$15B National Reconstruction Fund to boost manufacturing sector

Australia’s manufacturing industry is about to get a massive boost with the Senate passing the $15 billion National Reconstruction Fund (NRF). 

Touted as one of the largest peacetime investments in Australian manufacturing capability, the NRF is one of the Albanese Government’s key programs in its campaign to rebuild Australia’s industrial base. 

The $15 billion NRF will offer loans, guarantees, and equity to support initiatives that expand and diversify Australia’s economy while also fostering regional development and the creation of safe, well-paying jobs. 

“The most successful modern economies are built on strong, advanced manufacturing capability. The National Reconstruction Fund will help deliver this for Australia,” said Industry and Science Minister Ed Husic. 

“We genuinely wanted this bill to be a moment where Parliament came together to support the national interest. I am pleased the crossbench engaged constructively on this important bill that will help rebuild Australia’s sovereign capability.”

Husic said Australia needs to be “a country that makes things, a nation that has faith in its know-how and ability to get the job done.” 

Meanwhile, Finance minister and Senator Katy Gallagher said the bill’s passing marks “an important step towards building a better future for Australians.”  

“After a decade of uncertainty, the National Reconstruction Fund will support Australian innovation and industry. More things being made here means more jobs for Australians,” Gallagher said.  

Once passed into law, the NRF will be managed by an autonomous board empowered to make its own investment decisions, modelled after the successful Clean Energy Finance Corporation.  

The NRF bill is expected to pass after the House of Representatives reconciles its version with the senate amendments.