Australia's NRF to shield key industries from Trump's tariffs with interest-free loans
CEO David Gall said the fund can triple its investment target to $1.5 billion next year while delivering emergency loans to industries hit by market disruption.
The first details of the government's response to US tariffs have emerged in a statement of expectations that directs the National Reconstruction Fund Corporation to deliver $1 billion in zero-interest loans to businesses hit by market disruptions.
The Economic Resilience Program, announced by Prime Minister Anthony Albanese in April as part of Australia's response to President Trump's 10 per cent tariff on Australian exports, will operate under broader eligibility criteria than the NRFC's existing mandate, chief executive David Gall has confirmed.
The program represents the clearest indication yet of how the government plans to shield Australian businesses from the trade war, using the $15 billion reconstruction fund as the delivery mechanism for support.
The $1 billion allocation comes from within the NRFC's existing fund rather than new money. The zero-interest loans will target businesses affected by "market disruption," initially conceived around Trump's tariff announcement but potentially extending to other market disruptions.
