Mr TRUSS (Minister for Agriculture, Fisheries and Forestry) (11:26 AM) —in reply—As the previous speaker said, this is a great time for the wool industry. A historic new era has begun. Some of the debris of the past, the troubles and the strife, have been put behind us. The very genuine personal hardship that many wool growers and their communities have faced over a long period of time has also been put behind us. It has certainly been a very difficult era for the industry, and it has gone on for quite some time.

I noted with interest the contributions in this debate on the Wool International Amendment Bill 2001 by honourable members about their own experiences with the wool industry and about how important it has been to their electorate. I have one other small, personal remembrance of these events which relates back to my maiden speech in this parliament—which, I have to say, hardly anybody attended because most members were arguing in the joint party room about wool industry issues. So it has been going on for all that time—trouble, disputes and incredible division within the industry. The remarkable thing about the last couple of years has been the way in which wool industry leaders and producers have been willing to work together cooperatively to chart a new path for the industry. I congratulate all those who have been prepared to put aside past differences and help to develop a vibrant and successful future for the wool industry in the years ahead. They have been blessed now with some improving prices. Of course, we are not out of the woods and there will still be some difficult times for the industry, but I have no doubt that the prospects for wool in Australia are the best that they have been for a decade, and that is not before time.

A lot of that has been associated with the diligence and leadership provided by a number of people. Today, in particular, we acknowledge the special contribution made by Don McGauchie and the board of WoolStock Australia Ltd in the rapid disposal of Australia's wool stockpile. The last of the bales have now been sold. That brings forward a day that I suspect a decade ago we thought could never happen. There was such despair within the industry about tumbling prices. All of that was overlaid by the knowledge that there was this huge stockpile of unsold wool. There were all sorts of innovative suggestions about how we should get rid of it—burn it, dump it, do anything with it, but get it out of the marketplace as fast as we possibly could. Eventually, it has now all been sold and a part of our history is behind us. In the end, it has been wound up faster than expected. That is the reason for this legislation being introduced in the parliament. I thank those on both sides of the House for granting this legislation a quick and smooth passage. Its only purpose is to enable the fast wind-up of WoolStock Australia Ltd. If it were delayed in the parliament, it could not achieve its basic objectives.

It is my understanding that the Senate will be dealing with the legislation this week so WoolStock Australia Ltd will be able to move towards an earlier than previously anticipated winding-up. This will be a winding-up, a liquidation of a company, that everybody will welcome. There will be no losers, only winners, and indeed several hundred million dollars of payouts will go to the shareholders of this company as a result of the wind-up that we are authorising through this legislation. To ensure shareholders are not burdened with the additional expense of keeping the company running longer than would be necessary, this quick passage of the Wool International Amendment Bill 2001 through parliament is imperative.

The legislation to privatise Wool International in 1999 provided for the final distribution of shareholders to follow the preparation to the final financial year audited accounts for WoolStock Australia Ltd—in essence, about this time next year. This amendment will bring forward the winding-up and the final cash distribution to shareholders without requiring the conclusion of these processes to be after 30 June 2002. The effect of this amendment is that wool growers will get their final payment flowing from their shareholding considerably earlier than would be possible under the current legislation. Because the overhead costs of maintaining the company until 30 June 2002 can be reduced, there will be cost savings which will maximise the surplus equity to be returned to shareholders.

I am advised that when this legislation is passed the WoolStock board will issue an interim cash distribution, probably about early October this year. The final distribution would then be once the company is wound up, and that will obviously be a much smaller payment to finalise the assets of the company. This legislation is significant in that it will greatly benefit Australian wool producers by allowing a timely wind-up of WoolStock Australia.

I again thank members who have contributed to the debate, including some of the stalwarts of the wool industry in this parliament from this side of the chamber who have made a contribution. I even listened to some comments by the shadow minister about the Wool Museum and all sorts of things like that, trying to take a bit of the credit from the member for Corangamite, who has done so much good work for the industry and certainly wool growers everywhere. Australia's greatest primary industry for a century has now reached another significant milestone, and the passage of this legislation will certainly help in that process. Thank you to all those who have contributed to build this new future for the industry, and I wish all producers every success for the years ahead.

Question resolved in the affirmative.

Bill read a second time.

Ordered that the bill be reported to the House without amendment.

Main Committee adjourned at 11.33 a.m.