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Woolgrowers to recieve millions - legislation passed



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Media Release John A nderson Ζ"^^ΐΖ'ί,

WOOLGROWERS TO RECEIVE MILLIONS - LEGISLATION PASSED.

DPIE97/67A 26th, June, 1997

Legislation returning at least an initial $80 million to Australia's woolgrowers by the end of this year has been passed by Federal Parliament.

Primary Industries Minister & Deputy National Party leader, John Anderson hailed the passage of the legislation as further proof of the Coalition Government's commitment to the wool industry.

"Amendments to the Wool International Act were passed by the Senate today enabling the wind-up procedure for the liquidation of Wool International, and the distribution of equity to growers can proceed, " the Minister said.

" It is expected growers will receive their first distribution of equity in the wool stockpile by October, and overall this move will release hundreds of millions of dollars back to woolgrowers.

" Wool International is in the process of asking growers to complete their tax arrangements as soon as possible.

" The granting of entitlements to wool taxpayers provides a more secure base for grower in most need to either sell or borrow against their entitlements." -

The legislation includes:- "

. the development of a loan facility to allow growers to better use their entitlement as security for loans;

. provisions for the liquidation of Wool International;

. enabling interim and final payments of Wool International's assets to wool taxpayers;

. offers a mechanism, to allow growers to invest their equity in a growers investment trust.

Media Contact: Robert Haynes 06 2777520/0419 493 511

COMMONWEALTH PARLIAMENTARY LIBRARY

Parliament House. Canberra ACT 2600 Tel: (06) 277 7520 Fax: (06) 273 4120 4971