STATUTORY RULES
1966 No. 7
REGULATIONS UNDER THE STATES GRANTS (PETROLEUM PRODUCTS) ACTS 1965.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the States Grants (Petroleum Products) Acts 1965.
Dated this twentieth day of January, 1966.
Governor-General.
By His Excellency’s Command,
(Sgd.) KEN ANDERSON
Minister of State for Customs and Excise.
STATES GRANTS (PETROLEUM PRODUCTS) REGULATIONS
Short title.
1. These Regulations may be cited as the States Grants (Petroleum Products) Regulations.
Equivalents in decimal currency.
2.—(1.) Subject to the next succeeding sub-regulation, the equivalents in the currency provided for by the Currency Act 1965 of the rates of payment specified in a Schedule to a scheme formulated by the Minister under section 4 of the States Grants (Petroleum Products) Acts 1965 shall be ascertained on the basis that the amount of money in the currency so provided for that corresponds to one penny in the currency provided for by the Coinage Act 1909-1947 is five-sixths of a cent.
(2.) Where an equivalent rate in the currency provided for by the Currency Act 1965 of a rate specified in a Schedule to such a scheme, calculated in accordance with the last preceding sub-regulation, is not an amount of cents, or cents and tenths of a cent, without remainder, the equivalent rate shall—
(a) if the remainder is less than five-hundredths of a cent—be deemed to be reduced by the amount of the remainder; and
(b) if the remainder is, or exceeds, five-hundredths of a cent—be increased by treating the remainder as one-tenth of a cent.
[
* Notified in the Commonwealth Gazette on 27 January, 1966.
By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra
14776/65.—Price 6d. (5c) 9/3.12.1965
Overview
The States Grants (Petroleum Products) Regulations 1966 were enacted under the authority of the Parliament of Australia to provide a framework for the conversion and payment of petroleum product grants from the Commonwealth to the states in decimal currency, following the decimalisation of Australian currency in 1966. This legislative instrument was introduced to address the need for a consistent and legally binding method of calculating and applying the rates of payment for petroleum product grants in the new decimal currency system. The Regulations were made under the States Grants (Petroleum Products) Acts 1965 and were designed to ensure that the transition to decimal currency did not disrupt the financial arrangements between the Commonwealth and the states concerning petroleum product grants. The policy objective was to maintain financial stability and clarity in the grants system amidst a significant change in the nation’s monetary framework.
Scope and Application
The States Grants (Petroleum Products) Regulations 1966, made under the States Grants (Petroleum Products) Acts 1965, apply to the conversion of monetary values specified in schedules to schemes formulated by the Minister under section 4 of the principal Acts. These regulations determine the equivalents in the decimal currency as provided for by the Currency Act 1965, taking into account the rates specified in the schedules to the schemes. Specifically, the Regulations provide that one penny in the currency provided for by the Coinage Act 1909-1947 corresponds to five-sixths of a cent in the decimal currency, with specific instructions for rounding where necessary. These regulations are intended to ensure consistency and accuracy in the financial arrangements pertaining to petroleum products across the Commonwealth, thereby facilitating the proper administration of the grants provided for by the principal Acts. The regulations apply to all entities and persons involved in the transactions and conduct specified under the States Grants (Petroleum Products) Acts 1965, without any stated exclusions or exemptions, and extend to the whole of the Commonwealth of Australia.
Key Provisions
The primary operative sections of the States Grants (Petroleum Products) Regulations (1966) provide the framework for determining the equivalents in decimal currency of the rates of payment specified in a Schedule to a scheme formulated by the Minister under section 4 of the States Grants (Petroleum Products) Acts 1965. According to section 2(1), the amount in decimal currency corresponding to one penny in the currency provided for by the Coinage Act 1909-1947 is to be calculated as five-sixths of a cent. The regulations further clarify in section 2(2) that if the calculated equivalent is not a whole cent or tenth of a cent, it must either be reduced by the remainder if it is less than five-hundredths of a cent or increased by treating the remainder as one-tenth of a cent if it is five-hundredths of a cent or more.
These regulations impose clear obligations on the parties involved, particularly the Minister who is responsible for formulating schemes under section 4 of the parent Act. The Minister must ensure that the equivalents in decimal currency are accurately calculated and documented as per the provisions outlined in section 2. This involves a meticulous process of converting rates specified in schedules to the new decimal currency, taking into account the precise rules for rounding as stipulated in the regulations.
In terms of consequences for breach, the regulations themselves do not explicitly outline offences, penalties, or civil or criminal consequences. However, non-compliance with these regulations could potentially lead to administrative or legal repercussions under the broader framework of the States Grants (Petroleum Products) Acts 1965. This might include the imposition of fines, corrective actions, or other enforcement measures as deemed necessary by the relevant authorities to ensure adherence to the stipulated monetary conversions. While the regulations do not specify maximum penalties, such consequences would likely be determined in accordance with the broader legal context provided by the parent Act.