House of Representatives

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Schedule 2 - Amendment of the Australian Research Council Act 2001

Items 1 and 2

Have the effect of adding 2006 to the years to which Division 1 of Part 7 of the Act applies. Division 1 deals with financial assistance for approved research programs.

Item 3

Repeals paragraphs 49(c), (d) and (e) and inserts new paragraphs (c)-(f) to vary the level of financial assistance for approved research programs for the years 2003, 2004 and 2005 to reflect a transfer of funding from section 17 of the Higher Education Funding Act 1988 to permit the Institute of Advanced Studies at the Australian National University to access the research schemes of the Australian Research Council and to reflect supplementation consistent with indexation arrangements.