REVIEW OF ANNUAL REPORTS


REVIEW OF ANNUAL REPORTS

Introduction

1.1        Annual reports of departments and agencies are referred to Senate Standing Committees under Senate Standing Order 25(20) in accordance with an allocation of departments and agencies in a resolution of the Senate.

1.2        The Standing Committee on Economics is responsible for the scrutiny of departments and agencies in the following portfolios:

  • Innovation, Industry, Science and Research;

  • Resources, Energy and Tourism; and

  • Treasury.[1]

1.3        The structures and outcomes for each of these portfolios are summarised in Appendices 5, 6 and 7, respectively.

1.4        Standing order 25(20) requires the committee to:

  • examine each annual report referred to it and report to the Senate whether the report is apparently satisfactory;

  • consider in more detail, and report to the Senate on, each annual report which is not apparently satisfactory, and on the other annual reports which it selects for more detailed consideration;

  • investigate and report to the Senate on any lateness in the presentation of annual reports;

  • in considering an annual report, take into account any relevant remarks about the report made in debate in the Senate;

  • if the committee so determines, consider annual reports of departments and budget-related agencies in conjunction with examination of estimates;

  • report on annual reports tabled by 31 October each year by the tenth sitting day of the following year, and on annual reports tabled by 30 April each year by the tenth sitting day after 30 June of that year;

  • draw to the attention of the Senate any significant matters relating to the operations and performance of the bodies furnishing the annual reports; and

  • report to the Senate each year whether there are any bodies which do not present annual reports to the Senate and which should present such reports.[2]

 

Purpose and requirements of annual reports

1.5        Annual reports provide information on the success (or otherwise) of departments and agencies in meeting targets outlined in the portfolio budget statements, their primary function being to assist in ensuring the public accountability of government departments and agencies. This is undertaken through the tabling of annual reports in the Parliament; and their scrutiny by Senate committees in accordance with Senate Standing Order 25(20). This process thus allows Parliament to make informed judgments on the executive's performance in administering government programs.

1.6        Departments of State and Executive Agencies present their annual reports pursuant to sections 63(2) and 70(2) of the Public Service Act 1999, respectively. For 2006­–07, these are required to comply with the Department of the Prime Minister and Cabinet's Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies, approved by the Joint Committee of Public Accounts and Audit on 13 June 2007.[3]

1.7        Section 3(1) of the Requirements for Annual Reports states that 'As a matter of policy, they [the annual reporting requirements] also apply to prescribed agencies under section 5 of the Financial Management and Accountability Act 1997' (FMA Act)[4]. The 2006­–07 financial statements of departments and agencies subject to the FMA Act must be produced in accordance with the Financial Management and Accountability Orders (Financial Statements for reporting periods ending on or after 1 July 2006).

1.8        Commonwealth authorities and companies present their annual reports pursuant to their own enabling legislation and/or sections 9 and 36 of the Commonwealth Authorities and Companies Act 1997 (CAC Act), respectively.
2006–07 reports of Commonwealth authorities subject to the CAC Act must be produced in accordance with the Commonwealth Authorities and Companies (Report of Operations) Orders 2005 and the Commonwealth Authorities and Companies Orders (Financial Statements for reporting periods ending on or after 1 July 2006). Annual reports of Commonwealth companies are required to be based on the reporting requirements under the Corporations Act 2001.

1.9        The Department of Finance and Deregulation (Finance) publishes a chart which shows which agencies are subject to the FMA Act and the CAC Act. This information is also available on the Finance website at http://www.finance.gov.au/financial-framework/fma-legislation/fma-agencies.html; and http://www.finance.gov.au/financial-framework/cac-legislation/cac-bodies.html.

1.10        The enabling legislation of some agencies may require that agency to report on matters other than those included in the guidelines, or impose different reporting requirements, for example in relation to the date by which the report should be presented. The committee's view is that such agencies, while bound by their enabling legislation, should also comply with the requirements imposed under the government's policy, to the extent that the requirements do not conflict.

 

Reports referred to the committee

1.11        Under Standing Order 25(20)(f), the committee is required to report on the annual reports of departments and agencies tabled between 1 November and 30 April each year by the tenth sitting day after 30 June of that year. This year that date is 17 September 2008. The committee is also required to report on annual reports tabled between 1 May and 31 October each year by the tenth sitting day of the following year. 

