Document ID: chunk:federal_register_of_legislation:C2025C00181:section:26:p1
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 26 (pt 1/6)
Character Range: 55168–58062

26  Commonwealth to make matching payments in relation to the fishing industry (except declared fisheries)
 (1) The Commonwealth must pay to the Fisheries Research and Development Corporation, in relation to a financial year (the relevant financial year), amounts that in total are equal to the sum of payable amounts worked out under this section (rounded to the nearest whole cent and rounding up in the case of 0.5 cents).
Note: For spending requirements for amounts paid under subsection (1), see section 35.
 (2) A payable amount is the lesser of the following:
 (a) the Corporation's relevant fishing expenditure amount for the relevant financial year;
 (b) the amount equal to 0.5% of the average total main fishing industry GVP amount for the relevant financial year.
Note: For average total main fishing industry GVP amount, see section 29.
Example: Assume for the 2025‑26 financial year the Fisheries Research and Development Corporation's relevant fishing expenditure amount is $14 million.
 Assume the average total main fishing industry GVP amount for the 2025‑26 financial year is $3.2 billion. 0.5% of that amount is $16 million.
 As the relevant fishing expenditure amount is less than $16 million, a payable amount is $14 million.
 (3) The Corporation's relevant fishing expenditure amount for a financial year is the sum of the following:
 (a) the expenditure the Corporation incurs during that year on research and development activities for the fishing industry (except any declared fishery), where expenditure on those activities is:
 (i) for the benefit of the fishing industry (except any declared fishery); and
 (ii) for the benefit of the Australian community generally; and
 (iii) in accordance with the Corporation's funding agreement; and
 (iv) in accordance with the Corporation's annual operational plan;
 (b) the expenditure the Corporation incurs during that year in doing the following (except in relation to any declared fishery):
 (i) paying or discharging expenses, charges, obligations and liabilities incurred by the Corporation in the performance of its functions or the exercise of its powers;
 (ii) paying remuneration, allowances, fees or expenses payable under the Primary Industries Research and Development Act 1989.
Note 1: For research and development activity, see section 9.
Note 2: Paragraphs (a) and (b) cover expenditure the Corporation incurs, regardless of the source of the money that is being spent. Examples of sources of money are payments by the Commonwealth under Division 2, payments by a State or Territory or an authority of a State or Territory and voluntary industry contributions.
Note 3: For expenditure to which paragraphs (a) and (b) do not apply, see section 28.
 (4) Subparagraph (3)(b)(i) does not apply to expenditure on a matter covered by subsection 21(2), (4), (5) or (6).

Payable amounts worked out using the average