Australia’s federal parliament has approved a A$15 billion National Reconstruction Fund, intended to reverse the nation’s dwindling manufacturing sector. It is the “first step” in Prime Minister Anthony Albanese’s election promise “to revive our ability to make world-class products”.
The fund will focus on investing in high-tech manufacturing. There are seven priority areas:
- clean energy
- medical science
- transport
- value-added manufacturing in agriculture, forestry and fisheries
- value-added manufacturing in mining
- military equipment, and
- “enabling capabilities”.
