Mrs PHILLIPS (14:02): My question is to the Minister for Industry and Science. What progress is the Albanese Labor government making on establishing the National Reconstruction Fund, and why is a new approach to support our manufacturing industry so important?
Mr HUSIC (14:03): I thank the member for Gilmore, who is a very strong supporter of Australian manufacturing and recognises how important it is in our regions in providing jobs and a stronger economic future for the country.
Earlier this year, the parliament legislated for the National Reconstruction Fund, a $15 billion fund that is the greatest investment in manufacturing capabilities in living memory. The NRF is an investment in Australian firms and Australian workers using their know-how and Australian resources to make things in Australia.
Today I announced the next step in delivering on our election commitment to set up the National Reconstruction Fund—the appointment of the independent board to provide the high-calibre stewardship that an investment of this size and importance rightly demands. On any measure, this is a supremely qualified board of eight well-respected, highly experienced members. It is a board made up of different experiences, different skills, different viewpoints from different corners of the country but unified in the view that we can build a stronger economic future for the nation. It is a group of fine Australians ready to help take Australia forward, and I thank them enormously for their willingness to serve.
The NRF is a massive springboard for Australian industry. It's about deepening Australia's economic complexity through value-adding to our natural advantages.
In opposition, Labor said we needed to learn from the lessons of the pandemic. These weren't just words for the moment; they provide a roadmap for our economic future, and that's what the NRF will deliver. This new approach is sorely needed after a decade of waste and mismanagement from those opposite. The Liberal and National parties' only energy towards manufacturing is to drive manufacturers out of our country. They abused taxpayer dollars through grant programs designed to deliver political benefit not the national benefit.
Opposition members interjecting—
I know that history burns like holy water, but the reality is that's what they have to learn from. They abused taxpayer dollars, and there was never an opportunity too big for those opposite to miss. In fact, the Liberal and National parties have done everything they can in opposition to make life harder for Australian manufacturers by voting against the National Reconstruction Fund and voting against the energy price relief at a time that manufacturers needed it most. But what do you expect from the party of robodebt that's only focused on making people's lives harder?
Today is an important step in the establishment of the National Reconstruction Fund, and we thank those Australians who are prepared to serve.
