Ai Group welcomed the opportunity to provide feedback on the implementation of the National Reconstruction Fund (NRF).
We welcome the Government’s commitment to the transformation and diversification of Australian industry through the NRF. As we move into the post-Covid era, Australia is facing rapid technological shifts that will require change in our economic and industrial structure.
Digitalisation, automation, artificial intelligence and the clean energy revolution will remake global industry. Australia is well-positioned to benefit if we can seize emerging opportunities in areas where we have demonstrated or potential competitive advantages.
The NRF provides Australian Government a policy lever to accelerate and shape this industrial transformation. While “Industry 4.0” is already well-underway, the NRF will provide a new vehicle to advance in areas of strategic importance for Australia’s prosperity and security.
The Government’s commitment of $15 billion to the NRF is a sizeable down-payment. Recognising the scale of the challenge and opportunity, it elevates industrial transformation to the top of the economic policy agenda. The NRF will be on par with other major government financing entities – such as the Clean Energy Finance Corporation (CEFC), and Export Finance Australia (EFA).
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