New fund to revive Australian manufacturing industry: minister-Xinhua

New fund to revive Australian manufacturing industry: minister

Source: Xinhua| 2022-11-29 12:08:01|Editor: huaxia

CANBERRA, Nov. 29 (Xinhua) -- Australia's Industry Minister Ed Husic said on Tuesday that a new multi-billion-dollar fund will help the nation become a country that "makes things again."

In a speech to the National Press Club (NPC), the minister described the 15-billion-Australian dollar (9.9-billion-U.S. dollar) National Reconstruction Fund (NRF) as one of the largest peacetime investments in Australian industry.

Legislation for the fund is expected to be introduced to the parliament within days.

When it is established, the fund - a major election promise of the Labor Party - will provide loans, guarantees, equity and co-investment to support projects that create jobs and promote regional development.

The government of the day will be able to set priority industries for investment.

The Labor government has identified resources, agriculture, transport, medical science, renewables, defense and future technologies like robotics and quantum as the initial seven priority areas.

"We want more Australian businesses to think globally and to make locally," Husic said on Tuesday.

"We want Australia to be a country that makes things again. It's that simple. In reclaiming the idea of a country that makes things, there is the potential to reimagine and reshape what we as a people could achieve, together. To reinvigorate faith in Australian ideas and know-how."

The Department of Industry, Science and Resources will open a public consultation process to define the seven priority areas.

The NRF, which is modeled on the Clean Energy Finance Corporation (CEFC), will be overseen by an independent board.

The Opposition has not declared a position on the NRF but the government will be able to pass it through Parliament with the support of independents and minor parties in the Senate.