12Table of notional prices

12.—(1.) For the purpose of enabling the calculation of deficiency payments, the Minister shall, as soon as practicable after this Act receives the Royal Assent, approve a table, to be known as the table of notional prices, setting out—

(a) a list of types of wool, covering wool of all descriptions; and

(b) in respect of each type of wool, a notional price per kilogramme determined in accordance with this section.

(2.) The notional price for each type of wool—

(a) shall be the amount estimated to be the average price per kilogramme of clean wool that would be represented by the total amount that would be found, at the end of the prescribed period, to have been obtained for the sale by producers of greasy wool of that type in Australia in that period if the average price per kilogramme so obtained by producers for greasy wool of all types were found to have been 79.37 cents; and

(b) shall be determined having regard to the prices obtained at approved auctions in Australia for the various types of wool in the period that commenced on the seventeenth day of August, One thousand nine hundred and seventy, and ended on the first day of July, One thousand nine hundred and seventy-one, to the quantity of, and estimated average yield of clean wool from, each type of wool that was included in those sales and to any other relevant considerations.

(3.) The Minister may, at any time or times before the thirtieth day of June, One thousand nine hundred and seventy-two, cause a review to be made of the table of notional prices in force in the light of further information that has become available, and approve a revised table as the table of notional prices in lieu of the table previously in force, specifying a day, being the first day of a week, as the day on which the revised table is to come into force.

Determination of percentage rates of deficiency payments.