A$15bn NRF Bill advances
PERTH (miningweekly.com) – The federal government’s National Reconstruction Fund (NRF) Corporation Bill has passed the House of Representatives.
The Bill will establish the NRF, which will invest A$15-billion across priority areas of the economy including renewables and low emissions technologies, medical science, transport, value-adding in resources, value-adding in agriculture, forestry and fisheries, defence capability and enabling technologies.
Minister for Industry and Science Ed Husic said the NRF would rebuild Australia’s industrial capability and support long-term sustainable economic growth.
“We are now one step closer to delivering one of the largest peacetime investments in manufacturing this country has ever seen.
“The NRF is a nation-building, transformational investment to help deliver a better future,” Husic said.
The NRF will be administered at arm’s length to government by an independent board making independent investment decisions.
Prime Minister Anthony Albanese previously said that the NRF was aimed at supporting new and emerging industries and the transition of existing industries, and would invest in areas such as green steel and aluminium, clean energy component manufacturing, hydrogen electrolysers, and fuel switching.
He noted that the NRF would dedicate A$1-billion to mining science technology and minerals processing to move Australia further up mineral value chains.
“We are the world’s largest exporter of the raw materials necessary for clean energy technologies, but for decades we’ve shipped these materials overseas and bought back manufactured goods at a premium,” he said at the time.
“Our government will invest to unlock more value from our minerals. Because we understand how important your industry is to Australia’s future energy security and our broader economic self-reliance.”
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