Tania Lawrence (Hasluck, Australian Labor Party) Share this | Hansard source

The Albanese Labor government has come to power at a time of significant challenges: rising inflation and the associated interest rate increases plus long-term structural deficits in the budget. Demands on the budget continue, not least of those demands being the repayment of the $1 trillion of Liberal debt we inherited. These are significant challenges. They are the types of challenges likely to chip your political paint on your way through. But I tell you what, Deputy Speaker, as an Australian, I am very glad that it is us, the Albanese Labor government, who are tasked with navigating these challenges. A team of creative and collaborative ministers and MPs are engaged with the community and with industry, and are committed to innovative solutions for the challenges we face now and for those challenges coming from just over the horizon. The alternative—a repeat of the lost decade we've just been through—frankly fills me with some dread.

The achievements of this government so far across all portfolios are substantial and impressive, and we're just getting started. We've seen innovation in child care, in housing, in aged care and on wages, helping families and people young and old. We have seen a government willing to make the hard decisions to make Australia a serious player again on the world stage in foreign affairs and trade, with climate change commitments a necessary precondition.

The program I'd particularly like to focus on is the National Reconstruction Fund. When a once-in-a-lifetime pandemic completely disrupts the status quo of civilisation, it is imperative that political leaders learn the tough lessons thrust upon them. In particular, there were the supply chain disruptions combined with the dearth of domestic manufacturing capability. It is fitting that the minister with carriage of this is also the member for Chifley, for Prime Minister Chifley, too, was a nation builder. As the minister outlined in his second reading speech, the National Reconstruction Fund will be one of the largest investments in Australia's history. As the Prime Minister said earlier today, 'investment' is the key word.

While individual investments through the fund will be at arm's length from government, which is not a terribly difficult concept to grasp, the legislation will nonetheless direct funding towards value-adding in seven priority areas: the agriculture, forestry and fishery sectors; resources; enabling capabilities across engineering, data science and software development; transport; medical science; renewables and low emissions technologies; and defence capability. The fund dovetails well with the government's net zero ambitions and with our aim to become a renewable energy superpower.

The National Reconstruction Fund has been met with general acclaim. For example, the Smart Energy Council said:

The Smart Energy Council supports the Australian Government's establishment of the $15 billion National Reconstruction Fund (NRF) to support, diversify and transform Australia's industry and economy to help create secure, well-paid jobs, secure future prosperity, and drive sustainable economic growth.

The Australian Industry Group has said:

We welcome the Government's commitment to the transformation and diversification of Australian industry through the NRF … The Government's commitment of $15 billion to the NRF is a sizeable down-payment. Recognising the scale of the challenge and opportunity, it elevates industrial transformation to the top of the economic policy agenda.

The Business Council of Australia stated:

We support the establishment of the National Reconstruction Fund. The establishment of the $15 billion fund will be an important step towards diversifying and transforming Australia's industries and economy.

Many businesses within Hasluck and across Western Australia and, of course, wider Australia are interested in applying to access funds to innovate in their areas of expertise. I had very positive feedback from many of the attendees at my green energy round table last year—

See this speech in context