LABOR’S PLAN FOR A NATIONAL RECONSTRUCTION FUND CREATING JOBS AND DRIVING INVESTMENT

ANTHONY ALBANESE MP – LEADER OF THE AUSTRALIAN LABOR PARTY
RICHARD MARLES MP – DEPUTY LEADER OF THE AUSTRALIAN LABOR PARTY

An Albanese Labor Government will establish a National Reconstruction Fund, to create secure jobs for Australian workers, drive regional economic development, boost our sovereign capability and diversify the nation’s economy.

The COVID pandemic has exposed serious deficiencies in Australia’s economy, in particular our ability to manufacture products and be globally competitive when it comes to innovation and technology.

Building new industries and boosting our existing industries represents an opportunity for Australia to recover from the COVID pandemic with a stronger economy. After 8 long years of policy drift presided over by consecutive Liberal leaders, this country needs a government with a vision to put the country back on a road to prosperity.

Labor’s plan for a National Reconstruction Fund will allocate $15 billion to partner with the private sector, including superannuation funds to support investments which demonstrate they will grow the economy and increase employment.

From commercialising our historic capacity in science and innovation to boosting the development of medical devices and pharmaceuticals, through to reviving our capability to make cars, trains and ships, today’s announcement will support the businesses in these industries to secure the capital and investment to grow and prosper.

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

If there is anything that COVID has taught us, it is the need for Australia to be a place which makes things- to have our own industrial and manufacturing capabilities – our own sovereign capabilities.

This will build on Labor’s Future Made in Australia agenda to invest in Australia and Australian workers.

The Fund will be legislated and be governed by an independent Board using the successful model which Labor created through the Clean Energy Finance Corporation.

It will provide $15 billion of investment through a combination of loans, equity, co-investment and guarantees. The Fund will be administered on the basis that it will achieve a return to cover borrowing costs, with an expected positive underlying cash impact.

Labor’s plan to unlock investment opportunities is the first part of our comprehensive plan of our national reconstruction agenda.

Australians deserve a government that is on their side.

TUESDAY, 30 MARCH 2021

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