Economic Impact assessment of FRDC's annual RD&E investments: a three year procurement
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.
Embedding impact pathway thinking into the identification and prioritisation of RD&E needs and investments for FRDC
In order to support a greater degree of systems thinking in its advisory committees, it is proposed to expose all committee members to the potential approaches to priority setting through a systems lens and benefits of these approaches, and then work with a subset of Research Advisory Committees [and possibly others] to test how bringing tools such as theory of change into their deliberations could assist them to deliver better designed priorities. Working specifically towards theories of change in the committee processes, at appropriate levels of complexity, is expected to provide (i) a context to making approaches of different committee members more explicit, (ii) a basis for better design logic, and (iii) a way of more readily communicating the committee's priorities. The focus of this approach on identifying and working back from ultimate objectives helps frame what may legitimately be narrow priorities in a wider analysis of system drivers such as incoherent policy environments or climate change and thus enable larger agendas to be built around such issues across FRDC. An explicit emphasis on barriers, enablers and assumptions, as well as what is necessary and sufficient to achieve the objectives, also provides a strong basis for evaluating progress and learning. Together these attributes are anticipated to achieve the intent of supporting better FRDC priority setting and increased impact for its stakeholders.
Designing the integration of extension into research projects: tangible pathways to enhance adoption and impact
Valuing Victoria's Wild-catch fisheries and aquaculture industries
A study which measures the contribution of Victorian wild-catch and aquaculture fisheries to community wellbeing will meet multiple needs:
• Generate detailed, spatially-defined knowledge on the economic and social contributions of fisheries to community wellbeing, and elicit where contributions could be enhanced
• Inform government (local, state) of the importance of fisheries and likely impacts of policy or management decisions on regional and metropolitan communities
• Enhance community engagement and support for fisheries through demonstrating the benefits that flow from professional fishing and aquaculture sectors into communities
Audience: 1) industry representative organizations; 2) government; 3) general public. Currently, very little data exists about the economic and/or social benefits of professional fisheries to communities in Victoria. Existing data only calculate total value of production (beach/farm gate price x volume), and the number of business owners or fisheries employees identified in the Australian Bureau of Statistics (ABS) Census. There is no reporting of the multiplier effects in communities of having businesses based there, through service industries or seafood product going into markets. The lack of sophisticated information about the contributions of professional fishing puts the industry as a group at a disadvantage compared to competing resource users which do have such reporting and have been persuasive in negotiations.
Information on social contributions dovetails with economic contributions to build a picture of the overall contributions fisheries make. This can help address the lack of community support for fisheries and consumer influence on the regulatory environment, which has grown to constitute a threat to the continued viability of fisheries. While information generated via this project will not fix the problem – relationships between industry and community must be improved via sustained, strategic engagement – credible data on the social and economic contributions commercial fisheries make to Victoria is useful for boosting the industry’s ‘social license to operate’.