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Wednesday, 15 March 1961

Mr Ward d asked the Minister for Primary Industry, upon notice -

1.   What is the present Government guaranteed price for export wheat?

2.   Is it expected that the price received for Australian wheat overseas will reach this figure during the next twelve months?

3.   If not, what amount is it expected will have to be found from Australian sources during the current year to make good the deficiency between the guaranteed price on 100,000,000 bushels of export wheat and the price actually received?

4.   To what amount is the Wheat Stabilization Fund in credit?

5.   Is this amount adequate to meet any deficiency in receipts from overseas sales?

6.   If not, what financial contribution does the Government estimate that it will have to make this year to make good the guaranteed price on sales of export wheat?

7.   Is any Commonwealth contribution recoverable from the wheat-growing industry in any subsequent year in which the price for export wheat exceeds the guaranteed figure?

Mr Adermann - The answers to the honorable member's questions are as follows: -

1.   15s. 2d. per bushel f.o.r. pons on 100,000,000 bushels exported.

2.   While wheat prices overseas may harden somewhat this year, it is not expected they will reach the Australian guarantee level.

3.   No amount is likely i'o be required from Australian sources during the 1960-61 financial year to make good any deficiency; however, it is estimated that between £8 million and £9 million may be required early in 1961/62 in respect of No. 23 Pool (1959/60 crop).

4.   £4,852,000 as at 1st March, 1961.

5.   Although the growers' contributions have met all calls on the fund since it was created in 1948, it is expected that the Government will be called on to supplement it in relation to No. 23 pool (1959/60 crop) and No. 24 pool (1960/61 crop).

6.   No contribution is likely to be required in the 1960/61 financial year, but about £3,500,000 may be needed early in 1961/62 in respect of No. Ti pool.

7.   No.

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