Tim Ayres is focused on fixing the NRF after a public audit revealed strategy lapses
The industry minister defended the National Reconstruction Fund after the opposition called its lack of a formal investment strategy “deeply concerning”.
Industry Minister Tim Ayres has pledged to ensure the National Reconstruction Fund is delivering on its mandate after revelations the $15 billion fund deployed hundreds of millions in taxpayer funds without adopting formal investment or financial strategies.
Capital Brief this week reported that the Australian National Audit Office had released its first performance report for the NRF and found that its governance arrangements were "largely sound". But the ANAO also rebuked the NRF for several missteps, including failing to adopt a formal financial strategy and for not obtaining conflict of interest disclosures from its external investment advisers.
Shadow Industry Minister Alex Hawke on Tuesday seized on the news, saying it was "deeply concerning that hundreds of millions of dollars in taxpayer funds have been splashed around without there being an investment strategy in place" and requesting a meeting with the auditor-general to obtain more detail.
Ayres' spokesperson said the minister was continuing to engage with NRF "and is focused on ensuring the organisation is effectively delivering on its mandate".
