Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Australian Wool Organisation to be replaced

Details of the new commercial wool services company that will replace the Australian Wool Research and Promotion Organisation (AWRAP), have been agreed to, the Federal Minister for Agriculture, Fisheries and Forestry, Warren Truss, announced today.

Mr Truss said the new company structure would deliver on the recommendations of the McLachlan report on the future of the wool industry. The new structure will ensure wool levy funds are invested in targeted R&D activitiesand innovation, the commercialisation of new technologies and in providing the industry with focussed and innovative services.

"This is exactly what Australia's woolgrowers have been asking for," Mr Truss said. "It reflects the outcome of the WoolPoll 2000 vote and will reduce day-to-day government involvement in industry affairs and provide levy payers with a greater say in their industry's future.

"The new structure, which will come under Australia's corporations law, will help ensure the decisions on how wool levy funds are spent are more transparent and contestable. It will also be a much more flexible organisation, better able to adapt to changing circumstances.

"I would like to commend the Interim Advisory Board, under Chair Rodney Price, and the Woolgrowers Advisory Group, under Chair David Webster, for their considerable efforts in helping developing the new arrangements."

Mr Truss said that work would now begin on converting restructuring AWRAP into a 'corporations law' company that will be limited by shares and include a holding company and possibly with two main subsidiary companies. The holding company is expected to be in place by 1 January 2001. The Government is planning for the new arrangements to be in place by 1 January 2001.

"One of the subsidiaries will take over the work of the Woolmark Company," he said. "This would involve the commercial development of the Woolmark and its sub-brands and the commercialisation of intellectual property matters.

"The other subsidiary will manage the proceeds from the wool levy, and also outsource research and development and intellectual property management. After a 12 to 24 month transition period, the Board will consider the option of dissolving the holding AWRAP successor company and leaving the subsidiaries as stand-alone commercial companies directly owned bywith woolgrowers as shareholders."

Mr Truss said there is still much work to be done between now and 1 January 2001to establish the new arrangements.

"A comprehensive shareholder register needs to be established on the basis of wool taxes paid with appropriate checks and balances. As well, lLegislation needs to be drafted and introduced into Parliament later this year along with all the necessary commercial requirements of establishing a corporations law company," he said.

"I urge woolgrowers to maintain their support for industry reform, particularly now as we enter the crucial, final phase."

Further enquiries can be made via

© Scoop Media

Business Headlines | Sci-Tech Headlines


Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>


Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>


Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>