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CANBERRA - Troubled wheat exporter AWB lost A37c, or 10 per cent, to A$3.33 after the federal Government decided to keep the single-desk system for the export of Australian wheat but said it planned to shift the monopoly's powers to a new body.
Prime Minister John Howard said yesterday the body would not take over control of wheat exports until July 1, 2008.
The decision to retain the status quo comes after AWB was stripped of the single desk because it paid A$300 million ($341 million) in kickbacks to the regime of deposed Iraqi dictator Saddam Hussein.
One senator has reserved the right to cross the floor because he is unhappy Agriculture Minister Peter McGauran will hold the veto power until the creation of a new body.
The decision comes after threats from some farmers to march on Parliament House if the single desk was dismantled.
-AAP
