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

I want to thank the member for Macarthur. He is part of a government elected on a commitment to build a future made in Australia, because manufacturing matters. It creates great firms and secure jobs and delivers the products that Australians need. But the manufacturing jobs of the future depend largely on the decisions we make today. That's why we supported and stood up, in the last weeks of March, the National Reconstruction Fund, one of the largest investments in Australian manufacturing capability in living memory.

In this week's budget we took the crucial next step, which was: investing more than $500 million to lay the foundations for future economic growth in science and industry. At its heart, we had an investment in the $392 million Industry Growth Program, because we want to turn great ideas into strong businesses, especially if they support advanced manufacturing, growing businesses and jobs. Across the country, you see really great ideas at work.

The member for Solomon, for example, showed me SPEE3D up in the Northern Territory. They are the world's fastest 3D metal manufacturers, working across the marine and defence sectors—a very impressive outfit. In Camooweal in Queensland, Bulugudu is using First Nations knowledge of spinifex grass to make medical gels used in the treatment of arthritis. SpeeDx, recognised in the Prime Minister's science and innovation awards, has world-leading diagnostic technology used to detect cancers and infectious diseases. The industry growth program will work with businesses like these to turn those great ideas into something real and support them to grow. It will connect them with a support network of experts, help them find investors and provide grant funding of between $50,000 and $5 million to set them up for potential future support in the National Reconstruction Fund.

These are viable, tangible ways to help businesses where they need it, when they need it and in the form that they need it. It's part of our plan to support domestic manufacturing, to grow sovereign capability and to continue to be a country that makes things. The Albanese government is building a stronger foundation for the future, backing Australian manufacturing—focusing on growth was a key pillar of the budget. This isn't just about the $392 million that will be invested in innovators and new firms, and it's not just about the $15 billion National Reconstruction Fund: we're backing our people and we're backing their know-how. We want them to build new businesses and new jobs.

The money is important, but so is the signal that we are sending to industry—that there's a future for them here and that the government will back them. The budget proves that we will do just that.

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