In 1915, during World War 1, an Australian wheat pooling scheme was created to assist wheat growers. This pool was administered by an Australian Wheat Board, comprising the prime minister and a minister from each of the wheat growing states. In 1921 the wheat board ceased to operate, as it was always intended that the pooling scheme would end after the war.
The Australian Wheat Board was established as a statutory authority by Wheat Acquisition Regulations contained in the National Security Act 1939. It continued in existence as a Government controlled marketing authority under successive legislation until July 1 1999.
In 1989, the Government established the Wheat Industry Fund, imposing compulsory levies on wheat sales. This fund was held and managed by the Australian Wheat Board and by July 1999 was approximately $600 million.
In 1992 the Commonwealth Government, with bipartisan support, decided to cease the Government guarantees on borrowings, and therefore an alternative structure was required to finance borrowings. Four years later the Minister for Primary Industries and Energy, John Anderson, indicated that the statutory arrangements could not continue and that growers would be responsible for their own financing from July 1999.
A Working Group was subsequently formed to facilitate growers' input into the restructuring process, with representation through the Grains Council of Australia, AWB and the Department of Primary industries and Energy. After detailed examination the Working Group agreed that the best model for the new AWB would be a dual-class share structure, called the "Grower Corporate Model". The Government's broad agreement to the new recommended structure was announced in April 1997.
In June 1998 the assets and liability of the statutory authority (other than the Wheat Industry Fund) were transferred to AWB and AWBI, then wholly owned subsidiaries of the statutory authority.
In July 1999, the Wheat Industry Fund was transferred to AWB and B Class shares were issued to the holders of units in that fund, A Class Shares were issued to persons who met the definition of “growers” in AWB’s constitution. Upon the issue of these A Class and B Class shares, AWB became a grower-owned and controlled corporation.
In August 2001, AWB was publicly floated with B-Class shares listed on the Australian Stock Exchange.
In 2003, AWB acquired Landmark from Wesfarmers Limited.
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