Long Title

An Act to amend the Rural and Regional Adjustment Act 1994 for particular purposes

1 Short title

This Act may be cited as the Rural and Regional Adjustment (Development Assistance) Amendment Act 2016.

2 Act amended

This Act amends the Rural and Regional Adjustment Act 1994.

3 Amendment of s 3 (Object of Act)

(1) Section 3(1), ‘QRAA primarily to’—omit, insert —RIDB primarily to give financial assistance and

(2) Section 3(2), ‘QRAA’—omit, insert —RIDB

(3) Section 3(2)(a), ‘administering schemes to give assistance’—omit, insert —giving financial assistance, and administering schemes to give financial assistance,

4 Amendment of s 4 (Definitions)

(1) Section 4—insert —

"financial arrangements" means arrangements involving or related to—

(a) borrowing or raising money, including by securities issued or guaranteed by the State or the Commonwealth; and

(b) lending money; and

(c) investing money; and

(d) restructuring a debt; and

(e) restructuring—

(i) the business of a primary producer; or

(ii) a small business.

"financial assistance" includes a loan of money.

"RIDB" means the Rural and Industries Development Bank.

(2) Section 4, definition
"authority", ‘QRAA’—omit, insert —RIDB

(3) Section 4, definition
"authority’s assistance funds", paragraph (a), ‘under approved schemes’—omit.

(4) Section 4, definition
"authority’s assistance funds", paragraph (c)—omit,insert —

(c) borrowed or raised by the authority; or

(d) earned on—

(i) the investment by the authority of the amounts mentioned in paragraphs (a) to (c); or

(ii) loans made, whether before or after the commencement of this Act, in giving financial assistance.

5 Replacement of pt 2, hdg (QRAA)

Part 2, heading—

omit, insert —

6 Amendment of s 5 (Establishment of authority)

Section 5, ‘QRAA’—

omit, insert —

RIDB

7 Amendment of s 8 (Authority’s functions)

Section 8(1)—

omit, insert —

(1) The authority’s functions are—

(a) to put approved assistance schemes into effect by—

(i) ensuring the schemes are properly and fairly administered; and

(ii) directly giving the financial assistance the schemes provide for; and

(b) to give other financial assistance to approved applicants.

8 Amendment of s 9 (Authority’s powers)

Section 9(1)(f)—omit, insert—

(f) enter into financial arrangements; and

(g) do anything else necessary or convenient to be done for, or in connection with, the performance of its functions.