Wheat Marketing Amendment Act 1987

Overview

The Wheat Marketing Amendment Act 1987 was enacted to address a specific issue within the Wheat Marketing Act 1984. This Act, assented to on 28 February 1987, was passed by the Queen, in accordance with the Senate and the House of Representatives of the Commonwealth of Australia. The primary purpose of this legislation is to modify section 15 of the Wheat Marketing Act 1984, specifically concerning the calculation of the gross return per tonne for Australian standard white wheat. The policy objective is to ensure a more accurate representation of the gross return per tonne for wheat, considering all relevant income streams and excluding certain types of income from the calculation for prescribed categories of wheat. This amendment was aimed at improving the fairness and transparency of the wheat marketing process.

Scope and Application

The Wheat Marketing Amendment Act 1987 is a legislative amendment to the Wheat Marketing Act 1984, focusing specifically on modifying the calculation of the guaranteed minimum price for wheat. The Act applies to all entities involved in the marketing of wheat in Australia, including grain producers, wheat marketing boards, and other entities involved in the disposal and sale of wheat. It has a national reach, as it pertains to the Commonwealth of Australia, and its provisions are intended to affect all wheat marketed within the country. The Act does not explicitly state exclusions, exemptions, or thresholds, but its amendments to the calculation of the guaranteed minimum price are likely to impact all wheat marketed under the Wheat Marketing Act 1984. The Act extends its application through subordinate instruments, which would detail specific implementations and enforcement mechanisms related to the amended provisions.

Key Provisions

The Wheat Marketing Amendment Act 1987 (section 3) primarily amends section 15 of the Wheat Marketing Act 1984 by omitting subsection (4) and inserting a new subsection (5a). The amendment redefines the calculation of the gross return per tonne for Australian standard white wheat of a season. This redefinition includes the gross return from the disposal of all Australian standard white wheat acquired by the Board, the hypothetical gross return if other wheat had been Australian standard white wheat, and the income from investments and interest from credit sales of all categories of wheat. It also excludes income from investments and interest from credit sales from the gross return per tonne for wheat of a prescribed category. Additionally, it introduces the concept of a notional gross return per tonne for wheat of a prescribed category, which is equal to the gross return per tonne for Australian standard white wheat. The Wheat Marketing Amendment Act 1987 imposes specific obligations on the Board to accurately calculate the gross return per tonne for Australian standard white wheat and the notional gross return per tonne for wheat of a prescribed category as per the new definitions provided. The Act requires the Board to take into account the gross returns from all categories of wheat acquired and disposed of, including hypothetical returns if other wheat had been Australian standard white wheat, and to exclude certain income and interest from the gross return per tonne for wheat of a prescribed category. These calculations are to be used for determining the guaranteed minimum price for wheat in compliance with the amended section 15 of the Principal Act. Failure to comply with the requirements set out in the Wheat Marketing Amendment Act 1987 could result in legal consequences. While the Act does not explicitly detail offences or penalties, non-compliance with the Board's obligations to accurately calculate the gross returns per tonne as defined could lead to disputes or legal action. The precise consequences would depend on the context and any related provisions within the Wheat Marketing Act 1984 or other applicable legislation.