$15 billion National Reconstruction Fund Bill passes Parliament
The $15 billion National Reconstruction Fund will be established in law after the National Reconstruction Fund Corporation Bill was passed.
The Bill establishes the National Reconstruction Fund (NRF) Corporation as a corporate Commonwealth entity modelled on the Clean Energy Finance Corporation.
The NRF Corporation will provide finance in the form of debt and equity for projects in priority areas to diversify and transform Australia’s industry and economy. It will be governed by a board who will make independent investment decisions guided by an investment mandate.
The NRF aims to diversify and transform Australia’s industry and economy through targeted investments in the following priority areas:
- renewables and low emissions technologies
- medical science
- transport
- value-add in the agriculture, forestry and fisheries sectors
- value-add in resources
- defence capability
- enabling capabilities.
Minister for Industry and Science Ed Husic welcomed the passage of the National Reconstruction Fund Corporation Bill through the Parliament.
“The Government’s $15 billion National Reconstruction Fund (NRF) is one of the largest peacetime investments in Australian manufacturing capability,” 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.”
Minister for Finance, Senator Katy Gallagher, says today is an important step toward building a better future for Australians.
“More things being made here means more jobs for Australians.”
