Innovation board to be developed

AUSTRALIAN Industry Minister, Ian Macfarlane, announced legislation to establish a new Board, Innovation Australia, designed to spearhead the delivery of Government's innovation programs and enhance the provision of advice on innovation policy.

AUSTRALIAN Industry Minister, Ian Macfarlane, announced legislation to establish a new Board, Innovation Australia, designed to spearhead the delivery of Government’s innovation programs and enhance the provision of advice on innovation policy.

The legislation, which was introduced yesterday into the House of Representatives, will mean the responsibility for the Government’s innovation and venture capital programs will be managed by Innovation Australia.

This responsibility is currently spread between the Industry Research and Development Board (IR&D) and the Venture Capital Registration Board.

Macfarlane said bringing together the two boards will help produce a consistent approach to program delivery and ensure support for business innovation.

“Combining the professional expertise of both Boards will also ensure I have a single source of advice on innovation and the role it can play in driving the international competitiveness of Australian industry,” Macfarlane said.

“The new Board will encompass a broad range of innovation activities, including product and process improvements.”

Innovation Australia will be chaired by Mr David Miles AM, the current chair of the IR&D Board, and chair of the 2000 National Innovation Summit.

The Deputy Chair will be Mr Brian Watson, current chair of the Venture Capital Registration Board and Chair of the 2005 Review of the Venture Capital Industry.

The new Board will be established under Schedule 12 of the Tax Law Amendment (2007 Measures No. 5) Bill 2007.