1.12        This report examines the following annual reports which were tabled in the Senate or presented to the President between 1 November 2007 and 30 April 2008:

  • Anglo-Australian Observatory­ (AAO)–Anglo-Australian Telescope Board (AATB) – Annual Report 2006­–07

  • Australian Competition and Consumer Commission (ACCC) – Annual Report 2006­–07

  • Australian Institute of Marine Science (AIMS) – Annual Report 2006–07

  • Australian Nuclear Science and Technology Organisation (ANSTO) – Annual Report 2006–07

  • Australian Prudential Regulation Authority (APRA) – Annual Report 2006–07

  • Australian Reinsurance Pool Corporation (ARPC) – Annual Report 2006­–07

  • Australian Securities and Investments Commission (ASIC) – Annual Report 2006­–07

  • Australian Taxation Office (ATO) – Annual Report 2006–07

  • Companies Auditors and Liquidators Disciplinary Board (CALDB) – Annual Report 2006­–07

  • Corporations and Markets Advisory Committee (CAMAC) – Annual Report 2006­–07

  • Financial Reporting Council (FRC), Australian Accounting Standards Board (AASB), Auditing and Assurance Standards Board (AUASB) – Annual Reports 2006­–07

  • Financial Reporting Panel (FRP) – Annual Report 2006­–07

  • Foreign Investment Review Board – Annual Report 2006­–07

  • IIF Investments Pty Limited, IIF (CM) Investments Pty Limited, IIF BioVentures Pty Limited, IIF Foundation Pty Limited and IIF Neo Pty Limited (IIF companies) – Annual Reports 2006­–07

  • Innovation Australia: Activities of the Industry Research and Development Board (IRDB) – Annual Report 2006­–07

  • Innovation Australia: Activities of the Venture Capital Registration Board (VCRB) – Annual Report 2006­–07

  • Inspector-General of Taxation (IGT) – Annual Report 2006­–07

  • National Competition Council (NCC) – Annual Report 2006­–07

  • Productivity Commission – Annual Report 2006­–07

  • Superannuation Complaints Tribunal (SCT) – Annual Report 2006­–07

  • Takeovers Panel – Annual Report 2006­–07

  • Tourism Australia – Annual Report 2006­–07

 

Timeliness

1.13        Standing Order 25(20)(c) requires the committee to report to the Senate on the late presentation of annual reports.

1.14        Section 4 of the Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies states that annual reports of departments and agencies under the FMA Act framework are to be presented to each House of Parliament on or before 31 October in the year the report is given.

1.15        Section 9 of the CAC Act stipulates that the deadline for furnishing the Minister with the annual reports of Commonwealth agencies is the 15th day of the 4th month after the end of the financial year, that is, 15 October where the end of the financial year is 30 June. Section 36 of the CAC Act stipulates that Commonwealth companies must give their annual reports to the responsible Minister by the earlier of the following:

  • four months after the end of the financial year, or

  • 21 days before the next annual general meeting of the company after the end of the financial year.

1.16        Government agencies reporting in accordance with their own legislation are often required to prepare for the relevant Minister their annual report 'as soon as is practicable' after a particular date. The committee draws attention to sections 34C(2) and (3) of the Acts Interpretation Act 1901, which stipulate that where no date for providing a report to a Minister is specified, the report should be presented no more than six months after the reporting period, and the Minister must provide the report to the Parliament within 15 sitting days after he or she receives it.

1.17        While the legislative requirements for the tabling of annual reports vary between different types of agencies the Government's policy is 'that all annual reports should be tabled by 31 October'.[5] This ensures that annual reports are available for scrutiny by Senate committees at the supplementary budget estimates hearings (these hearings are usually scheduled in early November, although the 2008–09 supplementary budget estimates round is an exception).

1.18        The committee notes that none of the annual reports considered in this report have met the requirement set down by this policy. The committee is mindful that a likely reason for this delay was the timing of the 2007 federal election. However, the committee brings to the attention of all departments and agencies the provision of presenting documents to the President of the Senate when the Senate is not sitting.[6] Documents presented in this manner under Standing Order 166 are deemed to be tabled out of session on the date on which they are presented to the President.[7] The prorogation of Parliament during the election period does not effect this provision.

