WHEAT INDUSTRY STABILIZATION FUND (DISPOSAL).
No. 80 of 1962.
An Act to provide for the Disposal of the Moneys standing to the credit of the Wheat Industry Stabilization Fund established by the Wheat Industry Assistance Act 1938.
[Assented to 12th December, 1962.]
[Date of commencement, 9th January, 1963.]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
1. This Act may be cited as the Wheat Industry Stabilization Fund (Disposal) Act 1962.
Definition.
2. In this Act, “the Fund” means the Fund established by the Wheat Industry Assistance Act 1938 under the name of the Wheat Industry Stabilization Fund.
Disposal of Fund.
3.—(1.) The moneys standing to the credit of the Fund immediately before the commencement of this Act shall be distributed by way of financial assistance to the States specified
in the Schedule to this Act, and the amount payable to each such State is the amount specified in that Schedule opposite to the name of the State.
(2.) The financial assistance to a State under this Act is granted on the conditions that—
(a) the amount paid to the State will be expended by the State, in accordance with a scheme approved by the Minister, for one or both of the following purposes:—
(i) the carrying out of research for the benefit of the wheat industry; and
(ii) the making available to wheat growers of information and advice in relation to the production of wheat;
(b) the State will furnish to the Minister a statement showing in detail the manner in which the amount paid to the State has been expended.
THE SCHEDULE. Section 3.
State. | Amount. |
| £ |
New South Wales................................... | 117,961 |
Victoria.......................................... | 55,120 |
Queensland....................................... | 15,977 |
South Australia..................................... | 39,143 |
Western Australia................................... | 38,078 |
Overview
The Wheat Industry Stabilization Fund (Disposal) Act 1962 was enacted to address the need for the efficient disposal of the Wheat Industry Stabilization Fund's surplus funds, which were accumulated under the Wheat Industry Assistance Act 1938. This Act was passed by the Parliament of the Commonwealth of Australia, with the aim of providing financial assistance to the various states for specified purposes within the wheat industry. The primary policy objective is to ensure that the accumulated funds are effectively utilised for research and the dissemination of information and advice to wheat growers, thereby supporting the growth and stability of the wheat industry across the states. The Act facilitates the distribution of these funds to New South Wales, Victoria, Queensland, South Australia, and Western Australia, with specific amounts allocated to each state as outlined in the Schedule.
Scope and Application
The Wheat Industry Stabilization Fund (Disposal) Act 1962 applies specifically to the distribution of the moneys standing to the credit of the Wheat Industry Stabilization Fund, which was established under the Wheat Industry Assistance Act 1938. The Act mandates that these funds be allocated as financial assistance to the states specified in the Schedule, namely New South Wales, Victoria, Queensland, South Australia, and Western Australia. The distribution is conditional on the recipient states utilising the funds for research benefits to the wheat industry and providing information and advice to wheat growers, as per a scheme approved by the Minister. Each state must also report back to the Minister on how the funds were expended. The Act applies at the national level and does not specify any exclusions or exemptions beyond what is outlined within the Act itself. The Act’s application can be extended or restricted through subordinate instruments, but the primary focus remains on the distribution of the specified funds for designated purposes.
Key Provisions
The Wheat Industry Stabilization Fund (Disposal) Act 1962 (referred to as the Act) outlines the process for the distribution of the funds from the Wheat Industry Stabilization Fund, which was previously established under the Wheat Industry Assistance Act 1938. According to Section 3(1) of the Act, the moneys from this fund are to be distributed as financial assistance to specified states. Each state's allocation is detailed in the Schedule attached to the Act, with amounts specified for New South Wales, Victoria, Queensland, South Australia, and Western Australia. The Act mandates, as per Section 3(2)(a), that the funds provided to these states must be used for research benefiting the wheat industry or for providing information and advice to wheat growers regarding wheat production. This use of funds is subject to the approval of a scheme by the Minister.
Section 3(2)(b) imposes an obligation on the states to report to the Minister on how the allocated funds have been expended. This includes providing detailed statements on the expenditure, ensuring transparency and accountability in the use of the financial assistance. The Act thus sets out a framework for the responsible use of the funds, ensuring they are directed towards activities that can directly benefit the wheat industry. The obligation to report back on the use of these funds ensures that the states are held accountable for how the moneys are spent.
Failure to comply with the conditions outlined in the Act can result in legal consequences. While the Act does not explicitly state penalties for non-compliance, breaches of such statutory conditions can potentially lead to legal action, including the recovery of misused funds. The Act is silent on specific penalties, but any misuse of public funds under Australian law could attract civil or criminal penalties depending on the severity and intent behind the breach. This could include fines or even imprisonment for significant breaches, depending on the jurisdiction's laws and the specific circumstances of the case.