The Maritime Industry Finance Company Ltd (MIFCo) provided assistance in connection with the reform and restructuring of the stevedoring industry through funding redundancy-related payments in the industry.
As part of the waterfront reforms announced in April 1998, the Australian Federal Government enacted the Stevedoring Levy (Imposition) Act 1998 and Stevedoring Levy (Collection) Act 1998. The legislation established new stevedoring levy arrangements, which facilitate funding for the costs of payments made to redundant stevedoring employees by MIFCo.
The Stevedoring Levy is collected to fund payments authorised by the Minister under section 18 of the Stevedoring Levy (Collection) Act 1998 for redundancy costs in connection with stevedoring restructuring and reform.
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