1.19        While it is government policy that all annual reports should be tabled by 31 October, dates for the tabling of annual reports set in legislation vary between agencies and as such will be considered in the specific comments on annual reports below.

 

Other comments on reports

1.20        In accordance with Standing Order 25(20)(a) the committee is required to examine reports and inform the Senate as to whether they are 'apparently satisfactory'. The committee considers compliance with the reporting guidelines specified by the legislation under which departments and agencies present their annual reports.

1.21        The committee considers that the reports it has examined are generally 'apparently satisfactory'.

1.22        While no longer mandatory under the reporting requirements, the committee recommends the inclusion of a compliance index in annual reports, which preferably should include a nil return entry where the agency has nothing to report under an item. A compliance index is a useful feature of reports and considerably assists the committee's task of assessing reports. It also assists agencies by clearly showing that their compliance obligations have been met.

1.23        Where agencies have reporting requirements under various Acts the inclusion of a comprehensive compliance index covering all relevant requirements is a useful addition to agency annual reports. The committee commends the Australian Prudential Regulation Authority, Australian Taxation Office and Productivity Commission for their inclusion of comprehensive indexes in their 2006­–07 annual reports.

Anglo-Australian Observatory (AAO)–Anglo-Australian Telescope Board (AATB) – Annual Report 2006–07 [8]

1.24        The Anglo-Australian Observatory (AAO) was established by the Agreement between the Government of the Commonwealth of Australia and the Government of the United Kingdom of Great Britain and Northern Ireland to provide for the Establishment and Operation of a Large Optical Telescope (Canberra, 25 September 1969) (the Agreement).  The Anglo-Australian Telescope Board oversees the operations of the AAO and presents its annual report to both the Australian and UK Governments in accordance with Article 8 of the Agreement and section 19 of the Anglo-Australian Telescope Agreement Act 1970 (the AATA Act).

1.25        The committee considers that the AATB has met its reporting requirements under the Agreement and the AATA Act.

Australian Competition and Consumer Commission (ACCC) – Annual Report 2006–07 [9]

1.26        The Australian Competition and Consumer Commission (ACCC) is a prescribed agency under the FMA Act. The ACCC therefore presents its report in accordance with the Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies. Further requirements for its report are specified in sections 44AAJ and 171 of the Trade Practices Act 1974 (the TP Act).

1.27        The committee considers that the ACCC has largely met its reporting requirements. However, the report was not tabled in the Senate until 11 March 2008, well after the 31 October deadline specified in the requirements for FMA Act bodies. This is despite the original letter of transmittal being dated 29 August 2007 (within the 60-day limit specified in the TP Act), thereby meaning the report could have been tabled in the Senate in September 2007 or presented out of sitting to the President under the provisions of Standing Order 166 before the 31 October deadline.

1.28        The committee also suggests that the report would benefit from a more comprehensive compliance index, particularly given the detailed requirements specified in the TP Act.

Australian Institute of Marine Science (AIMS) – Annual Report 2006–07 [10]

1.29        The Australian Institute of Marine Science (AIMS) is a Commonwealth authority and therefore reports under section 9 of the CAC Act.

1.30        The committee considers AIMS report to be satisfactory and commends AIMS for including a compliance index in its report.

Australian Nuclear Science and Technology Organisation (ANSTO) – Annual Report 2006–07 [11]

1.31        The Australian Nuclear Science and Technology Organisation (ANSTO) is a Commonwealth authority and therefore reports under section 9 of the CAC Act. Section 29 of the Australian Nuclear Science and Technology Organisation Act 1987 specifies extra matters to be included in ANSTO's annual report.

1.32        The committee considers that ANSTO has met its reporting requirements under these Acts and commends ANSTO for including a compliance index in its report.

Australian Prudential Regulation Authority (APRA) – Annual Report 2006–07 [12]

1.33        For the 2006­–07 financial year the Australian Prudential Regulation Authority (APRA) reported under section 9 of the CAC Act and section 59 of the Australian Prudential Regulation Authority Act 1998.

