Explanatory Statement

Statutory Rules 1982 No. 400

Amendment of the Bounty (Agricultural Tractors) Regulations

Issued by the Authority of the Minister of State for the Capital Territory Acting for and on behalf of the Minister of State for Industry and Commerce

The purpose of the regulations, which will have effect from 1 January 19831 is to amend the factor by which amounts shown in the Schedule to the Bounty (Agricultural Tractors) Act are to be multiplied.

The variation of this factor is to reflect movements in the Reserve Bank of Australia Import Price Index in accordance with a Government decision to index, on a quarterly basis, bounty payments in respect of agricultural tractors.

The increase in the factor will mean an increase in bounty entitlements of approximately 3.2% from the previous factor.