Overview

The Industry Research and Development Act 1986 was enacted to address the need for fostering and facilitating research and development activities in Australian industries, aiming to enhance innovation, commercialisation, and technological advancement. This legislation was introduced by the Commonwealth Parliament to create a framework that supports industry-led research and development. The Act was designed to fill the gap by providing mechanisms through which the government could support private sector research and development efforts, ultimately contributing to economic growth and competitiveness. The policy objective of the Act is to ensure that research and development initiatives are effectively funded and managed, thereby encouraging collaboration between industry, research institutions, and government. The legislative instrument F2009B00152, issued in 1994 by Peter Cook, the Minister of State for Industry, Science and Technology, further directs the Industry Research and Development Board to execute additional functions, including the provision of competitive grants and concessional loans for research and development, and to enter into agreements to facilitate these activities.

Scope and Application

The Industry Research and Development Act 1986 applies to entities and persons engaged in research and development activities within Australia. Specifically, it empowers the Industry Research and Development Board to provide competitive grants for research and development, concessional loans for commercialisation or technological innovation, and to enter into agreements to facilitate these functions, monitor progress, and ensure proper administration. The scope of this Act is national, impacting the research and development sector across the Commonwealth of Australia. The Act does not explicitly state exclusions, exemptions, or thresholds, but it does allow for the Board to establish criteria and conditions for the grants and loans provided. The Act's application may be extended or restricted through subordinate instruments, such as regulations or directions, which can detail specific operational aspects and eligibility criteria. This legislative instrument, dated 1 July 1994, was issued by Peter Cook, the Minister of State for Industry, Science and Technology, under Section 19 of the Act.

Key Provisions

The key provisions of this legislative instrument, as detailed in the Industry Research and Development Act 1986, mandate the Industry Research and Development Board to undertake specific functions as directed by the Minister of State for Industry, Science and Technology. These functions include the provision of competitive grants for research and development (Section 7), the provision of concessional loans for commercialisation or technological innovation (Section 7), and the entering into agreements to facilitate the implementation of these functions, monitor progress, and ensure proper administration (Section 7). The legislative instrument imposes certain obligations on the Industry Research and Development Board. Firstly, it requires the Board to provide competitive grants aimed at fostering research and development activities (Section 7). This involves a rigorous assessment process to ensure that the grants are awarded to projects that meet the criteria for funding. Secondly, the Board is mandated to provide concessional loans to support commercialisation and technological innovation, which means the loans must be offered under terms that are favourable compared to standard market rates. This is intended to encourage businesses to invest in innovative projects. Lastly, the Board must enter into agreements that facilitate the implementation of these functions, which includes agreements with entities that will receive funding or loans, and agreements that establish the terms and conditions under which these funds or loans will be provided. The Board is also responsible for monitoring the progress of these funded projects and ensuring that they are administered properly according to the Act. Breach of the obligations and requirements set out in this legislative instrument may lead to various consequences. While the specific offences, penalties, or consequences are not detailed in this legislative instrument itself, the overarching Act provides a framework under which such breaches may be addressed. Generally, under the Industry Research and Development Act 1986, non-compliance with the Act’s provisions could lead to civil or criminal penalties, depending on the nature and severity of the breach. The Act may also provide for the recovery of any funds disbursed in error or the revocation of any agreements made in breach of the Act. The specific penalties for breaches would be determined in accordance with the relevant provisions of the Act and could include fines, legal action, or other corrective measures deemed appropriate by the authorities. The maximum penalties for such breaches would be aligned with the legal framework established by the Industry Research and Development Act 1986 and any other applicable laws.