1.34        The committee considers that APRA has met its reporting requirements under these Acts and commends APRA for its inclusion of a 'statutory report' which systematically addressed its reporting requirements under a number of Acts.

Australian Reinsurance Pool Corporation (ARPC) – Annual Report 2006–07 [13]

1.35        The Australian Reinsurance Pool Corporation (ARPC) is a Commonwealth authority, established by the Terrorism Insurance Act 2003, that presents its annual report in accordance with the provisions of section 9 of the CAC Act.

1.36        The committee considers that the ARPC has met its reporting requirements. However, the committee suggests that the ARPC's report could be improved by including a specific compliance index.

Australian Securities and Investments Commission (ASIC) – Annual Report
2006–07 [14]

1.37        For 2006­–07, the Australian Securities and Investments Commission (ASIC) was subject to section 9 of the CAC Act and section 136 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act) in relation to its annual reporting requirements.

1.38        The committee considers that ASIC has met its reporting requirements under these Acts. However, as ASIC reports under a number of Acts, and the requirements in the ASIC Act are quite detailed, the committee suggests that a specific compliance index should be included in future reports.

Australian Taxation Office (ATO) – Annual Report 2006–07 [15]

1.39        The Australian Taxation Office (ATO) is a prescribed agency under the FMA Act. The ATO therefore presents its report in accordance with the Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies. Further reporting requirements are specified in 23 other Acts (please refer to Appendix 4 for a comprehensive list of the legislation).

1.40        While the committee considers that the ATO has largely met its reporting requirements, it notes that the report was not presented to the President of the Senate until 20 December 2007, well after the 31 October deadline specified in the requirements for FMA Act bodies.

1.41        The committee commends the ATO for including both a compliance index based on the Requirements for Annual Reports and a separate list covering the further reporting requirements specified in the 23 other Acts referred to in Appendix 4.

Companies Auditors and Liquidators Disciplinary Board (CALDB) – Annual Report 2006–07 [16]

1.42        The committee notes that there are only a few specific requirements in section 214 of the Australian Securities and Investments Commission Act 2001 in relation to the Companies Auditors and Liquidators Disciplinary Board's annual report, and considers the report to be satisfactory.

Corporations and Markets Advisory Committee (CAMAC) – Annual Report 
2006–07 [17]

1.43        For the 2006­–07 financial year the Corporations and Markets Advisory Committee (CAMAC) reported under section 9 of the CAC Act and section 162 of the Australian Securities and Investments Commission Act 2001.

1.44        The committee considers that CAMAC has met its reporting requirements under these Acts and notes the clear layout of CAMAC's report in relation to its CAC Act requirements.  However, the committee suggests that a specific compliance index should be included in future reports, particularly with CAMAC's transition to the FMA Act framework from the 2007–08 financial year.

Financial Reporting Council (FRC), Australian Accounting Standards Board (AASB), Auditing and Assurance Standards Board (AUASB) – Annual Reports 2006–07 [18]

1.45        The Financial Reporting Council (FRC), Australian Accounting Standards Board (AASB) and the Auditing and Assurance Standards Board (AUASB) report under section 235B of the Australian Securities and Investments Commission Act 2001.  For the 2006–07 financial year, section 9 of the CAC Act also applied to the AASB and AUASB.

1.46        The committee considers that the FRC, AASB and AUASB have met their reporting requirements under these Acts. However, the committee suggests that a specific compliance index for each of the reports should be included in the future, particularly given the differing reporting requirements between the agencies.

Financial Reporting Panel (FRP) – Annual Report 2006–07 [19]

1.47        The committee noted in its Report on Annual Reports (No. 2 of 2007) that the Financial Reporting Panel (FRP) would table its first annual report in 2007. The Financial Reporting Panel was established under the Corporate Law and Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 and commenced operations on 3 July 2006. The FRP's function is to resolve disputes between ASIC and companies concerning accounting treatments in their financial reports. The purpose for establishing the FRP is to remove the need to initiate legal proceedings in court in order to resolve a financial reporting matter. The FRP is designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns of courts' limited understanding of accounting standards.[20]

1.48        The committee notes that there are only a few specific requirements in section 239AM of the Australian Securities and Investments Commission Act 2001 in relation to the FRP's annual reporting requirements, and considers the report to be satisfactory.

