Explanatory Memorandum
(Circulated by authority of the Honourable Greg Hunt MP, the Minister for Industry, Innovation and Science)Financial Impact Statement
In addition to the governance changes contained in this Bill, the Australian Government is also providing increased ongoing funding to Innovation and Science Australia for the increased expenditure related to the additional functions of the Board, such as stakeholder engagement, the development of the audit and 15 year plan, research and publications, secretariat support, and travel.
Provision for Innovation and Science Australia's funding, including the additional funding, was made as part of the Agenda on 7 December 2015. The net increase in funding over four years totals $8.1 million as per the table below.
| Innovation and Science Australia |
2015-16
($m) |
2016-17
($m) |
2017-18
($m) |
2018-19
($m) |
Total
($m) |
| Change in funding | 1.1 | 2.3 | 2.5 | 2.3 | 8.1 |
It is estimated that the Bill will have no regulatory impact. Regulatory impacts of programs established under the financial framework provisions will be calculated and published according to government policy when individual instruments are made.
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