Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Industry and Science, Senator Farrell. Can the minister outline what actions the Albanese Labor government is taking, after a decade of failure to invest in Australian manufacturing and industry, to ensure a future made in Australia by supporting industry to create more Australian jobs and how the National Reconstruction Fund will be part of that effort?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Polley for her question and ongoing interest in Australian manufacturing. Australians have a proud history of manufacturing. We make things, and we do it well, and the Albanese government wants our nation to be a place that continues our great industrial heritage into the future. That's because, as all Australians know, Australian-made products means Australian-made jobs—Australian-made jobs in our suburbs and our regional areas and secure, well paid Australian made jobs in thriving new industries. The Albanese Labor government believes in Australian jobs, which is why we back a future made in Australia, and we're delivering one by leveraging our nation's strengths.

A key pillar of this approach has been establishing the National Reconstruction Fund, a $15 billion job creation platform which last week was officially opened for business. Last week the government signed off on the fund's investment mandate, and now the independent National Reconstruction Fund Corporation can invest billions of dollars in boosting our economic competitiveness and building up our industrial muscle. The investment mandate sets out clear expectations from government, including the treatment of priority areas for investment, expected outcomes and rate of return. The National Reconstruction Fund is about backing Australian industry and business to invest in expanding their capacity, driving innovation and creating more jobs in communities. Australia can be a nation that makes things again, and the Albanese government is backing Australian industry, business and communities to make that happen.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley, a first supplementary?

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Minister. How will the Industry Growth Program, working alongside the National Reconstruction Fund, support Australian businesses to expand their businesses locally and create more Australian jobs, including through supporting commercialisation, innovation and growth?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Polley for her first supplementary question. Our government wants to work with small and medium businesses looking to grow, providing them with practical, concrete support. Last week, our $392 million Industry Growth Program officially opened. SMEs can now apply for expert advice on getting their good ideas to market and expanding their companies, creating more jobs across Australia. Future rounds of the program will also deliver matched grant funding ranging from $50,000 to $5 million. We want a clear pathway for Australians with great ideas to turn their ideas into thriving businesses in Australia instead of moving overseas, and our plan to back industry will do just that.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley, second supplementary?

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Can the minister outline how the comprehensive industry policies of the Albanese government, which are supporting Australian jobs and communities, compare to the past approaches of the last decade from those opposite?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Yes, I can, Senator Polley. A new report released just last week by Industry Innovation and Science Australia showed that this government inherited a shrinking proportion of mid-sized manufacturing businesses that are critical to the future of manufacturing in Australia. Those opposite had a decade to support Australian manufacturers, but they lacked any cohesive industry policy, producing some of the lowest manufacturing self-sufficiency levels in the OECD. But there's a better way forward. The Albanese government is backing Australian know-how, promoting Australian made jobs and supporting Australian manufacturing.

Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Link to this | Hansard source

I ask that further questions be placed on notice.