Canberra Shakes Up Wheat Export Regulation with Shift to Self-Regulation
The Australian government has introduced changes to the Wheat Port Code of Conduct, shifting towards self-regulation for the industry. The revised code will be in place from October 1 and aims to provide 'appropriate regulatory settings' for a productive and sustainable wheat export market.
Australia's wheat industry is expected to contribute around $8.9 billion to agricultural exports this financial year, with the government committed to expanding opportunities for farmers.
According to Agriculture Minister Julie Collins, the transition to self-regulation will reduce regulatory barriers while maintaining transparency and competition in the market.
The revised code focuses on good faith and transparency obligations, including timely publication of port loading statements and standard terms and reference prices.