Home » News » Labor Government’s Flagship $15b Manufacturing Fund Passes into Law

Labor Government’s Flagship $15b Manufacturing Fund Passes into Law

March 30th, 2023

Leading up to the 2022 federal election, the (then) Opposition Leader Anthony Albanese pledged in early 2022 that he would use Labor’s proposed $15 billion National Reconstruction Fund (NRF) to make medical technology, local manufacturing and other critical industry investments a top priority.

After some debate in recent months, The National Reconstruction Fund (NRF) Corporation bill was passed by both houses earlier this week with support from the Greens and a number of crossbenchers, after a series of amendments were approved.

The $15 billion NRF will now be established to offer loans, credit, bonds, or equity investments in Australian companies across seven previously identified priority areas:

  • renewables and low-emissions technologies;
  • medical science;
  • transport;
  • value-add in agriculture, forestry and fisheries;
  • value-add in resources;
  • defence capability; and
  • critical technologies.

The fund will be administered by an independent board which will make independent investment decisions, modelled on the existing Clean Energy Finance Corporation. An amount of $5 billion will be provided to the fund by the government initially, with a further $10 billion made available in mid-2029.

Following the fund’s establishment, it’s likely that administrative details for access will be released in coming months.

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