Industrial Research and Development Grants Regulations (Amendment)

Overview

The Industrial Research and Development Grants Act 1967 was enacted by the Parliament of Australia to address the need for financial support to be directed towards research and development activities within the industrial sector. This legislation aimed to foster innovation and technological advancement by providing grants to eligible entities engaged in research and development. The Act sought to bridge the gap between available funding and the demand for research initiatives that could drive economic growth and competitiveness in Australian industries. The Industrial Research and Development Grants Regulations 1972, made under the authority of the Act, further detail the administration and application process for these grants, ensuring that the policy objectives of the Act are effectively implemented. These regulations, including the specified timelines for applications, are designed to streamline the grant application process and ensure that support is efficiently provided to deserving applicants.

Scope and Application

The Industrial Research and Development Grants Act 1967 provides a legislative framework to support industrial research and development activities within Australia. This Act applies to entities engaged in research and development activities that seek financial assistance from the Commonwealth to foster innovation and economic growth. The scope of this legislation encompasses a broad range of industries, from manufacturing to information technology, and applies to both private and public sector entities. The grants provided under this Act aim to encourage collaborative research projects, leading to technological advancements and improved productivity. The Industrial Research and Development Grants Regulations 1972, which are subordinate instruments to the Act, further define the application process and eligibility criteria. The Regulations extend the application process for grants for a specific grant year, specifying precise deadlines for submission. This Act operates nationally within the Commonwealth of Australia and does not explicitly state any exclusions, exemptions, or thresholds, leaving the interpretation to the relevant authorities.

Key Provisions

The main operative sections of the Industrial Research and Development Grants Regulations (C1972L00017) primarily pertain to the amendment of the time for applications for grants under the Industrial Research and Development Grants Act 1967 (section 2). Specifically, the regulation modifies the deadline for submitting applications for the grant year ending on 30 June 1971, setting it as 29 February of the following year. This alteration is crucial for applicants to be aware of to ensure timely submission and eligibility for the grants. The obligations and requirements imposed by these regulations on parties or entities governed by them are primarily focused on ensuring that applicants submit their grant applications within the newly specified timeframes. The amendment is explicit about the need to adhere to the new deadlines, which are set out to prevent any confusion or delays in the grant application process. It is imperative for applicants to comply with these deadlines to maintain their eligibility for the grants. The Industrial Research and Development Grants Regulations (C1972L00017) do not explicitly outline specific offences, penalties, or civil/criminal consequences for breach. However, the critical nature of adhering to the prescribed deadlines implies that failure to comply with the new application timeframes could result in the forfeiture of the opportunity to apply for the grants. While no maximum penalties are stated within the text of this regulation, the implicit consequence is significant, as non-compliance would effectively bar applicants from participating in the grant program for the specified grant year.