The federal government’s bill to deliver one of the largest peacetime investments in Australian industry and Australian manufacturing has passed the House of Representatives.
The National Reconstruction Fund (NRF) Corporation Bill will establish the NRF which will help create secure, high paying jobs for workers across the country, including in the regions, outer suburbs and remote communities.
The NRF will invest $15 billion across priority areas of the economy including renewables and low emissions technologies, medical science, transport, value-adding in resources, value-adding in agriculture, forestry and fisheries, defence capability and enabling technologies.
It will also help address the inflation challenge in the economy by reducing our dependence on broken supply chains.
Minister for Industry and Science Ed Husic said the NRF will rebuild Australia’s industrial capability and support long-term sustainable economic growth.
The NRF will be administered at arm’s length to Government by an independent board making independent investment decisions.
“After a decade of neglect from the former Liberal-National Government, the Albanese Government is revitalising Australian manufacturing.” said the Hon Ed Husic Minister for Industry and Science.
“By voting against the National Reconstruction Fund, the Liberal and National parties have once again shown they are not on the side of Australian manufacturers and only care about manufacturing when it comes to a photo opportunity.”
“We are now one step closer to delivering one of the largest peacetime investments in manufacturing this country has ever seen. “The National Reconstruction Fund is a nation-building, transformational investment to help deliver a better future.” added the Hon Husic.
“I look forward to working constructively across the Senate to deliver the National Reconstruction Fund for Australians.” said Minister for Finance, Senator Katy Gallagher.
“The Albanese Labor Government wants to see more things made here in Australia which also means more jobs for Australians and that’s what the National Reconstruction Fund will deliver. Right now we have a unique opportunity to diversify and transform our economy and we don’t want to miss it,” concluded Senator Gallagher.