IRON AND STEEL PRODUCTS BOUNTY.
No. 28 of 1933.
An Act to amend the Iron and Steel Products Bounty Act 1922-1929.
[Assented to 4th December, 1933.]
Preamble.
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, for the purpose of appropriating the grant originated in the House of Representatives, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Iron and Steel Products Bounty Act 1933.
(2.) The Iron and Steel Products Bounty Act 1922-1929 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Iron and Steel Products Bounty Act 1922-1933.
Authority to pay bounty.
2. Section three of the Principal Act is amended by inserting after the first proviso thereto the following proviso:—
“Provided further that when the rates of bounty payable on any traction engines have been decreased in pursuance of the last preceding proviso, and a further Customs Tariff has been introduced bringing into operation decreased duties of Customs on those articles, then the rates of bounty payable on those articles, delivered from the Australian factory after the introduction of such further Customs Tariff, may be increased by an amount which, in the opinion of the Minister, after inquiry and report by the Tariff Board, corresponds to the amount by which the duties of Customs are decreased and which is recommended by the Tariff Board as necessary for the maintenance of the industry, but nothing contained in this proviso shall authorize the Minister to increase the rates of bounty so as to exceed the rates set out in the Schedule to this Act.”.
Overview
The Iron and Steel Products Bounty Act 1933 was enacted to amend the Iron and Steel Products Bounty Act 1922-1929, addressing the need to adjust bounty rates on certain iron and steel products in response to changes in customs duties. Enacted by the Commonwealth Parliament, this Act aimed to ensure that the bounty rates on specific products remained competitive and viable for the industry despite changes in the Customs Tariff. The legislative intent was to provide flexibility in the bounty rates, allowing them to be increased if necessary to offset decreased duties on those products, thereby maintaining the competitiveness of the Australian iron and steel industry.
The Act introduced an additional proviso to Section three of the Principal Act, enabling the Minister to adjust bounty rates in alignment with tariff changes, subject to recommendations from the Tariff Board and limitations set by the Act itself. This amendment underscores the policy objective of protecting and supporting the domestic iron and steel industry through financial incentives that are responsive to external economic factors.
Scope and Application
The Iron and Steel Products Bounty Act 1933 amends the Iron and Steel Products Bounty Act 1922-1929 and applies to entities involved in the production and delivery of iron and steel products within Australia. The Act specifically targets the adjustment of bounty rates for traction engines in response to changes in customs duties, aiming to sustain the industry. This legislative framework is applicable across the Commonwealth of Australia, ensuring a cohesive approach to the regulation and incentivisation of iron and steel production. The Act also sets a cap on the bounty rates, preventing them from exceeding the levels specified in the accompanying schedule. Additionally, the Act provides for the modification of bounty rates through subordinate instruments, allowing for flexibility and responsiveness to economic changes and industry needs.
Key Provisions
The main operative sections of the Iron and Steel Products Bounty Act 1933 revolve around the amendment of the Iron and Steel Products Bounty Act 1922-1929. Specifically, Section 2 introduces a new proviso under Section three of the Principal Act (Section 2(1)). This new proviso allows for the increase of bounty rates on certain iron and steel products, such as traction engines, under specific conditions (Section 2(2)). The increase in bounty rates is permitted if the rates have already been decreased in accordance with a previous proviso and if a new Customs Tariff has been introduced that reduces the duties of Customs on those products (Section 2(3)). The increase is to be determined by the Minister, following an inquiry and report by the Tariff Board, and must correspond to the decrease in Customs duties. However, the bounty rates cannot exceed those specified in the Schedule to this Act (Section 2(4)).
The Act imposes several obligations and requirements on the parties it governs. Firstly, it mandates that the Minister of Customs must conduct an inquiry and obtain a report from the Tariff Board before any adjustment to the bounty rates is considered (Section 2(3)). The Tariff Board’s recommendation is pivotal in determining the extent to which the bounty rates can be increased. Additionally, the Minister must ensure that any proposed increase in bounty rates does not exceed the limits set out in the Schedule to the Act (Section 2(4)). This oversight is crucial to maintaining the balance between supporting the industry and adhering to legislative constraints.
The Act also delineates the consequences for any breach of its provisions. While the Act does not explicitly list offences or penalties, any failure to adhere to the stipulated process for adjusting bounty rates could potentially result in legal challenges or administrative actions. The Minister’s decision to increase bounty rates without following the required procedure could be deemed unlawful. Additionally, any overstepping of the bounty limits set in the Schedule could also lead to legal repercussions. However, the exact penalties for such breaches are not specified within the text of the Act, implying that general legal principles and any related case law would apply.