Husic: NRF “on the cusp of announcing the first investments”

The main initiative serving the federal government’s 2022 election pledge to transform the nation's industry, the $15 billion National Reconstruction Fund, is about to start investing in Australian companies, according to industry minister Ed Husic.

The NRF Corporation – the independent body administering the fund – “will soon be cutting its first cheques”, according to one outlet which received an advance viewing of a speech to be delivered by Husic to the Tech Summit on Wednesday.

“The tech sector in particular knows the $15 billion in NRF acts as a magnet for billions more in private capital,” reads Husic’s draft.

“That’s especially important during these lean years, where conditions have been tight when chasing capital to back a great deal.

“And I can tell you, we are now on the cusp of announcing the first investments. Recently, the NRF Corporation wrote to me to request a $300 million drawdown from the government.

The board of the NRFC was appointed by Husic in August last year. The Corporation announced in September that its founding CEO, Ivan Power, was departing due to health reasons.

The NRFC will make investments in the form of loans, equity and guarantees to companies operating in seven targeted sectors within manufacturing.

Picture: Ed Husic (credit www.alp.org.au)

Further reading

Albanese flags government intervention to back industry

Can Canberra arrest the flow of manufacturers leaving for the US?

A Future Made in Australia – Anthony Albanese in his own words

National Reconstruction Fund Corporation seeks new CEO after Power departs due to ill health