Ed Husic (Chifley, Australian Labor Party, Minister for Industry and Science) Share this | Hansard source

When I was walking into the chamber, I saw one of the members here and I thought straightaway about what we're trying to do in terms of the significance of this National Reconstruction Fund Corporation Bill 2023, and the impact of past decisions on this person's community. I thought about those people who took great pride in what they did in making things; seeing their products on Australian roads and knowing that they had a part in Aussie-made manufacturing.

I thought of the member for Spence and his communities, particularly those at Elizabeth, who were hit hard by this whole waving away of the value of car manufacturing by the coalition when they were in government. I would have thought, friends, that after that hugely disruptive moment in time—blue-collar workers with their jobs upended, and all these other businesses reliant on the sector having their lives changed fundamentally by this callous disregard for Australia manufacturing by the coalition—that the coalition would have learnt. But they didn't. What we just had wasn't just justification; this was an excuse for the continued betrayal of Australian manufacturing by the shadow minister. It continues a legacy where they wave, with a white flag, Australian manufacturing offshore. They have not learnt a thing, friends, and they have stood in the way.

What we had was a shadow minister speaking on behalf of a coalition which refused to engage. They just waved off and opposed straightaway a bill that would have backed Australian manufacturing. Their contribution has been scrawled on the rocks that have been thrown against this bill and the continuum of Australian politics that exists today. This side, Labor, builds; they wreck. Any time there's a nation-building moment, those opposite see it as their sole purpose to tear it down. We believe in building things up and they tear things down.

The Prime Minister has championed the National Reconstruction Fund. This bill represents the will of the Prime Minister and those in our party who recognise a future made in Australia. We're determined to make sure that growth capital is available for all those people in the outer suburbs—the firms in the outer suburbs and the regions—who say that it's so hard to get backing and the capital that backs them to grow. So many of us on this side know that, and some on that side too. We want to make sure that it's available: us backing know-how, us backing ideas, us backing manufacturing, us backing business and us backing jobs. It's us backing us getting back up off the mat, where we are the lowest in manufacturing self-sufficiency in the OECD. We believe that we need this $15 billion financing vehicle as part of that broader push by us to rebuild our industrial capabilities so that we can be a country that makes things. Modern, large economies need capabilities in manufacturing to grow.

We need those jobs, not just for now but for our kids and for their kids in the longer term. That's what this is about: securing our future prosperity and driving growth. It's about leveraging our natural and competitive strengths and providing finance in the priority areas that the Prime Minister has outlined: investments in projects to support, diversify and transform industry.

I've already highlighted that the coalition stepped back. When they stepped back the crossbench stepped up and they engaged. As the Prime Minister rightly pointed out, we didn't agree on everything but we did agree on areas where we could work together. We wanted this to be a moment where the parliament did what the public expects: that we work together on the big problems facing the country and we come up with solutions and we did. From the committees that reviewed the bill, to industry stakeholders who prepared submissions and those here and in the other place who worked closely with the government on the bill to make it better we have produced a very strong bill indeed.

In response to that feedback and our discussions with state governments, industry, unions, the crossbench and the Greens amendments have been made to this bill. The amendments include amendments to clause 17 of the bill to make it clear that the board's got to have regard to important things like creating secure jobs, creating a skilled and adaptable workforce, transforming Australian industry, helping meet Australia's greenhouse gas emission reduction targets. Amendments to clause 75 require the corporation to develop policies on environmental labour, social and governance matters and how investments impact on our First Nations people. These sorts of broad policies represent modern best practice and we thank the stakeholders who raised these issues. We made amendments to clause 21, proposed by Senator Pocock, amending the term of board members from five to four years and a change to clause 91 seeing the first review of the act taking place by 31 December 2026. We've also agreed to amendments from Senator Tyrrell, on behalf of the Jacqui Lambie Network, to increase the size of the National Reconstruction Fund Corporation board and ensure a balance of expertise and skills across the skills mix—again, best practice corporate governance. Finally, we did a bit of housekeeping in response to comments by the scrutiny committee, amending clause 90 to clarify CEO delegation powers.

Again, the Albanese government wants to ensure that the National Reconstruction Fund is a nation building piece of legislation bringing the parliament together—very important. We need to address supply chains to ensure we have the products this country needs when we need them most and to help reduce inflation. We need to create more secure, well-paid jobs in the key industries that build our national strengths. We need to build capability, resilience and productivity in Australian manufacturing. We are delivering on our commitment today to the Australian people that we would set up the National Reconstruction Fund. It is an unashamedly modern approach to industry policy, leveraging our natural and competitive strengths and supporting the development of strategically important industries.

I want to thank colleagues for their contribution to the debate. The engagement of the Greens and the crossbench throughout the whole legislative process is much appreciated. We know this is a moment in time where we can make a real difference for business, for jobs and for the nation longer term. It is a nation building endeavour, a major reform to back in Australian manufacturers which prioritises Australian industry through the National Reconstruction Fund, an unprecedented $15 billion investment in manufacturing capability.

To the member for Spence and to all the other members here who represent manufacturing in all their electorates across the country, we are signalling to all those firms and all those workers that we have got your back. We will make sure that we back Australian ideas, that we back Australian firms and that we don't have firms leaving our shores because they feel like they don't have the support and the backing. Government, business, unions, the broader community working together to build a stronger economy, more jobs and prosperity, not just for our kids but for the kids that follow. This is a great moment in time. I thank everyone for their support on this bill. I commend it to the House.

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