The Albanese Government’s flagship $15 billion National Reconstruction Fund (NRF) has failed to deliver meaningful support for Australian manufacturers, despite grand promises to bolster the nation’s industrial capabilities and create secure, well-paid jobs.
Over one year ago, Industry Minister Ed Husic announced that the NRF was “ready to begin investing.” However, in the 367 days since that announcement, only a single investment of $40 million has been made, equating to less than 1 per cent of the fund’s total budget.
Shadow Assistant Minister for Manufacturing, Michelle Landry said under a Labor government, the future of Australian manufacturing is bleak.
“Australian businesses are being left behind by a government more focused on announcements than action.
“Under an Albanese led government, manufacturers are battling skyrocketing energy prices, unworkable red tape and soaring costs of doing business,” Ms Landry said.
Manufacturers and businesses were eager to take part in the program, with the Minister revealing last year that the NRF had received nearly 200 approaches from businesses interested in applying.
“The Government’s inaction on manufacturing support comes against the backdrop of record-breaking business insolvencies. While in government, their record on manufacturing and business is one of broken promises and inaction.
“Disgracefully, the Prime Minister has presided over the worst business insolvency rate in one term of Parliament of any PM since Federation.
“Figures released from ASIC have exposed the Albanese Government’s inability to provide the necessary support to sustain and grow Australian industries.
“The National Reconstruction Fund was meant to empower manufacturers, yet it remains a hollow promise. Manufacturers and business owners cannot afford another year of inaction.”
