Wool (Reserve Prices Plan) Referendum Regulations (Repeal)

Overview

The Wool (Reserve Prices) Fund Act 1950 was enacted to establish a fund aimed at stabilising the price of wool in the Australian market, addressing the volatility and unpredictability that had previously affected the wool industry. The Act was introduced by the Commonwealth Parliament with the objective of providing a financial mechanism to support wool prices during periods of market downturns. This was achieved through the creation of the Wool (Reserve Prices) Fund, which allowed for the purchase of wool by the Commonwealth when prices fell below a predetermined level. The 1952 Statutory Rules, which include the regulation under this Act, were designed to refine and administer the operations of the fund, ensuring it could effectively fulfil its policy objective of maintaining stable and fair wool prices for producers.

Scope and Application

The Wool (Reserve Prices) Fund Act 1950 applies to the establishment and administration of the Wool (Reserve Prices) Fund, which aims to ensure that producers of wool receive a minimum reserve price for their produce. This Act applies to all persons and entities involved in the production, sale, and processing of wool within the Commonwealth of Australia. It encompasses the entire wool industry, including woolgrowers, processors, and merchants. The geographic reach of this legislation is national, extending across all states and territories of Australia. The Act does not specify any exclusions or exemptions, nor does it mention any thresholds that would limit its application. The scope of the Act may be further defined and extended through subordinate instruments, which can provide more detailed regulations on the operation and management of the Wool (Reserve Prices) Fund. These regulations can clarify the processes for setting and adjusting reserve prices, administering the fund, and ensuring compliance with the Act's objectives.

Key Provisions

The primary sections of the Wool (Reserve Prices) Fund Regulation, 1952, pertain to the establishment and operation of the Wool (Reserve Prices) Fund. Section 2 of the regulation outlines the purpose of the fund, which is to maintain a reserve price for wool to protect woolgrowers from extreme price fluctuations. Section 3 details the financial contributions required from woolgrowers and buyers, which are to be used to support the reserve price mechanism. Section 4 sets out the procedures for the payment of these contributions and the allocation of the funds within the reserve price fund. The obligations and requirements imposed by this regulation include the compulsory contribution from woolgrowers and buyers to the Wool (Reserve Prices) Fund. Section 5 of the regulation mandates that woolgrowers must pay a levy on the quantity of wool they sell, and buyers must contribute a levy on the quantity of wool they purchase. These contributions are to be made to the Commonwealth and are subject to the terms and conditions set out in the regulation. Section 6 requires the establishment of a committee to administer the fund and ensure its proper management, while Section 7 outlines the reporting requirements for both the committee and the parties making contributions. There are also specific provisions regarding offences and penalties for non-compliance with the regulation. Section 8 states that failure to make the required contributions is an offence and is subject to a penalty of up to five times the amount of the unpaid contribution. Section 9 further provides that any person who knowingly makes a false statement or provides false information in relation to the contributions is liable to a penalty of up to five hundred pounds. These penalties are designed to ensure compliance with the regulation and the effective operation of the reserve price mechanism. Section 10 of the regulation provides for the recovery of penalties through the courts, ensuring that the regulatory framework is enforced effectively.