Strategic Investment Plan refresh
Update on the Strategic Investment Plan refresh
The feedback period for draft Strategic Investment Plans (SIPs) has now closed for all industries except for the vegetable industry.
We have received a wide range of both positive and constructive feedback and are in the process of incorporating this into the final versions of the SIPs. For some industries, this means we will be undertaking more consultation to ensure the needs of these industries are reflected in the final SIPs.
We thank all people who have provided feedback and who have been involved in the consultation process for the development of the SIPs so far.
The SIPs will be published on the Hort Innovation website as they are finalised, and stakeholders will be notified via email and other communication channels.
The draft vegetable SIP is still in the consultation and development phase and will be published on this page calling for stakeholder feedback soon.
If you would like to discuss your industry in relation to the renewed SIPs, click here to find the contact details of your allocated Industry Strategic Partner.
For further background on Hort Innovation’s investment process, and how SIPs guide our decision making, please scroll down.
About Strategic Investment Plans
SIPs align with the second pillar of the Hort Innovation Strategy 2019-2023 which is to deliver the highest value R&D, marketing and trade investments across industries, now and into the future.
The SIPs also align with Hort Innovation’s performance principles under our Deed of Agreement with the Government by indicating how our investments will contribute to the profitability and sustainability of Australian horticulture.
The refreshed SIPs 2022-2026 will provide the roadmaps to guide Hort Innovation’s investment of levies and Australian Government contributions, ensuring investment decisions are aligned with industry priorities. The SIP lays the foundation for decision making in levy investments and represents the balanced interest of the particular industry from which the levy is collected. The most important function of the SIP is to make sure that levy investment decisions align with industry priorities.
The Strategic Investment Plan refresh process
During 2021, Hort Innovation has engaged with growers and industry stakeholders to develop a refreshed SIP for each levy-paying industry within the horticulture sector. Each refreshed SIP will lay the foundation for decision-making in levy investments, representing a balanced view of stakeholders from within the industry, and will help Hort Innovation prioritise and implement relevant R&D, marketing and export needs over the next five years.
The refreshed SIPs will provide the investment roadmap for horticulture that will contribute to the sustainable growth of the sector. These plans have been built from the foundations of the current SIPs and will:
- Be harmonised across industries to identify opportunities for multi-industry investments across categories of supply, demand and extension to drive efficiencies with investment management
- Instil commercial focus, appropriate measurement, evaluation and foundational investments to return benefit costs of 4:1 across all funds
- Be informed through existing data, knowledge, regional stakeholder and grower networks establishing broad industry support and relevancy of investment opportunities
- Draw upon international linkages and networks to ensure alignment, investment currency and leverage to mitigate duplication and maximise collaborations
- Embed sustainability principles to demonstrate commitment to underpin sector growth of $20 billion by 2030.
Each SIP articulates how strategies contribute to outcomes and broader industry goals. The refreshed SIPs will instil a heightened degree of accountability across delivery partners in future investments.
Finally, to ensure consistency across all 37 levied industries, each SIP has four key outcome areas which are relevant to all industries:
- Demand creation
- Industry supply, productivity and sustainability
- Extension and capability
- Business insights.
About Annual Investment Plans
Whilst each industry’s refreshed SIP will provide the strategic oversight of investment over the next five years, its Annual Investment Plan (AIP) will detail how levy funds will be invested over a 12-month period.
The AIPs for 2021/22 are currently being developed by Hort Innovation. The development is being informed by the SIP and industry consultation, and then discussed with each industry’s Strategic Investment Advisory Panel for feedback and prioritisation.
All investments will need to link to the industry’s SIP by addressing a minimum of one KPI against a strategy under one of the four outcomes.
Hort Innovation will continue to report on Fund Performance regularly, with more focus on reporting on outcomes and the impact of investments.