National Reconstruction Fund passes

The highly anticipated National Reconstruction Fund has passed the upper house, passng the Senate after many hours of debate, with the Australian Prime Minister Anthony Albanese calling it “one of the biggest ever investments in Australian manufacturing.”

The Greens agreed to back the legislation after they struck a deal with the government earlier this month to include amendments that explicitly rule out using the fund to invest in coal, gas and native forest logging.

Independent senators David Pocock and Lidia Thorpe as well as the two senators from the Jacqui Lambie Network also agreed to back the Fund.

“Australia’s commitment to industrial transformation received a boost this week with the passage through Parliament of the National Reconstruction Fund (NRF) Bill,” Innes Willox, Chief Executive of the national employer association Ai Group said.

“The NRF is a vehicle that could help position Australia to benefit from the digitalisation, automation, artificial intelligence and the clean energy revolution that is remaking global industry. It could be used to seize emerging opportunities in areas where we have demonstrated or potential competitive advantages.

“The NRF is only one tool the Government can use to encourage investment and diversification within Australian industry. Ensuring there is a viable pipeline of investment-ready Australian companies is fundamental to the success of the NRF as are strong and well-connected research and innovation ecosystems with a focus on keeping pace with global trends.

Minister for science and industry Ed Husic said it is a big day for Australian industry and for Australian jobs, from our outer suburbs through to the regions.

“The National Reconstruction Fund is about Australians backing Australians in terms of pursuing those ideas,” he added. “It’s from the factory floor to the lab bench to the boardrooms of this country, making sure that we’ve got that huge growth capital available to unlock what is really important for the economy and jobs long-term. And the National Reconstruction Fund will be the greatest investment in manufacturing capabilities in living memory.”