The Australian Research Council (ARC) is the body responsible for administering Excellence in Research for Australia (ERA). As the ARC states:
ERA is a comprehensive quality evaluation of all research produced in Australian universities against national and international benchmarks. The ratings are determined and moderated by committees of distinguished researchers, drawn from Australia and overseas. The unit of evaluation is broadly defined as the Field of Research (FoR) within an institution based on the Australia and New Zealand Standard Classification (ANZSRC).
ERA is based on expert review informed by a range of indicators. The indicators used in ERA include a range of metrics such as citation profiles which are common to disciplines in the natural sciences, and peer review of a sample of research outputs which is more broadly common in the humanities and social sciences.
The set of discipline-specific indicators has been developed in close consultation with the research community. This approach ensures that the indicators used are both appropriate and necessary, which minimises the resourcing burden of ERA for Government and universities and ensures that ERA results are robust and broadly accepted.
http://www.arc.gov.au/excellence-research-australia/ [26 February 2016]
ERA 2015 is completed and the results can be found on the Australian Research Council's website. The next round of ERA is scheduled for 2018.