$15 billion National Reconstruction Fund passes Senate

Joint media release with Minister for Finance, Women and the Public Service Senator the Hon Katy Gallagher

The Albanese Government’s $15 billion National Reconstruction Fund will be established in law after the National Reconstruction Fund Corporation Bill passed the Senate.

The National Reconstruction Fund is a key part of ensuring Australia is a country that makes things. It will help Australia capture the opportunities of today and tomorrow by growing and creating industries over the long-term.

Minister for Industry and Science Ed Husic welcomed the passage of the National Reconstruction Fund Corporation Bill through the Senate.

“The Government’s $15 billion National Reconstruction Fund (NRF) is one of the largest peacetime investments in Australian manufacturing capability,” Minister Husic said.

“The most successful modern economies are built on strong, advanced manufacturing capability. The NRF will help deliver this for Australia.”

“We genuinely wanted this bill to be a moment where Parliament came together to support the national interest. I am pleased the crossbench engaged constructively on this important bill that will help rebuild Australia’s sovereign capability.” 

“We are delivering on a significant election commitment that will position Australia as a maker of high-value added products and creating good secure jobs in the process.

“The NRF shows the Government is serious about investing our human capital to keep Australian smarts on shore,” Minister Husic said. 

“We want Australia to be a country that makes things, a nation that has faith in its know-how and ability to get the job done.”

Minister for Finance, Senator Katy Gallagher, says today is an important step toward building a better future for Australians.

“After a decade of uncertainty, the National Reconstruction Fund will support Australian innovation and industry.”

“More things being made here means more jobs for Australians.”

The NRF will be administered by an independent board making independent investment decisions. It is modelled on the successful Clean Energy Finance Corporation.

Senate amendments will now return to the House of Representatives.

For more information on the National Reconstruction Fund, visit the Department of Industry, Science and Resources website.

Media contact: Minister Husic’s office 02 6277 7070