The key criteria of excellence and benefit will underpin the peer assessment process for investigator-initiated research proposals.
Excellence is vital for international competitiveness and the advancement of knowledge.
Benefit, as a criterion, will ensure maximum return on the investment in research. The ARC will advise the Minister for Education, Training and Youth Affairs on funding strategies within each of the broad areas of research that it supports. These priorities will be identified in conjunction with the research community and industry. The objective will be to ensure that funding strategies are responsive to the particular needs of different areas of research and the industry sectors with which they are associated. For example, in an area such as food science, funding strategies might emphasise strengthening industry links and training for scientists and engineers to improve manufacturing techniques.