Model for investment allocation project
Investment in biosecurity is a critical part of the government's efforts to prevent, respond to and recover from pests and diseases that threaten the economy and environment. The risk-based Model for Investment Allocation Project was created to provide greater confidence and transparency to stakeholders that biosecurity investments are being used appropriately and in accordance with the level of risk.
To deliver its objectives the project has critically examined the work undertaken across Biosecurity Queensland to determine where resources are invested and how investments align with known or expected risk profiles.
Project delivery has been guided by an expert panel who identified the following six key priorities to progress.
Priority 1: Value Proposition
Under this priority the value of the current biosecurity activities undertaken by Biosecurity Queensland were analysed. The meta-analyses demonstrated the benefit of biosecurity activity with a median return on investment (ROI), across all studies, being 8:1. Furthermore, the analysis showed that whilst there are some very high ROIs there are also a number of projects with ROIs of 1:1 or below.
Priority 2: Investment principles and criteria
Under this priority a set of investment principles has been co-developed with Queensland Biosecurity Partners. Stakeholder input to the proposed principles was achieved through workshopping the issue at the Biosecurity Partners Forum held on 10 October 2018. The principles proposed below were directly derived from those proposed by the workshop.
- Investment builds capability, learning and collaboration across the biosecurity system as a whole
- Recognising that biosecurity is a shared responsibility, collaboration underpins investment; roles and responsibilities are clear and all those with a role participate fully in investment decisions
- Transparent investment decision-making processes deliver consistent investment decisions that are timely, flexible, forward-looking and responsive to changing circumstances
- Investment decisions incorporate all available scientific evidence on biosecurity risk and its management
- Investment decisions are based on assessment of economic returns, with investment directed to areas of greatest return on an ongoing basis
- Funding contributions are aligned with risk creation and public/private benefit and incentivise good risk management
- Investment is for impact – delivering economic, environmental and social outcomes aligned with community objectives and national approaches.
Priority 3: System health check metric
Under this priority a framework to measure the health of the Queensland biosecurity system has been co-developed with an expert group, in line with the Commonwealth approach.
Priority 4: Risk based allocation model
Under this priority a risk based allocation has been created to provide greater confidence and transparency to stakeholders that biosecurity investments are being used appropriately and in accordance with the level of risk.
Priority 5: Investment mapping
Under this priority a stocktake of investment in the Queensland biosecurity system has been conducted. The stocktake was conducted in two parts. Firstly, by examining Biosecurity Queensland spending over a five year period (2012-14 to 2017-18) and secondly by examining investment from all system partners in 2015-16.
Priority 6: Exit strategies
Under this priority the current operational aspects of Biosecurity Queensland were considered to determine if there were any that could be amended or exited.
The project outputs will result in providing greater consistency and transparency to stakeholders, including Queensland Treasury, that public funds are being utilised in an appropriate manner, proportionate to risk.