Labor’s $15b plan to revive Aussie manufacturing

A whopping $15bn in grants and loans would be injected into Aussie businesses by a Labor government to ensure more products are made here.

Anthony Albanese at a press conference. Picture: NCA NewsWire / Morgan Sette

A whopping $15bn in grants and loans would be injected into Australian businesses by a Labor government to ensure more products are made here.

The national reconstruction fund, to be unveiled by Anthony Albanese on Tuesday, aims to rebuild the automotive industry, turn our world-leading medical research into essential global supplies and slash emissions by developing new renewable energy technologies.

The Opposition Leader will launch the plan at Labor’s national conference, arguing it would create jobs, drive regional economic development and boost the country’s sovereign capability with a mix of loans, equity, co-investment and guarantees.

“Australia must be a country that makes things, to have our own industrial and manufacturing capabilities,” he said.

“(This) announcement will support the businesses in these industries to secure the capital and investment to grow and prosper.”

The scheme, overseen by an independent board, would also seek to leverage our strengths in resources, food and beverage processing, defence infrastructure and technology, and business tools across engineering, data science and software development.

Mr Albanese will point to the scramble for medical supplies at the start of the pandemic as an example of what could be avoided in the future with more investment in sovereign capability.

“Allowing our manufacturing sector to decline meant, for example, that when the … pandemic emerged we were unable to meet our own needs for face masks or hand sanitiser.

This will change under a Labor government. We will focus on post-COVID reconstruction to re-energise Australian manufacturing, not just to meet our own needs but also to create good, secure jobs for Australians.”