors) Regulations themselves do not explicitly outline specific offences, penalties, or consequences for non-compliance, failure to adhere to the prescribed factor in Regulation 2A (paragraph 1) could potentially lead to inaccuracies in bounty entitlement calculations. Such inaccuracies might result in disputes or legal challenges regarding the validity of bounty claims. Given the nature of the regulation, any significant non-compliance might attract scrutiny from relevant authorities, potentially leading to administrative or corrective actions to rectify the compliance issue. However, specific penalties or enforcement actions would be determined within the broader legislative framework of the Bounty (Agricultural Tractors) Act 1966.