Innovation Australia

Prior to its reconfiguration as Innovation and Science Australia, Innovation Australia was an independent statutory board charged with assisting with administration and oversight of the Australian Government’s industry, innovation and venture capital programmes delivered by AusIndustry.

Innovation and Science Australia was announced as part of the Government’s National Innovation and Science Agenda and became an independent statutory board on 20 October 2016.

The Innovation Australia Board's responsibilities included:

  • Registering, monitoring and revoking the registrations of Venture Capital Limited Partnerships (VCLP) and Early Stage Venture Capital Limited Partnerships (ESVCLP);
  • Administration, monitoring and operation of the R&D Tax Incentive;
  • Strategic oversight to the Entrepreneurs' Programme (EP) which includes administration and monitoring of the Accelerating Commercialisation (AC) Programme;
  • Administration and oversight of the Cooperative Research Centres (CRC) Programme;
  • Monitoring ongoing projects under the a range of programs closed to new applications (legacy programmes); and
  • Advising the Minister about the operation of the IR&D Act, the PDF Act and the VC Act, and the Commonwealth's income tax laws as they operate in relation to those Acts.

Additional Functions

Ministerial Directions issued by the Minister for Industry and Science to Innovation Australia on 2 June 2015 directed the Board to carry out Additional Functions:

  • Oversee the delivery and performance of programmes which Innovation Australia has from time to time been directed to be responsible for by separate Ministerial direction under sections 18A, 19 and 20 of the IR&D Act ('the Programmes').
  • Maintain the integrity of the programmes in accordance with relevant assurance framework, and cooperate with any independent evaluation of them.
  • Promote the benefit and awareness of the programmes as well as monitoring uptake and impact.
  • Collaborate with the Growth Centre Advisory Committee to support each of the four themes of the Industry Growth Centres programme, and jointly provide the consultation mechanism for the Minister required under the Government's Industry Innovation Competitiveness Agenda including deregulation.
  • When requested by the Minister or the department, provide advice on matters in relation to the Programmes including:
    • High level, strategic advice on Australia's science and innovation system, including identifying nationally coherent innovation priorities, future directions and growth areas for Australia.
    • Options to boost Australian industry competitiveness, the translation of knowledge into new products, processes and services, the support from private investors for innovative new ventures, and the linkages between industry and research sectors through programmes that foster business and industry innovation and entrepreneurship; and
    • Opportunities to improve the regulatory environment to support innovation, commercialisation, industry research collaboration and creativity.
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