Maritime Industry Finance Company Limited
MIFCo
1998 – 2006
Commonwealth-owned company that financed redundancy payments to stevedoring employees during the 1998 waterfront reforms, borrowing the money and repaying it from a levy on stevedoring of container and vehicle cargo.
How it came into existence
Formed by the Commonwealth in 1998 as a wholly owned company, in Peter Reith's Workplace Relations portfolio, as part of the waterfront reform that accompanied the Patrick dispute, so that stevedoring employees made redundant would receive their full entitlements. The Stevedoring Levy (Imposition) Act 1998 and the Stevedoring Levy (Collection) Act 1998 imposed the levy whose proceeds repaid its borrowings. It was a new body with no predecessor.
Legislation: Stevedoring Levy (Imposition) Act 1998; Stevedoring Levy (Collection) Act 1998
How it ended
Wound up once its borrowings had been repaid from the stevedoring levy. The year of winding up (taken as 2006) is an estimate; another account places it about 2003.
Main functions
- Financing of stevedoring redundancy payments
- Borrowing to fund waterfront reform
- Repayment of borrowings from the stevedoring levy
Where it sits
Last in the portfolio of Department of Employment and Workplace Relations.
Lineage
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Sources
Some dates or links for this organisation are uncertain. Corrections are welcome.