Research is an investment in the future. This principle acknowledges the potentially lengthy turn-around time on the investment and the need to manage research investments as a portfolio with a focus on collective returns. Outcomes of individual research projects are not always predictable and should not be used in isolation to determine the value of the investment. Linkage between research and education is vital. The intellectual development and scientific contributions of students are two of the most important benefits of the government's investment in university-based research.
Excellence is promoted when investments are guided by merit review.
The merit review process provides the checks and balances necessary to promote and fund excellent science. Research must be conducted with integrity. The credibility of the relationship relies on the integrity of the partners. Operating principles Agency cost sharing policies and practices must be transparent. Although there are times when it is appropriate for universities to share in the financial support of research, the report acknowledges that a university's major contribution is the intellectual input of its researchers.