Foreign Investment Review Board – Annual Report 2006–07 [21]

1.49        The committee notes that the Foreign Investment Review Board is not subject to the FMA or CAC Acts, but reports annually to the Treasurer as part of its 'responsibility to advise the Government on foreign investment matters'[22], and therefore considers the report to be satisfactory.

IIF Investments Pty Limited, IIF (CM) Investments Pty Limited, IIF BioVentures Pty Limited, IIF Foundation Pty Limited and IIF Neo Pty Limited (IIF companies)  – Annual Reports 2006–07 [23]

1.50        IIF Investments Pty Limited, IIF (CM) Investments Pty Limited, IIF BioVentures Pty Limited, IIF Foundation Pty Limited and IIF Neo Pty Limited (the IIF companies) are Commonwealth companies and are therefore required to report under section 36 the CAC Act.

1.51        The committee considers that the IIF companies have largely met these requirements. However it notes that the letter of transmittal to the Minister is dated 21 December 2007, well after the four-month deadline specified in subsection 36(1A) of the CAC Act.

Innovation Australia: Activities of the Industry Research and Development Board (IRDB) – Annual Report 2006–07 [24]

1.52        For the 2006–07 financial year the Industry Research and Development Board (IRDB) was required to report under sections 39H and 46 of the Industry Research and Development Act 1986 (the IRD Act).  

1.53        The committee considers that the IRDB has met these requirements and that therefore the report is satisfactory.  However, as the requirements outlined in the IRD Act are quire detailed the committee suggests that a specific compliance index should be included in future reports.

Innovation Australia: Activities of the Venture Capital Registration Board (VCRB) – Annual Report 2006–07 [25]

1.54        The Venture Capital Registration Board (VCRB) was known as the Pooled Development Funds Registration Board from its establishment on 1 July 1992 to 20 June 2007, when its named was changed to the VCRB. 

1.55        For the 2006–07 financial year the VCRB was also required to report under sections 39H and 46 of the Industry Research and Development Act 1986.

1.56        The committee considers that the VCRB largely met these requirements, although it notes that the letter of transmittal to the minister is dated 21 January 2008, well after the six-month deadline specified in subsection 34C(2) of the Acts Interpretation Act 1901 which applies where 'an Act requires a person to furnish a periodic report to a Minister but does not specify a period within which the report is to be so furnished'.

Inspector-General of Taxation (IGT) – Annual Report 2006­–07 [26]

1.57        The Inspector-General of Taxation (IGT) is a prescribed agency under the FMA Act. The IGT therefore presents its report in accordance with the Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies. Further requirements for its report are specified in section 41 of the Inspector-General of Taxation Act 2003 (the IGT Act).

1.58        The committee considers that the IGT has largely met its reporting requirements. However, it notes that the report was not presented to the President of the Senate until 28 November 2007, well after the 31 October deadline specified in the requirements for FMA Act bodies. This is despite the letter of transmittal being dated 17 September 2007, thereby meaning the report could have been tabled in the Senate in September 2007 or presented out of sitting to the President under the provisions of Standing Order 166 before the 31 October deadline.

National Competition Council (NCC) – Annual Report 2006­–07 [27]

1.59        The National Competition Council (NCC) is a prescribed agency under the FMA Act. The NCC therefore presents its report in accordance with the Requirements for Annual Reports. Further requirements for its report are specified in section 29O of the Trade Practices Act 1974 (the TP Act).

1.60        The committee considers that NCC has largely met its reporting requirements. However, it notes that the report was not tabled in the Senate until 11 March 2008, well after the 31 October deadline specified in the requirements for FMA Act bodies. This is despite the original letter of transmittal being dated 30 August 2007 (one day outside the 60-day limit specified in the TP Act), thereby meaning the report could have been tabled in the Senate in September 2007 or presented out of sitting to the President under the provisions of Standing Order 166 before the 31 October deadline.

1.61        The committee notes that the report included a compliance index against FMA Act reporting requirements, although suggests that the requirements in section 29O of the TP Act could also be included in the compliance index in future reports.

