There is little prospect of Fonterra’s proposed new plan for share trading among farmers, the TAF scheme, being passed into law this year.

Agriculture Minister David Carter told an annual networking conference for Fonterra shareholders in Hamilton yesterday that the government is running out of time to make the necessary changes to the Dairy Industry Restructuring Act.

Mr Carter says because of the massive number of Bills Parliament still has to get through before November’s election, it is now “very unlikely” legislation will be passed. 

Carter told the farmers that he personally believes TAF would bring benefits not only to Fonterra’s farmers, but the wider economy too.

But he said there were two key conditions that must met before the Government can allow TAF to proceed – efficient milk pricing and liquid markets for farmers’ shares.

Fonterra Shareholder Council chairman, Simon Couper, says the company’s farmers will be disappointed with the delays.

“Look it’s a disappointment, it certainly is and there’s no doubt that farmers will be frustrated.

But I would say that David Carter indicated every possibility it gets into the system before the election but I think it’s just a question of it going before the House I think.”

Mr Couper says while farmers are not pleased they realize recent events outside everyone’s control have slowed the legislative process and that it is paramount it is done correctly.

“I think we need to accept as an industry that the world has been held up by the Christchurch earthquake in our neck of the woods.

“There are many stakeholders and that we need to work with everybody to see that everybody gets a fair hearing and that the process needs to be taken correctly and in a timely manner.”

Minister Carter says it is still possible the legislation will be introduced to Parliament before the election and that if National is still in charge afterwards, it will make TAF a priority.