Anne Stanley (Werriwa, Australian Labor Party) Share this | Hansard source

I move:

That this House:

(1) notes that:

(a) the COVID-19 pandemic showed us how vulnerable Australia's supply chains are;

(b) revitalising Australian manufacturing will diversify our economy and create sustainable and secure jobs;

(c) the Government is delivering on its election promise of creating a $15 billion National Reconstruction Fund (NRF); and

(d) the NRF will invest in the priority sectors of transport, medical science, renewable and low-emission technologies, value-add in agriculture, forestry and fisheries, value-add in resources, defence capabilities, and enabling capabilities; and

(2) acknowledges that the NRF will support:

(a) the development of strategically important industries and shore up supply chains;

(b) targeted investment in manufacturing capability to create well-paid jobs for Australians including in regional communities; and

(c) the diversification and transformation of Australian industry and the economy, to take advantage of emerging opportunities, including the global transition to net zero.

Today I'm proud once again to be talking about how the Albanese government is delivering on yet another election promise. The COVID-19 pandemic revealed the clear vulnerabilities in our supply chains, vulnerabilities that were in part the result of our declining manufacturing industries and a lack of planning to prepare our economy for the challenges of the future. That's why, in the October budget last year, my colleague the honourable member for Chifley announced the formation of the National Reconstruction Fund. It's a $15 billion fund that will invest in improving Australia's manufacturing capabilities, diversifying Australia's economy and creating well-paid Australian jobs.

The extraordinary and persistent damage that COVID-19 inflicted on every level of our economy—the hundreds of billions of dollars lost and the devastation on our supply chains—has been discussed in depth and at length. It's always been a goal in my life to leave things better than when I found them, and the only way to do that and repair the damage to our economy is to build it back better than before, to make it more resilient and durable for the future. The state that it is in is simply not good enough. The number of manufacturing jobs has been on the decline for the last 20 years, including the loss of the automotive industry. As my colleague the Assistant Minister for Trade and Assistant Minister for Manufacturing put it, we are last in the OECD in manufacturing self-sufficiency. A house is only as good as its foundation, and right now we're on shaky ground.

That's why we're making the National Reconstruction Fund one of the biggest peacetime investments in Australian history, not just for the Australian economy or for Australian businesses but for Australian workers as well. Today, 85 per cent of all manufacturing jobs in this country are full time and secure. This is the certain and stable employment people are looking for. That's why the National Reconstruction Fund is looking at investing in a wide variety of manufacturing industries, such as $3 billion for Australian renewables and low-emission technologies; $1.5 billion for Australian medical manufacturing; $1 billion each for Australian advanced manufacturing, critical Australian technologies, and value-adding in Australian resources; and $500 million for value-adding in Australian agriculture, fisheries, fibre and food.

We must diversify our economy because a diverse economy is a resilient one. We've been listening on this, and, as part of the consultation process, we've heard from individuals, industries, communities and unions. We've also heard from state governments, regardless of politics, because the time has come for us to realise the potential of our country together. The National Reconstruction Fund will help us achieve that. It will achieve it through a range of finance options, including loans, equity investment and guarantees. This means the fund will invest and have a return so that it can reinvest again and again. It will be Australians who will reap the benefits. This isn't about bringing in business from overseas; it's about building up businesses that are starting and working here.

We are in a great position in Australia to take advantage of the transition to a net zero economy, and I want Australians to be able to make the most of this opportunity. There are opportunities to create lithium batteries here for the growing electric vehicle market, instead of sending our lithium overseas so somebody else can make them. There are opportunities to grow the potential of hydrogen energy. There are opportunities in large-scale wind and solar farm investment commitments, which grew nearly 50 per cent in the last year alone, showing that the desire and the money is here. It is time for Australia to seize these opportunities. I think it's important to emphasise this, because we've talked about the dire importance of a net zero economy and we've talked about how necessary and critical it is for our environment. I want to make it clear, however, that this is an opportunity we can all benefit from, by undertaking a transformation that will create more jobs—sustainable, well-paid Australian jobs.

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