Senator WRIEDT -This Bill, in association with the provisions of Clause 30 of the Wheat Industry Stabilisation Bill 1974, gives effect to a long standing principle of the wheat industry stabilisation arrangements. This is that growers will contribute to a Wheat Prices Stabilisation Fund part of their proceeds from export sales of wheat when those proceeds are higher than the guaranteed floor price- in this plan called the stabilisation price'. In turn, growers will withdraw moneys from the Stabilisation Fund when export realisations are less than the stabilisation price, with the Australian Government providing moneys from the Consolidated Revenue Fund to meet the payments required should the Stabilisation Fund not be in a position to meet the demands on it.

The Bill provides that, subject to the average export price, at f.o.b. level, of wheat and wheat products of a season covered by the plan exceeding the stabilisation price set for the season and also exceeding $55.12 per tonne or $1.50 per bushel, growers will make contributions to the Stabilisation Fund. These will be by way of levy or charge on exports with the maximum payment in any season being $30m or $5.51 or 15 cents per bushel whichever is the lower, but again subject to a proviso that after payment of the levy, the average export realization will not be less than $55.12 per tonne. The rate of charge, if any, for a season will be determined and paid following the declaration by the Minister of the average export price of wheat and wheat products of that season, under the provisions of clause 29 of the Stabilisation Bill.

Since, under the terms of the Wheat Industry Stabilisation Bill and the complementary legislation which will be enacted by the States, the ownership of all wheat removed from farms will continue to be vested in the Australian Wheat Board for sale by it, the Board is being made responsible for the payment of the charge. I commend the Bill.

Debate (on motion by Senator Young) adjourned.