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Livecorp cash worry
16 Aug 2004
Livecorp is in danger of running out of funds, after Parliament failed to pass legislation that would place a mandatory levy on producers. Livestock exporters have stopped paying a voluntary Livecorp levy as they're still paying the $10.2 million bill for last year's Cormo Express disaster.
The Federal Government moved to introduce a mandatory levy to cover Livecorp's marketing and research activities. CEO Kevin Shiell said last week that Livecorp is facing a funding shortfall until that is passed. He said the Cormo levy of 60 cents a head is making it difficult for exporters to pay the voluntary 19-cent Livecorp levy.
The legislation will come before Parliament again in two weeks' time. It will implement many of the Keniry Review's recommendations, which followed an investigation into the Cormo Express debacle.
Australian Financial Review, 16/8/04.
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