Federal Register of Legislation - Australian Government

Primary content

Rules/Other as made
This instrument amends the Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Rule 2019 to add infrastructure replacement/restoration costs and operating expenses associated with flood recovery work as eligible loan activities.
Administered by: Agriculture
Registered 13 Jun 2019
Tabling HistoryDate
Tabled HR02-Jul-2019
Tabled Senate02-Jul-2019
Date of repeal 17 Sep 2019
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

 

Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Amendment Rule 2019

We, David Littleproud, Minister for Water Resources, Drought, Rural Finance, Natural Disaster and Emergency Management, and Mathias Cormann, Minister for Finance, make the following rule.

Dated               10 June 2019

The Hon David Littleproud MP

Minister for Water Resources, Drought, Rural Finance, Natural Disaster
and Emergency Management

 

Senator the Hon Mathias Cormann

Minister for Finance

 

  

  


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                           2

Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Rule 2019                                                                                                                                                                   2

 

 


1  Name

                   This instrument is the Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Amendment Rule 2019.

2  Commencement

                   This instrument commences the day after it is registered.

3  Authority

                   This instrument is made under the Regional Investment Corporation Act 2018.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

Regional Investment Corporation (Agribusiness Natural Disaster Loans—2019 North Queensland Flood) Rule 2019

 

1  Subparagraph 8(1)(c)(iii)

Repeal the subparagraph, substitute:

                            (iii)  restore or replace on-farm infrastructure lost or damaged as a result of the Monsoon Trough;

                            (iv)  meet operating expenses relating to damage arising out of the Monsoon Trough;

                             (v)  refinance its existing debt.

Example:    The operating expenses referred to in subparagraph (c)(iv) include expenses such as the costs of transporting livestock or produce during and directly after the floods, the costs associated with obtaining other finance (such as an overdraft or line of credit) to enable the farm business to continue operating, and the costs of obtaining any alternative accommodation required as a result of the floods.  

2  Subparagraph 9(1)(c)(iii)

Repeal the subparagraph, substitute:

                            (iii)  restore or replace on-farm infrastructure lost or damaged as a result of the Monsoon Trough;

                            (iv)  meet operating expenses relating to damage arising out of the Monsoon Trough;

                             (v)  refinance its existing debt; and

3  Paragraph 9(1)(d)                                                       

After the paragraph, insert:

Example:    The operating expenses referred to in subparagraph (c)(iv) include expenses such as the costs of transporting livestock or produce during and directly after the floods, the costs associated with obtaining other finance (such as an overdraft or line of credit) to enable the farm business to continue operating, and the costs of obtaining any alternative accommodation required as a result of the floods.