13Determination of percentage rates of deficiency payments

13.—(1.) The Commission shall, in respect of each week in the prescribed period in which wool has been sold in Australia at an approved auction—

(a) determine, as nearly as practicable—

(i) the total of the sale prices of all wool, other than excluded wool, that was sold in Australia at approved auctions during that week; and

(ii) the amount that would have been the total of those prices if each lot of wool so sold had been sold at a price calculated by applying to the estimated yield of clean wool from that lot the notional price per kilogramme applicable to wool of that type under the table of notional prices; and

(b) determining the percentage of the amount determined under sub-paragraph (i) of the last preceding paragraph that is represented by the amount, if any, by which the amount so determined is less than the amount determined under sub-paragraph (ii) of that paragraph, and cause that percentage to be notified in the Gazette and to registered persons as being the rate of deficiency payments in respect of that week.

(2.) A percentage to be determined under the last preceding sub-section shall be determined to two decimal places and, if the figure in the third decimal place would have been not less than five, the figure in the second decimal place shall be increased by one.

(3.) A determination by the Commission under this section shall be made—

(a) if it relates to a week that ended before the date on which this Act receives the Royal Assent—as soon as practicable after that date; or

(b) in any other case—before the end of the week next succeeding the week to which it relates.

Amounts of deficiency payments for wool other than P.A.P. wool.