It is becoming increasingly important for Rural RDCs to continually monitor and evaluate the returns from RD&E investment, as government and industry require greater transparency and accountability of RD&E funds.

In addition to FRDC’s Statutory Funding Agreement requirements for valuing return on investment and use in its Annual Reports, impact assessments of FRDC’s RD&E investments are needed to inform:
– Future investment decisions
– CRRDC’s overall performance review of impact generated by RDCs
– Levy payers and government of the performance of investments.

GHD understands that the project will comprise two key components:
– An economic impact assessment of up to 20 research projects for the three-year period FY23/24, 24/25, and 25/26
– An individual and aggregated report of all assessed projects at the completion of assessments.

GHD notes that within this period the first five assessments for FY23/24 are required by June 2024 with the remainder of the projects, i.e. 10, due in September 2024. These assessments are required to be consistent with the CRRDC Guidelines for Impact Assessments. FRDC RD&E projects are to be assessed annually to meet Statutory Funding Agreement (SFA) requirements for valuing return on investment for use in FRDC’s Annual Reports and performance of FRDC’s investments.
In conducting the impact assessment project it will be important to note that one of FRDC’s key responsibilities is to ensure that research to assist management of fisheries and aquaculture resources is being undertaken to maintain ongoing sustainability. While the primary focus of these benefit-cost analyses over time has been economic impact, with references to environmental and social implications where appropriate, FRDC is increasingly interested in understanding the impact of R&D investments on environmental, social, and economic aspects more holistically.

Commercial in confidence. To know more about this project please contact FRDC.

This project is a strategic initiative to support seafood businesses in diversifying into new economic markets. Amidst evolving global challenges and the impact of Covid-19 on the seafood industry, the need for diversification is more pressing than ever. The proposed project addresses this need by providing seafood business with the necessary support and resources to diversify into a sector which boasts much potential: seafood tourism. Seafood tourism presents a practical and feasible approach to diversification, which leverages the intrigue of marine environments and the seafood production process. Whilst feasible, there are inherent challenges and risks involved in pursuing this diversification pathway. This project directly responds to the request of F&A for support in navigating the diversification process. Central to its approach, is the delivery of decision-support tools which can facilitate informed decision-making and mitigate potential risks involved in diversifying. These tools will be vital in ensuring F&A businesses make sound and strategic decisions regarding their suitability to different seafood tourism models.