When Prime Minister Anthony Albanese called a press conference in the Blue Room at the Parliament last week alongside his Industry minister – and ahead of the House of Representatives formalising the passage of the legislation – there was no mistaking this landmark moment for Australia.
Compared to global trading giants and alliance partners, the $15 billion National Reconstruction Fund is modest. But for Australia it is massive. It is a loud, optimistic and confident statement, which is a “let’s go” moment for manufacturers generally.
The National Reconstruction Fund will be administered by an independent board with the government setting its mandate to drive investment in key sectors focusing on value-adding and capability development to leverage Australia’s natural and competitive strengths. Areas with a manufacturing focus are::
Compared to global trading giants and alliance partners, the $15 billion National Reconstruction Fund is modest. But for Australia it is massive. It is a loud, optimistic and confident statement, which is a “let’s go” moment for manufacturers generally.
The National Reconstruction Fund will be administered by an independent board with the government setting its mandate to drive investment in key sectors focusing on value-adding and capability development to leverage Australia’s natural and competitive strengths. Areas with a manufacturing focus are::
Prime Minister Anthony Albanese
The most successful modern economies are built on strong, advanced manufacturing capability. The NRF will help deliver this for Australia. 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.
Transport
Develop our capabilities in transport manufacturing and supply chains including for cars, trains and shipbuilding.
Defence capability
Maximise our requirements being sourced from Australian suppliers employing Australian workers, whether they be technology, infrastructure or skills, complimenting Labor’s Defence Industry Development Strategy.
Medical science
Fulfil our potential, given our world leading research, in providing essential supplies such as medical devices, and Personal Protective Equipment (PPE), medicines and vaccines.
Enabling capabilities
Support key enabling capabilities across engineering, data science, software development including FinTech, EdTech, AI and robotics.
Renewables and low emission technologies
Pursue commercial opportunities including from; components for wind turbines; production of batteries and solar panels; new livestock feed to reducing methane emissions; modernising steel and aluminium; hydrogen electrolysers, and innovative packaging solutions for waste reduction.
Co-investment plans
The government will work with industry to develop co-investment plans that identify high-level investment opportunities and broader reforms to support growth across priority areas.
Consultation and engagement
Consultation on the NRF’s key design elements and implementation approach will be happening soon.
The government is keen to hear from:
- industry
- unions
- communities
- state and territory governments.
Summary
What's clear from all this is that there are some great opportunities for manufacturers going forward, and there needs to be a long-term focus on resilience as the primary driver of productivity, growth, and sustainability, To enable this, technology adoption such as cloud along with workforce empowerment at scale is critical.
Get involved with the process and consultations directly or via a Peak Body.
Get involved with the process and consultations directly or via a Peak Body.
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