delete Wool (Reserve Prices) Fund Distribution Regulations
These regulations governed the distribution of funds remaining from the Wool Reserve Price Scheme, which operated as a price support mechanism for Australian wool growers. The scheme set minimum prices for wool and acquired wool when market prices fell below the reserve price, funded by grower levies. The regulations specified how remaining funds would be distributed after the scheme's cessation.
The wool reserve price scheme was a market-distorting intervention that artificially propped up prices, misallocated resources, and imposed levies on producers. Price floors create oversupply, suppress market signals, and harm competitiveness. The scheme was appropriately wound down approximately a decade ago, rendering these distribution regulations obsolete. Keeping obsolete regulations creates compliance confusion and maintains a precedent of market intervention that could be resurrected. The original scheme harmed Australian wool producers by distorting incentives and delaying necessary market adjustment, while the compliance costs of administering such schemes provide no net benefit to the economy.