The nation’s peak body representing 115,000 Australian scientists and technologists welcomes Australia’s National Reconstruction Fund as a powerful new investment in the country’s future.
The $15 billion National Reconstruction Fund legislation passed the Senate last night, and secured final passage through the House of Representatives at lunchtime today.
The bill establishes the National Reconstruction Fund Corporation to administer the fund. The NRF will invest in Australian next-generation materials development, value-adding and advanced manufacturing among its seven priority areas.
Its remit includes clean energy and green technologies, mining science technologies, medical manufacturing, critical technologies, advanced manufacturing and value-adding in agriculture and food.
Science & Technology Australia CEO Misha Schubert said it would give Australia a powerful new vehicle to “spur and scale” the nation’s economic development and diversification.
“The creation of the new National Reconstruction Fund will be a transformative investment in our country’s future economic security powered by home-grown science,” she said.
“It will help to deepen Australia’s scientific and technological innovation – which is key to strengthening our national prosperity, creating jobs and securing new income streams.”
“This significantly boosts Australia’s pool of investment capital for next-generation materials development, value-adding and advanced manufacturing – the foundations of a strong, modern economy. This will help shutteturbo-charge sovereign capability and economic complexity.”
On behalf of our 139 member organisations, Science & Technology Australia made a submission in February on the NRF’s design and implementation.