Australian Wool Commission
November 1970 – 1 January 1973
Statutory authority that operated a flexible reserve price scheme for wool, buying wool at auction when bids fell below the reserve and later reselling it.
How it came into existence
Established in 1970 under the Australian Wool Commission Act 1970 to support wool prices after the late-1960s price collapse; its reserve price scheme began operating at auction sales from 16 November 1970. It had no Commonwealth predecessor.
Legislation: Australian Wool Commission Act 1970
How it ended
Merged with the Australian Wool Board on 1 January 1973 to form the Australian Wool Corporation, which continued the reserve price scheme.
- Wool reserve price scheme
Main functions
- Operation of the flexible reserve price scheme at wool auctions
- Purchase of wool passed in below the reserve price
- Storage and resale of commission-held wool
- Advice on wool marketing arrangements
Where it sits
Last in the portfolio of Department of Primary Industry.
Lineage
Loading lineage…
Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.