Cattle Australia review identifies funding flexibility issues
A consultation process conducted by Cattle Australia has revealed that current restrictions on moving levy funds between recipient bodies are limiting financial flexibility within the sector. The review, conducted between late June and August, highlights that the grass-fed cattle sector is missing out on research and development funds due to these limitations.
Cattle Australia CEO Will Evans noted that the National Residue Service has lost its ability to build cash reserves because its expenditure has outpaced its income. To address this, a 'short-circuit' option has been proposed to allow the redistribution of the $61.9 million collected in annual levies to bodies facing high-need, short-term circumstances.
Stakeholders are currently assessing whether a rise in the cattle transaction levy is required. The findings will be used to form recommendations for a vote at the Meat & Livestock Australia annual general meeting in November.
Entities
Animal Health Australia · Cattle Australia · Meat & Livestock Australia · National Residue Service · Will Evans
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The grass-fed cattle sector is assessing whether an increase in the cattle transaction levy is necessary. www.queenslandcountrylife.com.au · www.stockjournal.com.au · www.theland.com.au
- [● 3 SOURCES] The National Residue Service has lost its capacity to build up cash reserves because expenditure has outpaced income. www.queenslandcountrylife.com.au · www.stockjournal.com.au · www.theland.com.au
- [● 3 SOURCES] A review of the cattle transaction levy found that limitations in moving funds between recipient bodies are hindering financial flexibility. www.queenslandcountrylife.com.au · www.stockjournal.com.au · www.theland.com.au
- [● 3 SOURCES] Approximately $61.9 million in total levies are collected annually. www.queenslandcountrylife.com.au · www.stockjournal.com.au · www.theland.com.au
- [● 3 SOURCES] Recommendations based on the levy review will be voted on during the Meat & Livestock Australia annual general meeting in November. www.queenslandcountrylife.com.au · www.stockjournal.com.au · www.theland.com.au