Commonwealth Consolidated Acts

AUSTRALIAN INDUSTRY DEVELOPMENT CORPORATION ACT 1970 - SECT 6

             (1)  The functions of the Corporation are:

                     (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 persons 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)  to secure, to the greatest extent that is practicable, participation by Australian residents in the ownership and control of businesses engaging in any such industries or activities; and

                     (c)  such other functions as are conferred on the Corporation by Part VI.

       (1AA)  Paragraphs (1)(a) and (b) have effect subject to section 9 (which deals with directions to the Corporation).

          (1A)  Before the designated time, the Corporation shall:

                     (a)  give priority in the performance of its core 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 core 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.

             (2)  Before the designated time, the Corporation shall, so far as it is reasonably practicable for it to do so, perform its core functions with a view to securing an improvement in the balance of Australia's external trading operations.

             (3)  The Corporation shall perform its core functions in such manner as will:

                     (a)  promote trade and commerce between Australia and places outside Australia;

                     (b)  promote trade and commerce among the States, between the States and Territories and within the Territories;

                     (c)  promote the economic development of the Territories; and

                     (d)  further the development of Australian resources necessary for the defence of the Commonwealth.

             (4)  Without limiting the generality of subsection (1), the core functions of the Corporation may be performed:

                     (a)  in the capacity of, and to the extent that they are appropriate to be performed by, a trading or financial corporation formed within the limits of Australia; or

                     (b)  for the purpose of assisting Australian companies, being trading or financial corporations formed within the limits of Australia, in their trading or financial operations;

and subsection (3) does not restrict the performance by the Corporation of its core functions in accordance with this subsection.