Explanatory Memorandum
(Circulated by authority of the Minister for Industry, Science and Technology, the Hon Karen Andrews MP)OUTLINE
The purpose of the Industry Research and Development Amendment (Industry Innovation and Science Australia) Bill 2021 (the Bill) is to amend the Industry Research and Development Act 1986 (IR & D Act) to rename the independent statutory board known as 'Innovation and Science Australia' (ISA) to 'Industry Innovation and Science Australia' (IISA), and to make consequential amendments to other Commonwealth legislation as a consequence of the name change.
The amendment to the legislated name of ISA reflects the updated focus of the body on Australian industry and industry's role in innovation and science. The change of name is part of broader policy reform as per the Government's request to the Minister for Industry, Science and Technology to reshape ISA to focus more on Australian industry. Other measures in this policy reform include the appointment of new Board members, a new Statement of Expectations, and the provision of advice to Government on the recently announced Modern Manufacturing Strategy.
FINANCIAL IMPACT STATEMENT
The proposed Bill will have minimal to no financial impact for the Commonwealth. Any minor administrative costs will be absorbed by the Department of Industry, Science, Energy and Resources.
CONSULTATION
The Department of Finance and the Department of the Treasury were consulted in the preparation of the Bill and this Explanatory Memorandum.