Wool International Amendment Act 1996

Overview

The Wool International Amendment Act 1996 was enacted by the Parliament of Australia to amend the Wool International Act 1993, addressing issues concerning the management and disposal of wool stockpiles by Wool International. The 1996 Act aimed to refine the strategic objectives and operational parameters of Wool International to enhance the efficiency and effectiveness of wool sales, particularly focusing on maximising returns to the Australian wool growing industry while progressively reducing the accumulated debt. This legislative amendment was introduced to provide more specific guidelines and targets for Wool International, including the disposal of stockpile wool by 31 December 2000, and the elimination of accumulated debt by 31 December 1998. The policy objective behind the Act was to ensure that Wool International operates in a manner that supports the broader interests of the wool industry, aligning its activities with market conditions and industry needs.

Scope and Application

The Wool International Amendment Act 1996 is an Act of the Parliament of Australia that amends the Wool International Act 1993. It applies to Wool International, a statutory body responsible for the management and sale of wool stockpiles on behalf of the Australian wool growing industry. The Act provides for changes to the objectives and operational procedures of Wool International, including the disposal of stockpile wool and the management of accumulated debt. It is a Commonwealth Act, thus it applies across Australia and has a national jurisdictional reach. The Act does not explicitly state any exclusions, exemptions, or thresholds, but it does detail specific amendments to the Wool International Act 1993, which may imply certain exclusions or limitations based on the context of those amendments. The Act also notes that any regulations prescribed under the amended Act can extend or further restrict the application of the provisions.

Key Provisions

The Wool International Amendment Act 1996 (No. 62, 1996) primarily amends the Wool International Act 1993 to adjust the operational framework of Wool International, the statutory body responsible for the management and sale of wool stockpiles on behalf of the Australian wool industry. The Act includes specific amendments to the Wool International Act 1993, which are detailed in Schedule 1. Key provisions include changes to the objectives and strategies for managing the stockpile of wool (sections 3(1) and 3(1)(b)) and the disposal of stockpile wool (section 8(1)(a) and 8(1)(d)). The amendments require Wool International to maximise the net return from the sale of stockpile and fresh wool while progressively reducing the accumulated debt with a goal of eliminating it by 31 December 1998 (section 8(1)(b) and 8(1)(d)). The Wool International Amendment Act 1996 imposes several obligations on Wool International. It mandates that Wool International dispose of all stockpile wool by 31 December 2000, with specific quarterly reduction targets (section 20). The Act sets minimum quantities for quarterly reductions in stockpile wool, beginning with 135,000 bales for the quarters starting on 1 January and 1 April 1997, and reducing to 90,000 bales for quarters starting on or after 1 July 1997 (section 20(3)(a) and (b)). The transactions that count towards reducing the stockpile include sales made during the quarter under contracts requiring immediate delivery, sales under forward contracts requiring delivery during the quarter, and any other transactions prescribed by regulations (section 20(5)). These amendments aim to ensure a more strategic and efficient disposal of stockpile wool. The Act does not explicitly detail specific offences, penalties, or civil/criminal consequences for breaches of its provisions. However, under the Wool International Act 1993, non-compliance with the amended provisions could potentially lead to legal actions, administrative penalties, or other consequences as prescribed by the relevant laws and regulations. For example, failure to meet the disposal targets or manage the stockpile effectively might result in legal challenges or financial liabilities. The penalties and consequences would be determined based on the specific breaches and the broader legislative framework governing Wool International's operations.