Wool Services Privatisation (Gross Value of Production for 2024-25) Determination 2025

Overview

The Wool Services Privatisation (Gross Value of Production for 2024-25) Determination 2025I was enacted in 2025 to provide a specific valuation of the gross value of eligible wool produced in Australia for the financial year beginning on 1 July 2024 and ending on 30 June 2025. This determination was made by Joanna Stanion, acting as a delegate of the Minister for Agriculture, Fisheries and Forestry, under the authority granted by the Wool Services Privatisation Act 2000. The primary objective of this legislation is to establish a definitive figure for the gross value of wool production, which is essential for the implementation and oversight of various regulatory and financial mechanisms within the Australian wool industry. This legislative measure ensures that the relevant authorities have a clear and accurate basis for their activities and decisions pertaining to wool production in the specified financial year.

Scope and Application

The Wool Services Privatisation (Gross Value of Production for 2024-25) Determination 2025 sets forth the gross value of eligible wool produced in Australia for the financial year beginning on 1 July 2024 and ending on 30 June 2025. This determination applies to the entire industry of wool production within Australia, specifically those entities and individuals involved in the production and sale of wool. The financial threshold of $2,907,717,667 established in this determination is crucial for calculating levies and fees related to the privatisation of wool services under the Wool Services Privatisation Act 2000, as it continues to apply under the Primary Industries (Consequential Amendments and Transitional Provisions) Act 2024. The geographic reach of this determination is national, impacting all wool producers across Australia. There are no stated exclusions or exemptions in this determination, which is applicable to all eligible wool produced within the specified financial year. The determination also extends its application through subordinate instruments related to the Wool Act and its consequential amendments.

Key Provisions

The main sections of the Wool Services Privatisation (Gross Value of Production for 2024-25) Determination 2025I outline the determination of the gross value of eligible wool produced in Australia for the financial year starting on 1 July 2024 and ending on 30 June 2025. According to subsection 31(7) of the Wool Services Privatisation Act 2000 (Wool Act), the Determination sets this value at $2,907,717,667. This figure is crucial as it forms the basis for various financial and regulatory decisions under the Wool Act, ensuring that the financial implications and responsibilities of the industry are accurately assessed and managed. The obligations and requirements imposed by the Act on the parties or entities it governs are primarily centered around the accurate determination and reporting of the gross value of wool production. This figure is instrumental in calculating levies and other financial contributions required under the Wool Act. The entities involved, such as wool growers and processors, must ensure that their production figures are accurately reported and that they comply with any related financial obligations. This includes providing transparent and verifiable data to support the calculated gross value, which is essential for maintaining the integrity of the financial and regulatory frameworks established by the Wool Act. Breaching the obligations set forth by the Wool Services Privatisation (Gross Value of Production for 2024-25) Determination 2025I can lead to several consequences. Firstly, inaccurate reporting or failure to comply with the financial obligations may result in civil penalties. These penalties are designed to ensure compliance and uphold the financial integrity of the wool industry. Additionally, persistent non-compliance or deliberate misreporting could lead to criminal charges, depending on the severity and intent behind the breach. The potential criminal consequences could include fines and, in more severe cases, imprisonment. The exact penalties are determined by the courts, but the Wool Act provides a framework that allows for significant financial and criminal sanctions to be imposed on those found in breach of the Act’s provisions.