New CEO of Labor's $15b NRF insists all is on track despite Ed Husic's exit
Banking veteran David Gall dismissed concerns the government's future manufacturing fund could be sidelined after its champion was booted from Cabinet.
After 35 years in banking, David Gall thought he understood Australian business. But that changed when he was appointed to lead the federal government’s $15 billion 'future manufacturing' fund — and discovered an innovation ecosystem he hadn’t fully appreciated.
As chief executive of the National Reconstruction Fund Corporation (NRFC), Gall says he’s been surprised by the depth of research and entrepreneurship across sectors ranging from biotechnology to quantum computing.
Gall stepped into the role following a turbulent period for the fund. It had faced criticism over slow investment progress, the health-related departure of founding CEO Ivan Power, and uncertainty during the election campaign, when it operated in caretaker mode. The opposition Coalition had also pledged to abolish the fund entirely if elected.
Adding to the upheaval was the recent departure of founding minister Ed Husic, who championed the fund as "one of the largest peacetime investments in Australian manufacturing capability". Husic was dropped from cabinet in January following Labor's election victory due to factional jostling within the party's Right faction.
