Commonwealth legislation

Primary Industry Bank Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

258 of 1978

Collection

legislative instrument

Plain English Summary

1/10 complexity

What these rules do

These regulations set two hard limits on loans from the Australian Government to the Primary Industry Bank:

Maximum total lending: The government cannot lend more than $30 million in aggregate to the Bank
Interest rate: Any loans made to the Bank must charge interest at 5% per year

Who it affects

This applies to the Primary Industry Bank (a government-backed lender that finances farmers and agricultural businesses) and the Commonwealth Government (which provides the funding).

Why it matters

These caps control how much taxpayer money can be committed to supporting agricultural finance, and determine the cost the Bank pays for that government funding.

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Current sections

Direct links to the current provisions in Primary Industry Bank Regulations.

Primary Industry Bank Regulations

Commonwealth Coat of Arms of Australia

Statutory Rules

1978 No. 258

REGULATIONS UNDER THE PRIMARY INDUSTRY BANK ACT 1977*

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Primary Industry Bank Act 1977.

Dated this thirteenth day of December 1978.

ZELMAN COWEN

Governor-General

By His Excellency’s Command,

JOHN HOWARD

Treasurer

PRIMARY INDUSTRY BANK REGULATIONS

Citation

1. These Regulations may be cited as the Primary Industry Bank Regulations.

Interpretation

2. In these Regulations, “ the Act ” means the Primary Industry Bank Act 1977.

Prescribed maximum limit and prescribed rate of interest for the purposes of sub-section 8 (3) of the Act

3. For the purposes of sub-section 8 (3) of the Act—

(a) the amounts that may from time to time be lent to the Bank in accordance with sub-section 8 (2) of the Act shall be limited in the aggregate to a maximum of $30,000,000; and

(b) interest that is to be payable in respect of loans made to the Bank in accordance with sub-section 8 (2) of the Act shall be at the rate of 5 per cent per annum.

* Notified in the Commonwealth of Australia Gazette on 19 December 1978.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Primary Industry Bank Regulations