Productivity Commission – Annual Report 2006–07 [28]

1.62        The Productivity Commission is a prescribed agency under the FMA Act. The Commission therefore presents its report in accordance with the Requirements for Annual Reports for Departments, Executive Agencies and FMA Act Bodies. Further requirements for its report are specified in section 10 of the Productivity Commission Act 1998 (the PC Act).

1.63        While the committee considers that the Commission has largely met its reporting requirements, it notes that the report was not tabled in the Senate until 11 March 2008, well after the 31 October deadline specified in the requirements for FMA Act bodies.

1.64        The committee commends the Commission for including a comprehensive compliance index against both FMA Act and PC Act reporting requirements in its 2006–07 annual report in response to the committee's suggestion in its Report on Annual Reports (No. 2 of 2007).

Superannuation Complaints Tribunal (SCT) – Annual Report 2006–07 [29]

1.65        The committee notes that there are only a few requirements under section 67 of the Superannuation (Resolution of Complaints) Act 1993 (the SRC Act) for the Superannuation Complaints Tribunal's (SCT's) annual report, and considers the report to be satisfactory.

1.66        The committee commends the SCT for including a compliance index which indicates that the Tribunal's report includes information beyond that required under the SRC Act. However, the committee suggests that references to the various documents outlining annual reporting requirements on page 52 of the report should be updated to the latest version of the documents indicated.

Takeovers Panel – Annual Report 2006–07 [30]

1.67        The committee notes that there are only a few requirements in section 183 of the Australian Securities and Investments Commission Act 2001 (the ASIC Act) for the Takeovers Panel's annual report, and considers the report to be satisfactory.

1.68        The committee commends the Panel for including a compliance index which indicates that the Panel's report includes information beyond that required under the ASIC Act.

Tourism Australia – Annual Report 2006–07 [31]

1.69        Tourism Australia is a Commonwealth authority and presents its annual report in accordance with the provisions of section 9 of the CAC Act and section 39 of the Tourism Australia Act 2004 (the TA Act).

1.70        The committee considers that Tourism Australia has met its reporting requirements under these Acts.  However, the committee suggests that future reports could be improved by including a specific compliance index, particularly given the additional reporting requirements imposed on Tourism Australia in section 39 of the TA Act.

 

Remarks made in the Senate

1.71        Senate Standing Order 25(20)(d) directs the committee to take into account remarks made in the Senate when considering annual reports.

1.72        None of the annual reports considered in this report have been the subject of debate in the Senate.

 

Bodies not presenting annual reports to the Senate

1.73        The committee is required to report to the Senate each year under Standing Order 25 (20)(h) on whether there are any bodies not presenting annual reports to the Senate which should. The committee is satisfied that there are no such bodies within the Innovation, Industry, Science and Research; Resources, Energy and Tourism; or Treasury portfolios.

 

Future developments

1.74        As noted in the committee's Report on Annual Reports (No. 1 of 2008), the Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 was assented to on 5 June 2007. As a result, the Australian Prudential Regulation Authority, Australian Securities and Investments Commission and Corporations and Markets Advisory Committee will be brought under the FMA Act from the 2007–08 financial year.

1.75        Under the Governance Review Implementation (AASB and AUASB) Act 2008 (assented to on 30 June 2008) the Australian Accounting Standards Board and Auditing and Assurance Standards Board will be brought under the Financial Management and Accountability Act 1997 (FMA Act) from the 2008–09 financial year.  Under the new arrangements, two agencies prescribed under the FMA Act will be established to support the operations of the AASB and AUASB.  The agencies will be referred to as the 'Office of the Australian Accounting Standards Board' and the 'Office of the Auditing and Assurance Standards Board'.  Under the previous arrangements the Financial Reporting Council was responsible for financial and administrative matters of the two boards in addition to providing strategic oversight.  Under the new arrangements the FRC will still be responsible for providing strategic oversight, but will undertake only an advisory role with respect to financial and administrative matters.[32]

1.76        On 27 September 2007 a new statutory body, Innovation Australia, was established to consolidate the administration and oversight of Commonwealth innovation and venture capital programs that were previously the responsibility of the Industry Research and Development Board (IRDB) and the Venture Capital Registration Board (VCRB).  As a result, from the 2007–08 financial year Innovation Australia will report on the combined activities that were previously the responsibility of the IRDB and VCRB.

 

Senator Annette Hurley
Chair

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