$15bn to be ‘a country that makes things again’

Industry Minister Ed Husic will outline his plan ahead of legislation establishing a $15bn fund underpinning Labor’s manufacturing agenda.

Industry Minister Ed Husic. Picture: NCA NewsWire / Martin Ollman

Industry Minister Ed Husic will outline his plan for “Australia to be a country that makes things again” ahead of legislation establishing a $15bn fund underpinning the government’s manufacturing agenda.

In a speech to the National Press Club in Canberra on Tuesday, Mr Husic will label the National Reconstruction Fund “one of the largest peacetime investments rebuilding and strengthening Australian industry”.

“We want more Australian businesses to think globally and to make locally,” he will say, according to excerpts of the speech.

Legislation to establish the fund is expected to be introduced to parliament this week, with the priority areas of investment to be decided by the government of the day. The seven priority areas the Albanese government has chosen are: value-add in resource; value-add in agriculture; transport; medical science; low-emissions technologies; defence capabilities, and; “enabling capabilities” such as artificial intelligence and robotics.

While the government chooses the sectors of investment for the NRF, decisions on funding specific projects will be made by an independent board. “There won’t be a colour-coded spreadsheet in sight,” Mr Husic will say.

“From next week, my department will open broad public consultation to further define the scope of the seven priority areas … for investment and how the fund will make investment decisions.”

He will say Australia needed to be “once more at the forefront of technological innovation and advanced manufacturing”.

“We want Australia to be a country that makes things again. It’s that simple. In reclaiming the idea of a country that make 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.”