EXPLANATORY STATEMENT
STATUTORY RULES 1982 NO. 116
BOUNTY (PENICILLIN) REGULATIONS (AMENDMENT)
Issued by the Authority of the Minister of State for Industry and Commerce.
The purpose of the accompanying regulations is to amend the Bounty (Penicillin) Regulations to prescribe factors by which the rates of bounty specified in sub-section 7(1) of the Act are to be multiplied to effect an increase in those rates.
Section 7 of the Bounty (Penicillin) Act 1980 sets out the rates of bounty which are payable in respect of bountiable penicillin G and bountiable penicillin V and further provides that the regulations may prescribe factors by which those rates are to be multiplied.
The prescription of these factors to effect an increase in the rates of bounty stems from the Government’s consideration of the recommendations contained in the Industries Assistance Commission’s Report “Pharmaceutical and Veterinary Products”. Following that report it was decided that the penicillin bounty rates would be reviewed annually in the light of cost increases in Australia, movements in overseas penicillin prices and the assessed level of domestic usage.
The factors prescribed for the period 1 June 1981 to 31 May 1982 have been determined following consultation between the Ministers for Industry and Commerce, Health and Finance and are 1.138 for penicillin G and 1.184 for penicillin V.
The previous bounty rates of $29 per kilogram for penicillin G and $38 per kilogram for penicillin V have been increased to $33 and $45 respectively when multiplied by the prescribed factors.
Although the regulations are deemed to come into operation retrospectively on 1 June 1981, they are not prejudicial to parties other than the Commonwealth and therefore do not. contravene section 48 of the Acts Interpretation Act 1901.