Commonwealth of Australia
Industry Research and Development Act 1986
Additional Functions Direction
EXPLANATORY STATEMENT
I, Kim John Carr, Minister for Innovation, Industry, Science and Research, acting under section 19 of the Industry Research and Development Act 1986, issue the following explanatory statement on Additional Functions to Innovation Australia (the Board).
Dated: 4th November 2009
K Carr
Minister for Innovation, Industry, Science and Research
General Outline and Legislative Authority
The Board is a body established under the Industry Research and Development Act 1986 to administer and provide advice in relation to the Government’s innovation and venture capital programs.
The object of this legislative instrument is to give directions to the Board in relation to additional functions relating to promoting the development, and improving the efficiency and international competitiveness, of Australian industry by encouraging research and development activities, innovation activities and venture capital activities.
This Direction supersedes an earlier direction on additional functions given to the Board on 17 December 2004. The revised Direction requires the Board to assume a new function additional to those outlined in the 2004 Direction, relating to providing advice to the Minister on options to support the commercialisation of Australian ideas and technology, address systematic and market failures along the pathway to commercialisation.
Legislative Authority
The Directions are issued by the Minister for Innovation, Industry, Science and Research (the Minister) acting under section 19 of the Industry Research and Development Act 1986.
The Industry Research and Development Act 1986 may be found at:
http://www.comlaw.gov.au/ComLaw/Legislation/ActCompilation1.nsf/0/A8C791605A1D9995CA257370007DECEF/$file/IndResDevel1986_WD02.pdf
Financial Implications
The Direction has no financial impact. The Direction provides a framework by which the Board may provide advice to the Minister on the implementation and operation of government research and development, innovation, commercialisation and venture capital programs designed to improve the efficiency and international competitiveness of Australian industry.
Consultation
Directions issued to Innovation Australia under section 19 of the Industry Research and Development Act 1986 do not require prior consultation with the Board.
Date of Effect
The Directions will commence on 4 November 2009. The Directions are a legislative instrument for the purposes of the Legislative Instruments Act 2003.