Rural and Regional Adjustment (Development Assistance) Amendment Bill 2016*

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

1Short title

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

2Act amended

This Act amends the Rural and Regional Adjustment Act 1994 .

3Amendment 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,

4Amendment 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.

5Replacement of pt 2, hdg (QRAA)

Part 2, heading— omit, insert—

Part 2 RIDB

6Amendment of s 5 (Establishment of authority)

Section 5, ‘QRAA’— omit, insert—

RIDB

7Amendment 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.

8Amendment 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.