Commonwealth Numbered Acts

WHEAT MARKETING ACT 1984 NO. 141 OF 1984 - SECT 15

15. (1) The Minister shall, before 1 March of each season, by notice published
in the Gazette, determine the guaranteed minimum price for wheat of each
category of that season acquired by the Board.

(2) The guaranteed minimum price per tonne for Australian standard white
wheat of a season (in this sub-section referred to as the "current season")
acquired by the Board is the higher of the 2 following amounts or, if those
amounts are the same, that amount:

   (a)  an amount equal to 90% of the preliminary guaranteed minimum price for
        that wheat;

   (b)  the amount obtained by-

        (i)    calculating the gross return per tonne for Australian standard
               white wheat of each of the following 3 seasons acquired by the
               Board:

                (A)  the current season;

                (B)  whichever of the 3 preceding seasons had the lowest gross
                     return per tonne;

                (C)  whichever of the 3 preceding seasons had the second
                     lowest gross return per tonne;

        (ii)   taking the average of the 3 amounts calculated in accordance
               with sub-paragraph (i);

        (iii)  deducting from the amount calculated in accordance with
               sub-paragraph (ii) the amount obtained by-

                (A)  taking the aggregate of the amounts referred to in
                     paragraph 16 (1) (b) in relation to the current season
                     calculated in the same manner as they would be calculated
                     for the purposes of determining the net pool return for
                     that season; and

                (B)  dividing that aggregate by the number of tonnes of all
                     wheat of the current season acquired by the Board; and

        (iv)   taking 95% of the amount calculated in accordance with
               sub-paragraph (iii).

(3) The guaranteed minimum price per tonne for wheat of a prescribed category
of a season acquired by the Board is the higher of the 2 following amounts or,
if those amounts are the same, that amount:

   (a)  an amount equal to 90% of the preliminary guaranteed minimum price for
        that wheat;

   (b)  the amount obtained by calculating the gross return per tonne for that
        wheat and-

        (i)    where that gross return exceeds the notional gross return per
               tonne for that wheat-by adding the amount of the difference
               between those returns to the guaranteed minimum price per tonne
               for Australian standard white wheat of that season acquired by
               the Board; or

        (ii)   where that gross return does not exceed the notional gross
               return per tonne for that wheat-by deducting the amount of the
               difference (if any) between those returns from the
               guaranteed minimum price per tonne for
               Australian standard white wheat of that season acquired by the
               Board.

(4) A reference in sub-section (3) to the notional gross return per tonne for
wheat of a prescribed category of a season is a reference to the gross return
per tonne for that wheat that would, in the opinion of the Minister, be
received by the Board from the disposal of that wheat if that wheat were
Australian standard white wheat sold at the same times and in the same
quantities as that wheat has been, or is likely to be, sold.

(5) For the purposes of determining the guaranteed minimum price for wheat of
each category of a season, the Minister may make any necessary estimates
having regard to any advice or information given to the Minister by the Board
or the Bureau of Agricultural Economics.

(6) In this section-

"preceding season" includes a period that is a season for the purposes of an
Act repealed by this Act;

"season" does not include the season that commences on 1 July 1989 or the next
succeeding season.