Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

Yes, I was, actually. I remember it vividly: Joe Hockey on the front page daring GM to leave—I remember reading that paper; I might send you a copy one day, in case you've forgotten. And the consequences of their negligence were evident in the numbers. When they came to power, there were 922,000 manufacturing workers, and by the time they lost government—and thank goodness they did!—last year, that number had dropped to 856,000 workers. That's 66,000 manufacturing jobs that were lost by the negligence of the previous government. We know that they're happy to dress up in hi-vis but they're never prepared to back the hi-vis, as the minister says so often.

Thankfully, we now have a new government and a minister that have a different vision for the future of manufacturing in Australia. We have a government that understands that supporting domestic manufacturing is not just an economic imperative but an initiative that will help the future of our country. We recognise the immense potential for growth and the creation of secure, well-paid employment in this sector and that the decisions that this government makes today will shape the manufacturing jobs of tomorrow. That's why I'm proud to be a part of a government that puts industry and manufacturing at the forefront of its Industry Growth Program.

Innovation and industry are incredibly important in my own electorate of Bennelong, especially in the vibrant economic hub of Macquarie Park. Macquarie Park is part of Sydney's global economic corridor. It is Sydney's second-largest business district. And it is home to a growing community of residents and to global businesses and an emerging network of startups, scale-ups and innovators. Macquarie Park is testament to the potential and entrepreneurial spirit that exists within our nation. And good government policy supporting innovators will enable them to thrive.

Under the Labor government, Macquarie Park and similar regions will receive the support they need to thrive, through the $392 million invested into the Industry Growth Program. This substantial funding demonstrates our commitment to nurturing and expanding manufacturing industry. The Industry Growth Program will provide the necessary support and resources for startups and small-to-medium businesses so that they can grow and contribute to our national economy. With matched grant funding ranging from $50,000 to $5 million, we will empower emerging businesses to become the engines of future employment growth.

The program serves as a direct feeder into the $15 billion National Reconstruction Fund, targeting projects in key areas such as renewables; medical science, which is incredibly important in my electorate of Bennelong; transport; agriculture, forestry and fisheries; resources; and defence capability and enabling capabilities as well.

And let's not forget: this is a nation-building fund that those opposite voted against. They say they're for manufacturing, but they opposed the NRF. Shame!

For too long in Australia, we have dug up our resources, shipped them overseas and then bought them back, paying more at each and every step. By directing the focus on investments from this fund into priority areas, we are working to ensure a future for Australia in which we are at the forefront of innovation, so that we can create more well-paid jobs and drive economic growth.

The Industry Growth Program is just one part of what the government is doing for industry in this budget. We're also providing $14.8 million to establish the Powering Australia Industry Growth Centre, to help businesses manufacture, commercialise and adopt to renewable technology.

This budget demonstrates the government's commitments to supporting industry and leading the way towards a prosperous future for all Australians. In particular, the NRF has hit a chord with our growing, emerging innovation sector. They're excited to see what the NRF can deliver. Investment in small-to-medium businesses and emerging industries is something that we know will bring manufacturing home. We learnt during the pandemic that, with no manufacturers around, we weren't able to manufacture the medical equipment that we needed. We also had huge supply chain issues.

I have two questions for the minister: What is the government doing to ensure that programs like this are getting the best value for money? And how is this program delivering a joined-up approach to policies so that we're giving clear signals to industry about when they can expect support and how they'll get it?

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