Commonwealth Numbered Acts

Australian Industry Development Corporation Amendment Act 1983 No. 122 of 1983 - SECT 4

4. Section 6 of the Principal Act is amended-

   (a)  by omitting paragraph (1)(a) and substituting the following paragraph:

''(a) to facilitate and encourage, and to facilitate participation by
Australian residents and enterprises in, the establishment, development and
advancement of Australian industries by-

        (i)    providing, or assisting in the provision of, the financial
               resources required by companies engaging, or proposing to
               engage, in any such industries or in activities that are
               connected with, or incidental to, those industries; and

        (ii)   engaging or participating in enterprises or developmental
               projects in relation to any such industries or activities;'';
               and

   (b)  by inserting after sub-section (1) the following sub-section:

''(1A) The Corporation shall-

   (a)  give priority in the performance of its functions to serving the
        financial needs of industries concerned with, or activities connected
        with or incidental to-

        (i)    the manufacture, assembly, construction, processing, treatment,
               transportation or distribution of goods;

        (ii)   the provision of services (including services in the tourist
               industry) of a kind that are or may become subject to
               competition in markets within or outside Australia from
               industries outside Australia; and

        (iii)  the development, marketing or use of new or improved
               technology, including research leading to such development,
               marketing or use; and

   (b)  perform its functions in such a manner as will-

        (i)    promote greater efficiency in and competitiveness of Australian
               industry;

        (ii)   facilitate reconstruction of Australian industry to achieve
               long-term viability and competitiveness; and

        (iii)  promote new industries or enterprises that have good growth
               prospects.''.