Industrial Research and Development Grants Regulations (Amendment)

Overview

The Industrial Research and Development Grants Act 1967-1973, enacted by the Parliament of Australia, was designed to encourage innovation and growth in Australian industry by providing financial assistance to businesses for research and development activities. This legislative instrument, specifically Statutory Rules 1974 No. 61, was introduced to amend the Industrial Research and Development Grants Regulations, ensuring the regulations remained current and applicable to the evolving needs of the industry. The regulation, made by the Governor-General acting with the advice of the Executive Council, aims to streamline the application process for grants by setting specific deadlines for applications related to the grant year ending on 30 June 1973. This amendment reflects the policy objective of providing clear and timely guidance to applicants to facilitate efficient processing of grant applications.

Scope and Application

The Industrial Research and Development Grants Regulations 1974 apply to entities and persons involved in industrial research and development activities within Australia. These regulations are specifically designed to administer grants under the Industrial Research and Development Grants Act 1967-1973. The scope of these regulations includes all eligible entities, such as companies, research institutions, and individuals engaged in qualifying research and development activities. The geographic reach of these regulations is national, covering all states and territories within Australia. The regulations set specific application timelines for grant submissions, with the amendment stipulating that for the grant year ending on the 30th of June 1973, applications must be submitted by the 30th of November 1974. Additionally, the regulations may be subject to further modifications through subordinate instruments, thereby extending or restricting their application as necessary.

Key Provisions

The primary operative sections of the Industrial Research and Development Grants Regulations (C1974L00061) amend the time for applications under the Industrial Research and Development Grants Act 1967-1973. Specifically, Regulation 2(1)(bb) has been altered to exclude the conjunction “and” at its last occurrence, and a new subparagraph (bc) has been added, setting the deadline for applications for the grant year ending on the 30th of June, 1973, to the 30th of November, 1974. This amendment ensures that applicants have a clear and specific timeline to follow when submitting their applications for grants related to industrial research and development. The amended regulations impose specific obligations and requirements on parties seeking grants. Under the new subparagraph (bc), applicants must submit their applications on or before the 30th of November, 1974, for the grant year ending on the 30th of June, 1973. This precise deadline is intended to streamline the application process and ensure timely processing of grant applications. Additionally, the amendment clarifies the application timeline by removing any potential ambiguity that might have arisen from the previous wording. Failure to comply with the amended regulations could result in significant consequences. Although the specific penalties are not detailed in the text, under the Industrial Research and Development Grants Act, non-compliance with grant application deadlines can lead to the rejection of applications or other administrative penalties. Such penalties may include financial repercussions, such as the forfeiture of grant amounts already allocated, or even disqualification from future funding opportunities. The precise nature and severity of penalties would be governed by the broader provisions of the Industrial Research and Development Grants Act and any other relevant legislation.