Explanatory Memorandum
(Circulated by authority of the Minister for Industry, Scienceand Resources, Senator the Hon Nick Minchin)FINANCIAL IMPACT STATEMENT
While the PDF Act has no sunset clause, funding for the Program expired in 1997-98. The Department of Industry, Science and Resources absorbed funding for the Program in 1998-99 pending completion of the review of the Program and Cabinets consideration of its future. The estimated outlays reflect the estimates agreed by the Department of Finance and Administration.
The table below provides the estimated cost to revenue of the PDF tax concessions in the absence of any change to the Program and the additional cost of the changes.
| 1999-00 | 2000-01 | 2001-02 | 2002-03 | |
|---|---|---|---|---|
| PDF Program - no change | 3 | 3 | 5 | 6 |
| PDF Program - additional cost of changes | 0 | 2 | 3 | 5 |
Note: These projections are necessarily based on assumptions about aggregate PDF investments and earnings. All projections are subject to revision as new information becomes available.