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 to make medical technology and local manufacturing investments a top priority.
Labor went on to win the election, and are now looking at legislative measures to enact the fund.
The National Reconstruction Fund proposes a financing vehicle to specifically drive investment in projects seeking to build prosperity across the country, providing loans, guarantees and equity to support specific projects.
It has been reported by the SMH during the week that the government will be forced to negotiate with the Senate crossbench to set up the manufacturing fund.
The government put the manufacturing fund bill to parliament in December and seeks it to be passed to allow for the setting up of the fund’s key personnel.
Labor Industry minister Ed Husic, attacked the Coalition for opposing the manufacturing fund and assured Australians the money raised would be put into commercial ventures that generated a return while supporting jobs in sectors like manufacturing.
Deputy Opposition Leader Sussan Ley, has indicated that the Coalition party room formally decided to vote against the bill, due to concerns over the required debt.
Greens and independent senators may play a key role in potential passage of the fund into law.