Joint media release: Now available: $6.15 billion to back Australian industry and shore up supply chains

Minister for Industry and Innovation and Minister for Science, Senator the Hon Tim Ayres
Minister for Finance, Women, the Public Service and Government Services, Senator the Hon Katy Gallagher
Minister for Agriculture, Fisheries and Forestry, the Hon Julie Collins MP

Australian businesses are now able to access $6.15 billion through the National Reconstruction Fund, as the Albanese Government fast tracks three streams of funding to get finance moving to strengthen critical supply chains.    

This will provide Australian businesses with low cost, long term concessional finance to help them ride out global shocks and secure production, bolstering the industries that underpin the national economy.  

The $1 billion Economic Resilience Program’s zero interest loans are available to businesses in critical supply chains, including those producing and transporting the fuels, plastics, fertilisers and agricultural protection chemicals that Australian farmers and manufacturers rely on every day.  

The $5 billion Net Zero Fund is open to back new manufacturing investment and energy efficiency upgrades in hard to abate sectors, building domestic clean energy supply chains and supporting the manufacture of low-emissions technologies such as wind, solar and energy storage solutions – and the production of low carbon liquid fuels.  

The $150 million Forestry Growth Fund is open to support timber processing for housing construction and backing investment in mills and processing facilities to move up the value chain.  

This investment sits alongside other support and actions the Government is taking to support Australia’s domestic industries. Together, these measures are about keeping Australian production moving, protecting local jobs and building a more resilient economy in a volatile world.  

Applications are now open. For more information go to www.nrf.gov.au/erp

QUOTES ATTRIBUTTED TO MINISTER FOR INDUSTRY AND INNOVATION AND MINISTER FOR SCIENCE, TIM AYRES:    

“From today, we’re getting $6.15 billion in capital moving quickly into Australian businesses, so industry has the certainty it needs in this time of global disruption.  

“$1 billion in Economic Resilience Program zero interest loans will help ease immediate pressures on manufacturing and logistics businesses in sectors such as fuels, plastics, fertiliser and other critical supply chains.  

“In an increasingly volatile global environment, strong domestic supply chains matter more than ever, and this funding is about backing the industries Australia relies on, from farming and manufacturing to housing and heavy industry.  

“By fast tracking the rollout of these funds within the National Reconstruction Fund, we’re easing pressure on businesses facing higher costs and global disruption, so industry and farmers aren’t left exposed, and manufacturers can plan with confidence.”  

QUOTES ATTRIBUTTED TO MINISTER FOR FINANCE, WOMEN, GOVERNMENT SERVICES AND THE PUBLIC SERVICE, KATY GALLAGHER:

“The Albanese Government established the National Reconstruction Fund to ensure we have a funding vehicle that was able to back secure local jobs, strengthen sovereign capability and diversify Australia’s economy when it is needed most. 

“This decision to fast track $6.15 billion in funding from the fund for Australian businesses will help to secure Australia’s critical supply chains, with low-cost, long-term concessional finance that supports businesses to invest, grow and adapt.”

QUOTES ATTRIBUTTED TO MINISTER FOR AGRICULTURE, FISHERIES AND FORESTRY, JULIE COLLINS MP:

“The $150 million Forestry Growth Fund, along with our Government’s wider investments in the forestry industry, will deliver more secure jobs in regional Australia, better pay and higher value output.

“The $1 billion Economic Resilience Program is an investment in more secure supply chains for Australia’s world-class farmers and producers which I know is critical.

“This investment will complement work already underway through our Government’s development of the National Food Security Strategy.  

“At a time of global uncertainty, the Albanese Labor Government is providing much needed confidence for our agriculture, fisheries and forestry industries through these investments.”