National Reconstruction Fund Corporation Bill 2023

The majority voted in favour of a motion to pass the bill in the Senate. In other words, they voted to read it for a third time. Since amendments were made to the bill, it will now return to the House of Representatives where our MPs will decide on whether they agree with them.

What does this bill do?

According to the bills digest:

Background

• The Australian Labor Party (ALP) committed to the $15 billion National Reconstruction Fund on 15 November 2021 as ‘the first step in Labor’s plan to rebuild Australia’s industrial base’.
• Arguments for the proposal have focused on Australia’s low manufacturing self-sufficiency and ‘economic complexity’. Opponents have focused on the risks created by market interventions.
• Outside Parliament, a broad range of interest groups have supported the proposal.

Purpose of the Bill

• The main purpose of the National Reconstruction Fund Corporation Bill 2022 (the Bill) is to establish the National Reconstruction Fund Corporation (NRFC) in order to ‘facilitate increased flows of finance into priority areas of the Australian economy’.