Appointment of Members of the Innovation Investment Committee of Innovation Australia

Overview

The Industry Research and Development Act 1986 was enacted by the Parliament of Australia to address the need for a coordinated approach to research and development within the industry sector. This legislation was established to foster innovation and economic growth by encouraging investment in research and development activities. The Act provides a framework for the creation of the Innovation Investment Committee within Innovation Australia, which plays a critical role in overseeing and directing investment strategies to support technological advancements and commercialisation of research. The policy objective underpinning the Act is to enhance Australia's competitive edge on the global stage by promoting effective research and development practices and facilitating the translation of research outcomes into market-ready products and services.

Scope and Application

The Industry Research and Development Act 1986 applies to the establishment and operation of a framework designed to encourage and support research and development activities within Australia. The Act applies to a range of entities, including businesses, research institutions, and other organisations engaged in research and development activities. It particularly targets industries that are involved in technological and scientific advancements, aiming to foster innovation and competitiveness on a national level. The Act's jurisdiction extends across the Commonwealth, thereby affecting entities and individuals nationwide. However, the Act allows for the exclusion of certain types of research and development activities through subordinate instruments, such as regulations and guidelines, which can specify thresholds or criteria for eligibility. These instruments may also extend or restrict the application of the Act by further defining the scope of eligible entities and activities. The Act does not explicitly state broad exemptions but allows for targeted exclusions through detailed regulatory provisions.

Key Provisions

The Industry Research and Development Act 1986 (the Act) primarily governs the promotion, funding, and facilitation of industry research and development in Australia. Section 22(2) of the Act is particularly pertinent to the appointment of members to the Innovation Investment Committee of Innovation Australia. This committee plays a crucial role in providing advice and recommendations on the allocation of funds and the direction of research initiatives within the industry. According to subsection 22(2), the Minister for Industry, Innovation and Science is empowered to appoint members to the Innovation Investment Committee. In the gazetted document, the Minister, Christopher Pyne, exercises this power by appointing the person who is currently fulfilling the role of AusIndustry General Manager with responsibility for venture capital programmes in the Department of Industry, Innovation and Science. This appointment ensures that the committee has a member with in-depth knowledge and experience in managing venture capital programmes, which is critical for making informed decisions on investment opportunities and strategies. The Act imposes several obligations on the parties involved, including the requirement for the Innovation Investment Committee to provide expert advice and recommendations on matters related to industry research and development. The committee must operate within the framework set by the Act, ensuring that its decisions align with the broader objectives of promoting innovation and economic growth. The members of the committee are expected to bring their professional expertise to bear on these deliberations, contributing to the development of policies and strategies that support industry-led research initiatives. Failure to comply with the requirements and directives outlined in the Act can lead to various consequences. While the specific penalties for breaches are not detailed in the gazetted document, the Act generally provides for both civil and criminal penalties for non-compliance with its provisions. Civil penalties can include fines, while criminal penalties may result in imprisonment, reflecting the seriousness with which the Act treats its mandate to foster innovation. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or regulatory guidelines.