Victorian Numbered Acts Victorian Numbered Acts(1) The Minister must cause a review to be carried out and a report to be prepared on that review.
(2) The object of a review is to determine whether the component levy amounts are at an appropriate level to fund the most effective and efficient measures and activities to achieve the conservation outcomes.
(3) A report on a review must—
(a) specify the measures adopted and activities carried out to achieve the conservation outcomes (and which have been paid for through payments out of the Fund) in the review period; and
(b) analyse the effectiveness of the measures and activities mentioned in paragraph (a) in achieving the conservation outcomes; and
(c) contain a cost-benefit analysis of different measures that could be adopted, and different activities that could be carried out, to achieve the conservation outcomes; and
(d) as a result of the cost-benefit analysis mentioned in paragraph (c), identify the most effective and efficient measures that should be adopted, and activities that should be carried out, to achieve the conservation outcomes (the preferred measures and activities ); and
(e) contain an analysis of whether the total available revenue would be sufficient to cover the costs that would be incurred if the preferred measures and activities were to be adopted and carried out; and
(f) if the review concludes that the total available revenue would not be sufficient to cover the costs that would be incurred if the preferred measures and activities were to be adopted and carried out, set out the reasons for the shortfall and any recommendations as to new component levy amounts; and
(g) if the review concludes that the total available revenue would exceed the costs that would be incurred if the preferred measures and activities were to be adopted and carried out, recommend a reduction of the component levy amounts and the amount of each reduction; and
(h) contain an analysis of the effectiveness of the levy indexation mechanism to ensure full cost recovery, including any recommendations as to any amendments to the levy indexation mechanism to ensure full cost recovery by the end of the year 2060.
(4) A cost-benefit analysis referred to in subsection (3)(c) must include—
(a) an assessment of the following things in relation to the different measures that could be adopted, and activities that could be carried out, to achieve the conservation outcomes—
(i) the economic, environmental and social impact of the different measures and activities;
(ii) the likely administration and compliance costs associated with the adoption of each of the measures and carrying out of each of the measures; and
(b) the reasons why the preferred measures and activities were preferred over the other measures and activities that were assessed.
(5) In this section—
"review period" means—
(a) for the first review commenced under this Part, the period—
(i) beginning on the day on which Part 3 comes into operation; and
(ii) ending on the date stated in the notice under section 96 for that review as the end date for the review; and
(b) for every review after the first review, the period which is the subject of the review.