Wool Services Privatisation (Gross Value of Production for 2023-24) Determination 2024

Overview

The Wool Services Privatisation (Gross Value of Production for 2023-24) Determination 2024 was enacted in 2024 to address the need for a specific calculation of the gross value of eligible wool produced in Australia for the financial year 2023-24. This determination was made under the authority of subsection 31(7) of the Wool Services Privatisation Act 2000, by Joanna Stanion, a delegate of the Minister for Agriculture, Fisheries and Forestry. The policy objective behind this determination is to ensure that the financial mechanisms and obligations under the Wool Services Privatisation Act are accurately reflected, thereby maintaining the integrity of the wool industry's financial reporting and compliance. This determination by the relevant delegate ensures that the gross value of eligible wool for the specified financial year is clearly established, facilitating appropriate financial and regulatory activities within the sector.

Scope and Application

The Wool Services Privatisation (Gross Value of Production for 2023-24) Determination 2024I is a legislative instrument made by Joanna Stanion, acting as a delegate of the Minister for Agriculture, Fisheries and Forestry, under subsection 31(7) of the Wool Services Privatisation Act 2000. This Determination specifies the gross value of eligible wool produced in Australia for the financial year beginning 1 July 2023 and ending 30 June 2024, which is set at $3,082,798,667. The determination applies to entities involved in the production and sale of eligible wool within Australia, encompassing the entire wool industry. The scope is national, affecting all producers, processors, and sellers of eligible wool across the country. This Determination does not explicitly state exclusions, exemptions, or thresholds but operates within the framework of the overarching Wool Services Privatisation Act 2000. The Act's provisions and any subordinate instruments further define its application and enforcement within the industry.

Key Provisions

The main operative sections of this Determination, as outlined in the Wool Services Privatisation (Gross Value of Production for 2023-24) Determination 2024, establish the gross value of eligible wool produced in Australia for the specified financial year (sections 1 and 2). Specifically, Section 3 states that the amount determined is $3,082,798,667 for the period starting 1 July 2023 and ending 30 June 2024. This figure is crucial as it impacts various financial and operational decisions related to wool services privatisation under the Wool Services Privatisation Act 2000. This Determination imposes specific obligations on entities involved in the wool industry, such as wool growers, processors, and sellers. These parties must use the stated gross value figure for compliance and reporting purposes within the framework of the Wool Services Privatisation Act 2000. This includes ensuring that their financial records and transactions align with the determined gross value, which is necessary for accurate reporting and adherence to the legislative requirements. Breaching the obligations outlined in this Determination could lead to various consequences. Although specific offences and penalties are not detailed in this Determination, under the broader Wool Services Privatisation Act 2000, non-compliance could result in civil penalties. These penalties could include fines or other corrective measures to ensure adherence to the Act's provisions. Additionally, persistent non-compliance might lead to more severe legal consequences, including potential criminal charges, depending on the nature and extent of the breach. The Determination also implies that entities have a responsibility to accurately report and utilise the gross value figure provided. Failure to do so might result in financial discrepancies, legal scrutiny, or both, depending on the impact of the inaccuracies. Accurate reporting is crucial for maintaining the integrity of the privatisation process and ensuring that all parties are operating within the legislative framework. In summary, the Determination sets a clear financial benchmark for the wool industry for the specified financial year, outlining the gross value of eligible wool. It mandates compliance by relevant entities, ensuring that they use this figure appropriately in their operations and reporting. While specific penalties are not detailed in this Determination, non-compliance with the Wool Services Privatisation Act 2000 could lead to significant civil and potentially criminal consequences.