Marielle Smith (SA, Australian Labor Party) Share this | Hansard source

I also rise to speak on the National Reconstruction Fund Corporation Bill 2023. The Albanese government proudly took to the election a comprehensive and ambitious plan to restore Australia's manufacturing base with the aim of seizing the economic opportunities posed by our rapidly evolving economy. We have long had a deeply proud history of manufacturing in Australia, and that proud history has been felt no more strongly than in my home state of South Australia, where automotive manufacturing drove several generations of prosperity and a growing middle-class. But after a decade of the Liberals and Nationals, manufacturing is hurting.

South Australians will never forget the former coalition cabinet minister who dared Holden to leave our state, or the Liberal defence minister who criticised the AFC, saying they couldn't build a canoe. Now is our chance to restore pride in manufacturing across this country, to transform Australian industry and to revive our ability to make world-class products at home.

This bill delivers on our government's promise at the last election to establish a $15 billion fund as part of our plan to rebuild Australia's industrial base. The NRF will provide finance—including loans, guarantees and equity—to drive investment in seven priority areas of our economy. It will target projects and investments that help Australia capture new high-value market opportunities to help our businesses grow and succeed in the economy of today and tomorrow. This includes NRF finance to grow advanced manufacturing and support businesses to innovate and move up the technological ladder.

The pandemic taught us some very important lessons. It showed us how reliant we were on overseas supply chains and the challenges of scaling up local manufacturing in times of urgent need. From PPE to the vaccines themselves, delays in sourcing these products and being able to make them locally impacted our nation's public health response. It's because of this that the government has identified medical science products as one of the seven priority areas to be given consideration for NRF investment in order to leverage Australia's world-leading research to provide essential supplies such as medical devices, personal protective equipment, medicines and vaccines.

I think the NRF is a very important step and a very important reform. I am absolutely unapologetic about our government using the levers it has as a government to deliver for the Australian people—to deliver, encourage and support local manufacturing; to deliver jobs; to deliver opportunity; to support businesses; and to scale up manufacturing. My state has always had a proud history in manufacturing, but this will help to make it better. It will provide more support and opportunities for businesses and, therefore, for those who work within businesses.

Those opposite have a choice: they can support us and join us in renewing and revitalising manufacturing or they can turn their backs on manufacturing once again. I commend this bill to the Senate.