The following is a simplified outline of this Act:

* This Act provides a framework for the implementation of the Textile, Clothing and Footwear Strategic Investment Program. * The Minister is required to formulate a scheme (the TCF (SIP) scheme ) for the making of grants and/or loans in connection with the design and manufacture, in Australia, of eligible TCF products. * The total of the grants paid, and loans made, under the TCF (SIP) scheme must not exceed $700 million, reduced by any Regional Assistance Program supplementation payments. * The TCF (SIP) scheme will provide for 5 types of grants, to be known as follows:

(a) grants in respect of new TCF plant/building expenditure; (b) grants in respect of TCF research and development expenditure; (c) grants in respect of TCF value-adding; (d) special grants in respect of second-hand TCF plant expenditure; (e) special miscellaneous grants in respect of TCF-dependent communities.

* The TCF (SIP) scheme will run for 5 financial years, beginning with the 2000-2001 year. However, grants in respect of new TCF plant/building expenditure may be made for the 1998-1999 and 1999-2000 years, and special grants may be made for the 1999-2000 year. * Grants under the TCF (SIP) scheme are to be made in arrears. * Entities who wish to obtain grants under the TCF (SIP) scheme may be required to register under the scheme and to submit strategic business plans and accounts.