The Albanese government’s $15 billion National Reconstruction Fund (NRF) is on its way to becoming law after Senate passed the NRF Corporation Bill on Tuesday.
The fund is part of the government’s election commitment that seeks to boost Australia’s manufacturing capability by fostering the development of existing industries and helping create new industries over the long term.
Minister for Industry and Science Ed Husic said the fund is one of the “largest peacetime investments” allocated to boost Australia’s manufacturing industry and welcomed the passage of the bill through the Senate.
“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.
The minister said the legislation will position Australia as a maker of high-value-added products, resulting in the creation of good secure jobs in the process.
“The NRF shows the Government is serious about investing our human capital to keep Australian smarts on shore,” Minister Husic said. “We want Australia to be a country that makes things, a nation that has faith in its know-how and ability to get the job done.”
The National Reconstruction Fund will be administered by an independent board making independent investment decisions. The funding is based on the successful implementation of the Clean Energy Finance Corporation.
Amendments made to the bill by the Senate will now return to the House of Representatives for approval.
