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Refund to woolgrowers



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MEDIA RELEASE MINISTER FOR PRIMARY INDUSTRY

CANBERRA

I l f

P I 85/127 2 J u l y 1985

REFUND TO WOOLGROWERS

The M i n i s t e r f o r P rim ary I n d u s t r y , Mr Jo h n K erin to d a y

announced a r e f u n d to g row ers o f more th a n $56 m i l l i o n from t h e

wool M arket S u p p o rt Fund.

Mr K erin s a i d t h a t t h e r e f u n d , which h a s been a g r e e d

to by th e Wool C o u n c il o f A u s t r a l i a , was t h e f o u r t h su ch r e f u n d

and i n v o l v e s grower c o n t r i b u t i o n s made d u r i n g 1 9 7 7 /7 8 .

Mr K erin s a i d t h a t , as on p r e v i o u s o c c a s i o n s , th e

r e f u n d would be managed by t h e A u s t r a l i a n Wool C o r p o r a t i o n ,

w ith t h e b u lk o f t h e r e f u n d b e in g p a id o u t d u r i n g O ctober and

November t h i s y e a r .

"Most o f t h e r e f u n d w i l l be made by r e g i s t e r e d wool

b r o k e r s , m e r c h a n t s , m a n u f a c t u r e r s and e x p o r t e r s , a c t i n g as

a g e n t s f o r t h e C o r p o r a t i o n ," Mr Kerin s a i d . .

The M i n i s t e r s a i d t h a t w o o lg ro w ers had been p a y in g a

5% l e v y on wool s a l e s s i n c e September 1974 to p r o v i d e a fund to

meet any l o s s e s on th e R eserv e P r i c e Scheme o p e r a t e d by t h e

A u s t a l i a n Wool C o r p o r a t i o n .

He s a i d t h a t t h e b a la n c e as a t 30 Ju n e 1985 was a ro u n d

$890 m i l l i o n w ith over $370 m i l l i o n in s h o r t te rm i n v e s t m e n t s

t h a t a r e q u i c k l y r e a l i s a b l e .

C o n t a c t : W alte r P e a r s o n (062) 72 6649

John S a i n s b u r y (062) 72 5498