Both Houses of Parliament have approved plans for a a $15bn (US $10bn) National Reconstruction Fund to support future localised production in some industries and reduce Australia's reliance on imports.
The Australian federal government's a $15 billion National Reconstruction Fund (NRF-RRB- aims to boost investment in local manufacturing, including the production of solar panels, batteries and hydrogen cells, the bill passed the House and Senate earlier this week and is due to be enacted soon
Federal Industry Secretary Ed Husic said the fund was“One of the largest peacetime investments in Australian manufacturing capacity”. He claims the legislation paves the way for more high-end manufacturing and jobs in Australia
“The most successful modern economies are built on strong, advanced manufacturing capabilities,” he said, “The NRF will help Australia achieve this. We want Australia to be a country that makes products, a country that has confidence in its technology and capabilities.”
The NRF will co-invest in a range of strategic sector projects, including key technologies such as renewable energy and low-emission technologies, value-added resources, agriculture, transportation, defense capabilities and artificial intelligence and robotics.
The fund will be managed by an independent committee that will make investment decisions independently and in accordance with the clean energy finance corporation (CEFC) 's“Co-investment” model and government plans, working with companies and pension funds to unlock more than a $30bn of potential private investment through the fund.
The federal government will provide an initial capital of a $5bn to the fund, with a further a $10bn to be 2029 in the medium term. The government has set aside a $3 billion of the NRF's initial a $15 billion to support indigenous production of renewable energy and low-emission technologies.
The Prime Minister, Anthony Albanese, said the NRF would revive industries deemed to be lagging behind and provide a positive boost to Australia's renewable energy technology and expertise.