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

April 06, 2021

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.

Federal Member for Blair, Shayne Neumann said the COVID pandemic had 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,” Mr Neumann said.

“After 8 long years of policy inertia 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, announced at the National Conference last week, 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.

Mr Neumann said Ipswich, the Somerset Region and Karana Downs area were poised to benefit from Labor’s National Reconstruction Fund.

“We have a burgeoning defence industry and aeronautic industry developing in this region that we can commercialise and develop further.

“We need to revive our capability to make trains, develop medical devices and pharmaceuticals.

“Our plan is to support the businesses in these industries to secure the capital and investment to grow and prosper.

“If there is anything that COVID has taught us, it is that Australia must be a country that makes things, to have our own industrial and manufacturing capabilities.”

Mr Neumann added that this will build on Labor’s Future Made in Australia agenda to invest in Australia and Australian workers.

The Fund will provide $15 billion of investment through a combination of loans, equity, co-investment and guarantees. 

“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.

“When it comes to rebuilding industry, investing in business and in job creation, Labor is on your side.”

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