R & D Start Program, Policies and Practices of the IR&D Board in relation to the Innovation Investment Fund (IIF) Program Direction No. 1 of 1997 (Amendment No. 1 of 1998)

Overview

The Industry Research and Development Act 1986 was enacted to facilitate and support research and development activities within the Australian industry, with the overarching objective of fostering innovation and economic growth. The Act was introduced to address the need for a structured framework to support research and development initiatives that could drive technological advancement and competitiveness in Australian industries. The Industry Research and Development Board, established under this Act, plays a crucial role in administering and directing research and development programs, including the Innovation Investment Fund (IIF). The 1998 amendment to the Act, specifically Program Direction No. 1 of 1997 (Amendment No. 1 of 1998), was issued by the Minister for Industry, Science and Tourism, John Colintor Moore, to refine and clarify the policies and practices governing the IIF program, ensuring alignment with the Act's objectives of promoting industry research and development.

Scope and Application

The Industry Research and Development Act 1986 applies to entities and individuals engaged in research and development activities within Australia, as well as to the Industry Research and Development Board. The Act's reach is national, governing the policies and practices related to the Innovation Investment Fund (IIF) program, which is an initiative aimed at fostering innovation and supporting research and development projects. The legislation provides direction to the IR&D Board in managing the IIF, including setting specific policies and practices that must be adhered to. The Act's application is further clarified and detailed through subordinate instruments, which may include additional guidelines, regulations, or amendments to existing policies. The scope of these directions includes the definition and operational framework of the IIF program, ensuring that the activities funded under this program align with the broader objectives of promoting industry research and development in Australia. The Act does not explicitly state exclusions or exemptions, but its application is inherently limited to entities and individuals directly involved with the IIF program as administered by the IR&D Board.

Key Provisions

The main provisions of this legislative instrument involve the amendment of the IIF program, Policies and Practices Direction No. 1 of 1997, as stated in section 2. This amendment, effective from the date of publication in the Gazette as outlined in section 1.1, modifies the title of the Direction (section 3) and redefines the term "IIF program" (section 4.1). Specifically, the title is updated to "IIF program, Policies and Practices" and the definition of "IIF program" is now "the Innovation Investment Fund program." The amended Direction imposes specific obligations and requirements on the parties and entities it governs. These obligations are designed to ensure the proper administration and application of the IIF program. The updated title and definition aim to provide clarity and consistency in the application of the program's policies and practices. The IIF program, as now defined, is expected to be implemented with these updated guidelines in mind, ensuring that all activities under the program adhere to the newly specified policies and practices. The legislative instrument does not explicitly outline any offences, penalties, or consequences for breach. However, any failure to comply with the amended policies and practices of the IIF program could potentially result in administrative actions or legal consequences under the broader provisions of the Industry Research and Development Act 1986. It is important for entities participating in the IIF program to ensure they adhere to the updated policies and practices to avoid any potential issues. In summary, the legislative instrument amends the IIF program, Policies and Practices Direction No. 1 of 1997 by updating the title and redefining the term "IIF program." These changes impose clear obligations on the entities governed by the Direction to adhere to the updated policies and practices of the IIF program. While specific penalties for non-compliance are not detailed in this instrument, adherence to the amended policies and practices is crucial to avoid potential administrative or legal consequences under the overarching legislation.