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AWI opts to peg wool levy
6 Aug 2003
Australian Wool Innovation wants to retain the 2 per cent wool grower levy, with chairman Ian McLachlan expected to announce AWI's recommended levy rate to the Australian Wool Industries Secretariat meeting in Melbourne on August 7.
AWI's shareholders are being asked to vote on the three-year levy rate to apply from July 2004. The WoolPoll postal vote gives growers five options: zero, 1, 1.5, 2 and 3 per cent. The poll closes on November 7.
AWI is permitted to put forward its recommendation as part of Federal Government wool levy regulations. AWI is opting to stick with 2 per cent - despite accruing a large surplus - in the light of a big fall in the wool clip and uncertainty over the new season's prices.
AWI's 2 per cent levy is believed to have generated revenue of at least $60 million in 2002-2003. In addition to this, the Federal Government provided a 0.5 per cent matching contribution of $14 million.
Weekly Times, 6/8/03, page 3.
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