Big business is urging the Albanese government to narrow the focus of its $15 billion National Reconstruction Fund and turn it into a transformative industry policy that can respond to the Biden administration’s $500 billion package of industry subsidies.

The Business Council of Australia wants Labor to concentrate funding on 10 to 15 “precincts of significance”. These would develop capability in quantum technologies, hydrogen, semiconductors, vaccines, green energy including wind and battery technology, and defence manufacturing as part of AUKUS.