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.

FRDC has an already developed video and image library, however, does not have the resources to keep it supplied with new and relevant images, or to produce a series of short video clips and capture professional photos to showcase the innovation and sustanability of Australia's commercial fisheries. This is planned as a Phase #1 proof of concept project focusing on fisheries in 3 states: WA, SA and Queensland.

There is a need to produce a digital campaign that encapsulates the stories of commercial fishers and the role of their seafood supply locally and outside of Australia. These fisheries, their people, their fishing techniques and their markets have changed considerably over time. This presents an opportunity to showcase these changes –the new fisheries, the innovations and the inspiring young people taking over the reins.

This project is well aligned with the FRDC’s Strategic R&D priorities, and aims to build community, trust, respect and value (FRDC R&D Plan 2020-2025: Outcome 5) by providing foundational information and support services (FRDC R&D Plan 2020-2025: Enabling Strategy V).