Commonwealth act

Wool Industry Act 1971

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

53 of 1971

Collection

act

Plain English Summary

2/10 complexity

What it does: This Act allows the federal government to act as a guarantor for loans taken out by the Australian Wool Board specifically to fund wool-selling centres (facilities where wool is sold).

How it works: The Act amends the existing Wool Industry Act 1962 to give the Treasurer new powers. With approval from the relevant Minister, the Treasurer can promise that the Commonwealth will repay the loan if the Wool Board defaults. This "guarantee" covers both the original loan amount and any interest owed.

Why it matters: By providing a government guarantee, the Act helps the Wool Board secure loans on better terms (lower interest rates) to build or upgrade wool-selling infrastructure. This reduces the financial risk for lenders and indirectly supports the wool industry by improving sales facilities.

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Current sections

Direct links to the current provisions in Wool Industry Act 1971.

Wool Industry Act 1971

Wool Industry

No. 53 of 1971

An Act to empower the Commonwealth to Guarantee the Repayment of Loans to the Australian Wool Board in connexion with Wool-selling Centres.

[Assented to 25 May 1971]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Wool Industry Act 1971.

(2.) The Wool Industry Act 1962–1970, as amended by this Act, may be cited as the Wool Industry Act 1962–1971.

Commencement.

This Act shall come into operation on the day on which it receives the Royal Assent.

Borrowing.

Section 33 of the Wool Industry Act 1962–1970 is amended by inserting after sub-section (1a.) the following sub-section:—

“(1b.) The Treasurer may, with the concurrence of the Minister, on behalf of the Commonwealth, guarantee—

(a) the repayment by the Board of amounts borrowed under the last preceding sub-section for the purposes of the function of the Board referred to in paragraph (ba) of sub-section (1.) of section twenty-four of this Act; and

(b) the payment of interest on amounts so borrowed.”.

Source text

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

1 Wool Industry Act 1971