{"id":"F2008B00716","name":"Innovation Investment Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1998","slug":"innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72043,"registerId":"commonwealth-F2008B00716-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Innovation Investment Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1998","content":"Commonwealth of Australia\n\nIndustry Research and Development Act 1986\n\nInnovation Investment Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1998\n\nI, JOHN COLINTON MOORE, Minister for Industry, Science and Tourism, acting under subsection 19 (1) of the Industry Research and Development Act 1986, give the following direction to the Industry Research and Development Board.\n\nDated Tenth August 1998.\n\njohn moore\n\nMinister for Industry, Science and Tourism\n\nName of Direction\n\n1. This Direction is the Innovation Investment Fund program (Additional Function of the IR&D Board) Direction No. 1 of 1998.\n\nCommencement\n\n2. This Direction commences on the day on which the Direction is published in the Gazette.\n\nDirection\n\n3. (1) An additional function of the Board is to administer the Innovation Investment Fund program.\n\n(2) The function includes investment in, or provision of finance to, managed funds to invest in, or provide finance to, companies that are eligible investee companies as defined in the IIF Program, Policies and Practices Direction No. 1 of 1997, as amended from time to time.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This direction does exactly what its title suggests: it adds one specific function (administering the IIF program) to the Board's responsibilities. There is no scope creep; the document is tightly focused on its stated purpose."},"complexity_factors":["Very short document — only 3 operative sections","Minimal defined terms — only references external definition of 'eligible investee companies' from another direction","No nested conditions or exceptions","Simple structure: name, commencement, single operative direction with one sub-provision","Cross-reference to only one external document (IIF Program, Policies and Practices Direction No. 1 of 1997)"],"plain_english_summary":"This ministerial direction gives the Industry Research and Development Board a new role running the Innovation Investment Fund: the Board can place government capital into professionally managed funds, which then invest in or lend to eligible small innovative companies. It affects the Board, fund managers, startups and taxpayers, creating a public–private partnership that uses public money to catalyse venture capital and bring private-sector expertise to government-backed innovation funding in Australia."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Yes. The Direction expressly adds an additional function to the IR&D Board (s3(1)) and specifies that the function includes investing in, or providing finance to, managed funds which invest in or provide finance to eligible investee companies as defined by the referenced 1997 Direction (s3(2)). The instrument therefore expands the Board's remit to include administering the IIF program and making financial investments/commitments; it takes effect on publication in the Gazette (s2)."},"complexity_factors":["Short, single-purpose instrument but crucial cross-reference to IIF Program, Policies and Practices Direction No.1 of 1997 for the definition of 'eligible investee companies' (external dependency).","Delegates investment and finance authority to the IR&D Board (requires operational frameworks, risk management and funding arrangements to implement).","Authorised by ministerial power under subsection 19(1) of the Industry Research and Development Act 1986 — statutory direction-making mechanism must be observed.","Key terms ('managed funds', 'provision of finance') are broadly phrased and may require interpretive or administrative clarification.","Commencement is tied to Gazette publication (administrative timing consideration)."],"plain_english_summary":"This Direction (s3) gives the Industry Research and Development Board an additional statutory function: to administer the Innovation Investment Fund (IIF) program. Mechanically the Board may invest in, or provide finance to, managed funds that then invest in or provide finance to companies described as “eligible investee companies” in the IIF Program, Policies and Practices Direction No.1 of 1997. It changes who decides on public investment flows, affects managed funds and eligible companies, and creates operational and compliance tasks for the Board."}},"importantCases":[],"_links":{"self":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998","history":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998/history","analysis":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998/analysis","conflicts":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998/conflicts","importantCases":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998/important-cases","documents":"/api/acts/innovation-investment-fund-program-additional-function-of-the-ir-d-board-direction-no-1-of-1998/documents"}}