The newly elected Labor government is expected to deliver on promises like its $15 billion National Reconstruction Fund for rebuilding Australia’s industrial base.
And it says it will partner with businesses to unlock further potential private investment of more than $30 billion, which might help EV manufacturers like ACE-EV.
And it says it will partner with businesses to unlock further potential private investment of more than $30 billion, which might help EV manufacturers like AC-EV.
The fund will provide loans, guarantees and equity to support projects that create secure well-paid jobs, drive regional development, and invest in broadening and diversifying its economy.
“We need to revive our ability to make world-class products and, in the process, create secure well-paid jobs for Australians,” Labor says on its website, adding that the country ranked last in the OECD for manufacturing self-sufficiency after the car industry left.
“This investment will play to our strengths supporting new and emerging industries, transitioning existing industries to net zero emissions and by making it easier to commercialise innovation and technology.”
The National Reconstruction Fund will be administered by an independent board with government setting its mandate to drive investment in key sectors focusing on value adding and capability development to leverage Australia’s natural and competitive strengths, the site says.
These include value adding in resources such as expanding mining science technology and ensuring a greater share of raw materials extracted are processed in Australia, such as lithium processing for batteries like those in EVs.
In transport, the fund aims to develop Australia’s capabilities in transport manufacturing and supply chains including for cars, trains and shipbuilding.
This indicates a return to vehicle manufacturing, especially for low to zero emission ones.
Renewables and low emission technologies are included too, with the fund expected to help pursue commercial opportunities including from components for wind turbines, and production of batteries and solar panels.
It would also support key enabling capabilities across engineering, data science, and software development including FinTech, EdTech, artificial intelligence (AI) and robotics.
Labor says the fund is the first step in its plan to rebuild Australia’s industrial base.
Under its Powering Australia plan an Albanese Labor Government says it will allocate up to $3 billion from the fund to invest in green metals (steel, alumina and aluminium), clean energy component manufacturing, hydrogen electrolysers and fuel switching, plus agricultural methane reduction and waste reduction.
Join the conversation