Wool Marketing Amendment Act 1990

Overview

The Wool Marketing Amendment Act 1990 was enacted to amend the existing Wool Marketing Act 1987, addressing the need to facilitate financial operations within the wool marketing industry. This Act was introduced by the Queen, with the assent of the Senate and the House of Representatives of the Commonwealth of Australia, and it commenced on the day it received Royal Assent. The primary objective of this amendment was to allow the Treasurer, or an authorised officer, to guarantee the repayment of funds raised before 1 July 1992, thereby providing financial stability and security in the industry. This legislative change was intended to support the broader policy objectives of ensuring the financial integrity and operational efficiency of the wool marketing sector.

Scope and Application

The Wool Marketing Amendment Act 1990 is a legislative amendment that applies to the Wool Marketing Act 1987, specifically targeting the financial operations of the Commonwealth in relation to wool marketing. The Act amends section 53 of the Principal Act to introduce provisions that allow the Treasurer, or an authorised officer, to guarantee the repayment of money borrowed or raised before 1 July 1992, and the payment of interest on such funds. This amendment extends to any transactions involving the Commonwealth’s financial obligations under the Wool Marketing Act 1987 and applies nationally across Australia, encompassing all entities and industries involved in wool marketing that are subject to the Principal Act. The Act itself does not explicitly state any exclusions or thresholds, but it is assumed that the application is confined to the specific financial activities outlined in the amendment. The scope of the Act may be further extended or clarified through subordinate instruments, which could provide additional details or operational guidelines for implementing the amendment.

Key Provisions

The Wool Marketing Amendment Act 1990 amends the Wool Marketing Act 1987, introducing changes that are primarily financial in nature. Section 3 of the Amendment Act inserts a new subsection (7a) into Section 53 of the Principal Act, which allows the Treasurer, or an authorised officer, to guarantee the repayment of money borrowed or raised before 1 July 1992, along with the interest on such funds. This provision is intended to provide a financial safeguard for money that was obtained prior to a specific date, ensuring that the Commonwealth can meet its obligations in relation to these funds. Under the amended legislation, the obligations imposed on the parties involved are relatively straightforward. The Treasurer or authorised officers must ensure that guarantees for the repayment of specified funds and interest are made in accordance with the new subsection (7a). This involves a clear and direct responsibility to manage and oversee the financial commitments related to the borrowing and raising of money before the stipulated date. The Act does not place additional operational or procedural obligations on other parties but rather focuses on the financial guarantees that can be provided. In terms of breaches and consequences, the Act does not explicitly outline offences, penalties, or civil or criminal consequences for non-compliance with its provisions. However, the failure to meet the financial obligations as stipulated could potentially lead to legal repercussions or financial liabilities for the Commonwealth. The precise nature and extent of these consequences would depend on the specific circumstances and any subsequent legal interpretations or decisions. The Act primarily serves to clarify and enable financial practices rather than imposing punitive measures for breaches.