Industry grants worth billions of dollars are being put under scrutiny in an overhaul that will clear the way for a federal cabinet decision within weeks to set up a $15 billion fund to invest in local manufacturing | CroweDM auspol
Industry grants worth billions of dollars are being put under scrutiny in an overhaul that will clear the way for a federal cabinet decision within weeks to set up a $15 billion fund to invest in local manufacturing.with an independent chair and board and a mission to support industry projects alongside commercial investors after Prime Minister Anthony Albanese went to the election with a promise to voters to expand the manufacturing sector.
“But we don’t want what happened with car park rorts and sports rorts to happen in an area as critical as manufacturing.” The goal is to establish the fund with Commonwealth debt and invest this money in manufacturing and industry alongside the private sector, producing a commercial return that would go back into its coffers.“The benefit of that is speed,” he said.“Having said that, I’m also aware that the CEFC was set up for a particular dynamic or industry segment, whereas the NRF is a lot broader. Consultation will be important.
Husic said he believed there would be a place for direct grants to projects in Australia as well as the loans and other investments from the NRF.
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