Rural and Regional Adjustment Act 1994

This Act may be cited as the Rural and Regional Adjustment Act 1994.

s 2 om 2004 No. 28 s 5

The object of this Act is to establish the Queensland Rural and Industry Development Authority primarily to administer assistance schemes that foster the development of a more productive and sustainable rural and regional sector in Queensland.

The authority may also—

support the State’s economy by administering schemes to give assistance to primary producers, small businesses or other elements of the State’s economy—

in periods when they are experiencing temporary difficulty; or

to otherwise benefit the State’s economy; and

support communities in the State and build its own effectiveness by administering schemes to give assistance that benefits these communities, including, for example, by giving assistance to persons and organisations that contribute to these communities; and

Examples of organisations that contribute to communities—

community service, sporting and cultural organisations

give assistance and build its own effectiveness by administering schemes or parts of schemes for the Commonwealth and other States in rural and regional sectors outside Queensland.

Examples of administering parts of schemes—

• conducting financial analysis of applications for assistance under an authorised interstate scheme

• reviewing an authorised interstate scheme

• providing advice on applications for financial assistance under an authorised interstate scheme

The dictionary in schedule 1 defines particular words used in this Act.

government owned corporation...

public accounts...

The Queensland Rural and Industry Development Authority is established.

The authority—

is a body corporate; and

has a seal; and

may sue and be sued in its corporate name.

The authority represents the State.

Without limiting subsection (1), the authority has all the privileges and immunities of the State.

The authority’s primary function is to put approved assistance schemes into effect by—

ensuring the schemes are properly and fairly administered; and

directly giving the assistance the schemes provide for.

The other functions of the authority are—

to arrange for education, training and advice to applicants under approved assistance schemes; and

to negotiate for assistance funding with all levels of government; and

to carry out research into, develop policies on and give advice to the Minister about—

issues affecting persons likely to receive assistance under this Act; and

the financial performance and sustainability of the rural and regional sector in Queensland, in particular, primary producers, small business and other components of the State’s economy; and

areas of need, and assistance, for farmers in financial distress and farming businesses that are unlikely to be financially viable in the long-term, including, for example, ways to restructure a farm debt or to ensure a farmer who stops carrying on a farming business remains in the best possible financial position; and

to review, and give advice to the Minister on—

proposed assistance schemes; and

the implementation of approved assistance schemes; and

economic and other conditions in the rural and regional sectors; and

to consult, and liaise with—

commercial lenders and financial advisers; and

public sector units with the function of helping the rural, regional and small business sectors of the economy, and equivalent entities of other States or the Commonwealth; and

organisations representing the interests of persons likely to receive assistance under this Act; and

to partner with commercial lenders and financial advisors to—

perform another function under this subsection; and

further the object of this Act under section 3; and

to administer authorised interstate schemes or parts of the schemes; and

to perform functions incidental to a function under another paragraph of this subsection; and

to perform other functions given to the authority under this Act or another Act; and

other functions prescribed by regulation.

The authority has all the powers of an individual, and may, for example—

enter into contracts, including contracts for loans; and

acquire, hold, deal with and dispose of property; and

appoint agents and attorneys; and

charge for, and fix conditions for the supply of, the goods, services and information it supplies; and

engage consultants; and

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

Without limiting subsection (1), the authority has the powers given to it under this or another Act.

The authority may exercise its powers inside or outside Queensland.

The Minister may give the authority a written direction about the performance of the authority’s functions or the exercise of its powers, or written notice of a public sector policy, if the Minister is satisfied it is necessary to give the direction or notice in the public interest.

The authority must ensure the direction or policy is complied with.

However, before giving the direction or notice the Minister must—

consult with the authority; and

ask the authority to advise whether, in its opinion, complying with the direction or policy would not be in its financial interest.

The Minister must gazette a copy of the direction or notice within 21 days after the direction or notice is given.

The authority—

must include in its annual report, prepared under the Financial Accountability Act 2009, section 63, details of any direction or notice given by the Minister under subsection (1) during the financial year to which the report relates; and

may include in the report a comment on the effect on the authority’s activities of complying with the direction or policy.

The authority may give financial assistance only under an approved scheme.

Financial assistance includes making loans on terms allowed under an approved scheme.

An approved assistance scheme is a scheme that—

states the purpose and nature of financial assistance that may be given; and

identifies the categories of persons eligible to receive the assistance; and

is approved under a regulation.

A regulation approving a scheme must set out the scheme in detail.

An approved assistance scheme—

may include conditions on which financial assistance must be given; and

may provide for—

payments into the consolidated fund or a fund or the departmental accounts of a department of amounts of the authority’s assistance funds associated with the scheme; and

write-offs to loan balances.

A regulation may also approve a scheme if—

the scheme is established by the Commonwealth or another State or an entity that represents the State, the Commonwealth or another State; and

the purpose of the scheme is consistent with the object of this Act.

An assistance scheme approved under subsection (4) is also an approved assistance scheme for this Act.