21CConsideration of applications by Authority

21C Consideration of applications by Authority

(1) The Authority must consider each application as soon as practicable after it is received and, after having regard to the matters referred to in subsection (2), must make a report in writing to the Minister recommending that: (a) a grant equal to the grant sought in the application be made to the applicant; or (b) a grant less than the grant sought in the application be made to the applicant; or (c) no grant be made; and provide reasons for the recommendation. (2) In preparing its report, the Authority must have regard to the following matters: (a) whether the grant sought, or any lesser grant that is consistent with the proposals set out in the application, would, in the opinion of the Authority, be likely to result in a lesser budgetary outlay by the Commonwealth, on a net present value basis, than the outlay required if the applicant had continued to claim bounty in respect of bountiable yarn produced without the benefits of a capitalisation grant; (b) whether, in the opinion of the Authority, the business plan provided in support of the application is financially viable; (c) whether, in the opinion of the Authority, the business plan provided in support of the application: (i) will promote the restructuring and revitalisation of the TCF industries so as to improve their efficiency and international competitiveness; and (ii) will reduce the dependence of those industries on assistance by the Commonwealth; (d) whether, in the opinion of the Authority, the business plan provided in support of the application will promote occupational and environmental health and safety; (e) whether, in the opinion of the Authority, the making of the grant sought, or any lesser grant that is consistent with the proposals set out in the application, accords with Australia’s international trade obligations. (3) Where the Authority is of the opinion that it needs more information to enable a proper consideration of the application, it may request the applicant in writing to supply it with such further information as is specified in the request within such time as is specified in the request. (4) If, without reasonable excuse, the applicant refuses or fails to comply with the request, the application is to be taken to have been withdrawn. (5) Where the Authority is of the opinion that it needs additional information in respect of payments, or likely payments, of bounty or of advances on account of bounty in respect of any TCF products produced in Australia by the applicant, it may, by notice in writing, request the CEO to supply that information.