Gold-Mining Industry Assistance Act 1959

Overview

The Gold-Mining Industry Assistance Act 1959 was enacted to address the specific needs of the gold-mining industry during a period when the industry required financial support. This legislation, enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, sought to provide financial assistance to the gold-mining industry by amending the Gold-Mining Industry Assistance Act 1954–1957. The policy objective was to extend the period of financial support to the industry for an additional year and to adjust the rate of subsidy to better reflect the economic conditions at the time. The Act updates references to the Banking Act to align with the new Banking Act 1959 while also ensuring a smooth transition for gold deliveries processed under the old act.

Scope and Application

The Gold-Mining Industry Assistance Act 1959 applies to the gold-mining industry, specifically targeting the provision of financial assistance to gold producers within the Commonwealth of Australia. This Act extends to include both large and small producers of gold bullion, ensuring that they receive a subsidy under certain conditions. The Act is primarily concerned with the geographic and operational scope within Australia, aiming to support the gold-mining sector through financial mechanisms. The amendments made by this Act adjust the rates of subsidy for gold bullion produced and ensure that the provisions apply to gold delivered in accordance with the Banking Act 1959, as well as retroactively to gold delivered under the Banking Act 1945–1953 before the commencement of this Act. While the Act provides substantial support to the industry, it explicitly excludes gold bullion produced before 1 July 1959 from the amendments in terms of subsidy rates, thereby preserving historical production rates for calculation purposes. This Act, therefore, operates on a national scale to support and sustain the gold-mining industry within Australia.

Key Provisions

The Gold-Mining Industry Assistance Act 1959 (sections 1-5) serves as an amendment to the Gold-Mining Industry Assistance Act 1954-1957, extending its coverage through to 1959 and adjusting the rate of subsidy provided to gold miners. The Act also modifies definitions and references within the Principal Act to align with the updated Banking Act 1959, ensuring that the provisions governing the delivery and valuation of gold are consistent with contemporary legislative frameworks. The amended definitions (section 3) clarify how gold is treated under the Act in relation to the Reserve Bank of Australia and the Commonwealth Bank of Australia, particularly concerning gold delivered before and after the Act’s effective date. The Act imposes obligations on gold mining entities to ensure compliance with the updated definitions and provisions (section 3). It requires these entities to adhere to the new rates of subsidy for gold production as specified in the amended section nine of the Principal Act (section 5). Additionally, it mandates that gold produced before and after specific dates be treated under the correct legislative framework, ensuring that historical gold deliveries are appropriately accounted for under the Act. Failure to comply with the provisions of the Gold-Mining Industry Assistance Act 1959 can result in civil and criminal consequences, although the Act itself does not explicitly state the penalties for breaches. The penalties for non-compliance would typically be determined by the broader legislative context or specific regulations made under the authority of the Act. However, the implications of non-compliance could include financial penalties, legal action, or other administrative sanctions, depending on the nature and severity of the breach.