Commonwealth legislation

R & D Start Program (Additional Function of the IR&D Board) Direction No. 1 of 1996 (Amendment No. 1 of 1997)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

This direction changes how the R&D Start Program works by giving the government more flexible ways to fund new technology companies.

What it does:

Broadens financial tools: The Industry Research and Development (IR&D) Board can now approve not just grants (money that doesn't need to be repaid), but also investments, loans, and other forms of financial support.
Allows indirect investment: The Program can now put money into managed funds (investment pools run by professional managers), which then use that money to invest in early-stage tech companies. Previously, the Program likely only gave money directly to individual companies.

Why it matters: This change lets the government back startups through professional venture capital-style funds rather than only handing out direct grants. It gives the Board more options to help turn new technology into commercial products.

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Current sections

Direct links to the current provisions in R & D Start Program (Additional Function of the IR&D Board) Direction No. 1 of 1996 (Amendment No. 1 of 1997).

Industry Research and Development Act 19

Industry Research and Development Act 1986

R&D Start Program (additional function of the IR&D Board) Direction No. 1 of 1996 (amendment No. 1 of 1997)

I, JOHN COLINTON MOORE, Minister for Industry, Science and Tourism of the Commonwealth of Australia, acting under subsection 19 (1) of the Industry Research and Development Act 1986, make the following instrument of amendment.

Dated 20th day of August 1997

JOHN MOORE

Minister for Industry, Science and Tourism

_____________

Citation

This direction may be cited as R&D Start Program (additional function of the IR&D Board) Direction No. 1 of 1996.

Amendment

The R&D Start Program (additional function of the IR&D Board) Direction No. 1 of 1996 is amended as set out in this instrument.

Commencement

This direction commences on the day on which particulars of the direction are published in the Gazette.

[NOTE: As to publication of the particulars, see subsection 19(2) of the Act.]

Clause 3 (Interpretation)

Under "R&D Start Program", following paragraph (f) insert:

"(g) Investment in or provision of finance to managed funds to invest in or provide finance to early stage companies based on new technology;"

Clause 4 (Additional function of the Board)

Omit paragraph 4(1)(c), and insert:

"(c) to authorise payments by way of grant, investment, loan or other financial accommodation made by the Commonwealth;"

Source text

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

Industry Research and Development Act 19 Industry Research and Development Act 1986