Commonwealth legislation

Industry Research and Development Act 1986 - Directions in respect of Additional Functions of the IR&D Board

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

What this does: This is a 1994 ministerial order issued under the Industry Research and Development Act 1986. It instructs the Industry Research and Development Board (a government agency) to start running three new programs:

Competitive grants – giving money to businesses for research and development projects;
Concessional loans – offering cheap or favourable loans (better terms than a bank would offer) to help businesses turn new technology into commercial products; and
Administrative agreements – setting up contracts to manage these programs and ensure the money is spent properly.

Who it affects: Australian businesses seeking government funding for R&D and innovation, and the Board itself, which must now administer these financial assistance programs.

Why it matters: It expands the Board's role from general policy advice or administration to actively handing out cash and loans to industry, marking a shift toward direct government investment in private sector innovation.

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Industry Research and Development Act 1986 - Directions in respect of Additional Functions of the IR&D Board

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COMMONWEALTH OF AUSTRALIA

INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986

DIRECTIONS IN RESPECT OF ADDITIONAL FUNCTIONS OF THE INDUSTRY RESEARCH AND DEVELOPMENT BOARD

I, PETER COOK, Minister of State for Industry, Science and Technology, pursuant to Section 19 of the Industry Research and Development Act 1986, HEREBY DIRECT the Industry Research and Development Board to carry out, pursuant to Section 7 of the said Act, the following functions:

Provide Competitive Grants for Research and Development;

2. Provide Concessional Loans for Commercialisation or Technological Innovation; and

3. Enter into agreements to facilitate the implementation of the said functions, monitor progress and otherwise ensure the proper administration of these functions.

Dated this 1 day of July 1994

Peter Cook

Minister of State for

Industry, Science and Technology

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.