Appointment of the Innovation Investment Committee of Innovation Australia

Overview

The Industry Research and Development Act 1986 was enacted to address the need for fostering innovation and investment in research and development within Australia. The Act aims to promote collaboration between industry, government and research institutions to enhance Australia's competitive edge in the global market. The Parliament of Australia enacted this legislation to provide a structured framework for the development and commercialisation of research and technology, thereby facilitating economic growth and job creation. The policy objective of the Act is to support the creation of a more innovative and productive economy by encouraging the development and utilisation of research and development activities. The establishment of the Innovation Investment Committee of Innovation Australia, as outlined in the Act, is aimed at providing expert advice and facilitating the efficient allocation of resources to high-potential research and development projects.

Scope and Application

The Industry Research and Development Act 1986 applies to entities and persons engaged in research and development activities within Australia. This legislation aims to encourage and facilitate innovation by providing financial assistance and support to industry research and development projects. The Act primarily applies to businesses, research institutions, and other entities undertaking research and development activities, with a focus on fostering collaboration and investment in innovative projects. The Act’s jurisdiction is national, applying across all states and territories within the Commonwealth of Australia. The Act includes provisions for the establishment of committees and boards to oversee the implementation of its objectives, such as the Innovation Investment Committee of Innovation Australia, which was appointed under subsection 22(1) to provide advice and exercise delegated functions. There are no specific exclusions mentioned in this excerpt, but the Act may contain provisions that delineate the scope of its application or establish thresholds for eligibility for funding and support. The application and interpretation of the Act may be further refined through subordinate legislation or regulations, which can provide additional details and guidelines for compliance.

Key Provisions

The Industry Research and Development Act 1986 (the Act) primarily aims to facilitate and support research and development activities within Australia, fostering innovation and economic growth. Section 22(1) of the Act enables the Minister for Industry, Innovation and Science to appoint an Innovation Investment Committee of Innovation Australia (the Board). This Committee is tasked with providing advice to the Board on matters relating to the operation of the Act, the Pooled Development Act 1992, and the Venture Capital Act 2002 (subsection 22(1)(a)). Additionally, the Committee exercises any functions or powers delegated to it by the Board under subsection 21(2) of the Act (subsection 22(1)(b)). The obligations imposed by the Act on the Innovation Investment Committee include providing expert advice on legislative matters and operational issues pertinent to the Acts mentioned, as well as executing any functions or powers delegated by the Board. This ensures that the Committee plays a crucial role in guiding the Board and contributing to the effective implementation of the legislative framework. Non-compliance with the obligations and requirements set forth in the Act could lead to various consequences. Although the specific offences and penalties are not detailed within the text of this Gazette, breaches of legislative mandates in Australia generally carry potential civil or criminal penalties. These penalties may include fines, imprisonment, or both, depending on the severity of the breach. The maximum penalties would be specified in the relevant sections of the Act or related legislation, but they can range widely based on the nature and impact of the non-compliance.