NRF's David Gall looks to silence the doubters in 'critical' second year at $15b fund
The banking veteran said 2026 will be a "year of delivery" where more stakeholders will understand "why the NRF has been put in place".
David Gall’s first year at the helm of the National Reconstruction Fund, which was rounded out on Wednesday, has not been all smooth sailing. But the former NAB executive tells Capital Brief in a wide-ranging interview that over the long run and “with the benefit of hindsight, it’ll look obvious” how the $15 billion fund’s aim to develop Australia’s industrial capability all “fits together”.
The NRF has started 2026 at pace, already announcing $200.7 million worth of investments in January alone as it aims to hit a FY26 investment target of $1.5 billion to prove its worth to a “broader range of stakeholders”.
Overall, the NRF has deployed nearly $845 million since Gall was appointed, of which $690.1 million has been committed this financial year.
Recent beneficiaries include rocket manufacturer Gilmour Space Technologies, autonomous vehicle maker Applied EV and neural implant developer Synchron. ASX-listed companies like Alpha HPA, Liontown Resources and Arafura Rare Earths have also received investment.
