The National Reconstruction Fund is the first step in the Albanese Labor Government’s plan to rebuild Australia’s industrial base.
The National Reconstruction Fund provides a crucial financing vehicle to specifically drive investment in projects that will build prosperity across the country, broadening our industrial base and boosting regional economic development.
The $15 billion Fund will provide loans, guarantees and equity to support projects that create secure well-paid jobs, drive regional development, and invest in our national sovereign capability, broadening and diversifying Australia’s economy.
Australia has suffered nearly a decade of policy drift since the former Liberal government goaded the car industry to leave. We rank dead last in the OECD when it comes to manufacturing self-sufficiency.
We need to revive our ability to make world-class products and, in the process, create secure well-paid jobs for Australians.
Through the National Reconstruction Fund, Labor will partner with businesses to unlock further potential private investment of more than $30 billion.
This investment will play to our strengths by supporting new and emerging industries, transitioning existing industries to net-zero emissions and making it easier to commercialise innovation and technology.
The National Reconstruction Fund will be administered by an independent board with the government setting its mandate to drive investment in key sectors focusing on value adding and capability development to leverage Australia’s natural and competitive strengths including:
- Value add in resources: Expand our mining science technology, and ensure a greater share of the raw materials we extract is processed here, for example, high purity alumina from red mud in bauxite processing or lithium processing for batteries.
- Value add in the agriculture, forestry and fisheries sectors: Ensure we unlock potential and value add to our raw materials in sectors like food processing, textiles, clothing and footwear manufacturing.
- Transport: Develop our capabilities in transport manufacturing and supply chains including for cars, trains and shipbuilding.
- Medical science: Fulfil our potential, given our world leading research, in providing essential supplies such as medical devices, Personal Protective Equipment (PPE), medicines and vaccines.
- Renewables and low emission technologies: Pursue commercial opportunities including; components for wind turbines; production of batteries and solar panels; new livestock feed to reduce methane emissions; modernising steel and aluminium; hydrogen electrolysers, and innovative packaging solutions for waste reduction.
- Defence capability: Maximise our requirements being sourced from Australian suppliers employing Australian workers, whether they be technology, infrastructure or skills, complimenting Labor’s Defence Industry Development Strategy.
- Enabling capabilities: Support key enabling capabilities across engineering, data science, software development including FinTech, EdTech, AI and robotic.
Current at June 2022