CHAPTER 6
Conclusions and Recommendations
Introduction
6.1 The Committee has considered the provisions of the Wool International Amendment Bill 1998 , in
particular, as the Bill will affect the interests of the Australian wool industry and wool producers.
6.2 Submissions and evidence presented to the Committee indicate that industry and wool producer
bodies, due to the very uncertain wool market, remain concerned at the impact of the freeze on wool
stockpile sales for year 1998-9 proposed by the Bill and on the course of the proposed privatisation of
Wool International Limited.
6.3 The Committee has considered these representations and advice from the Office of Asset Sales and
IT Outsourcing on issues involved in the proposed privatisation of Wool International.
6.4 The Committee considers that the explanations and advice provided to it on the proposed freeze on
sales from the wool stockpile allow for passage of the Bill without amendment in that regard.
6.5 In relation to the proposed privatisation of Wool International Limited, the Committee has decided
that it should ensure that the Parliament, through this Committee - as well as other Parliamentary scrutiny
- retains a close watching brief on the process followed in the course of privatisation.
6.6 It was made clear to the Committee that the combination of the early stages of the proposed
privatisation, and the yet to be determined privatisation option (or options) that may be chosen for Wool
International make it desirable that the Parliament remain fully aware of the process in the interests of the
equity holders in the company.
6.7 The Committee intends reporting on this inquiry to the Senate as soon as possible and forward any
relevant information to the interim board or industry which is to be established to prepare the legislation
and analyse private offers for the stockpile task force.
6.8 Accordingly, the Committee recommends in this report that the Senate refer the following reference
to this Committee
The administration, management and performance of Wool International Limited,
including all aspects of the proposed sale and disposal of Wool International Limited by
the Commonwealth Government.
Recommendations
The Committee, having considered the provisions of the Wool International Amendment Bill
1998, and the Bill, recommends that the Bill be passed without amendment.
The Committee also recommends that the following matter be referred to the Rural and
Regional Affairs and Transport Legislation Committee for inquiry and report
The administration, management and performance of Wool International
Limited, including all aspects of the proposed sale and disposal of Wool
International Limited by the Commonwealth Government.
…………………………………
Senator W Crane
Chairman
2 December 1998