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:
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.