Coalition seeks auditor-general briefing after NRF invested $436m without a strategy
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The news: Shadow minister for Industry and Innovation Alex Hawke has requested a briefing from the auditor-general after an audit found that $436 million worth of deals had been signed through the National Reconstruction Fund without a formal financial strategy.
The context: An audit report released by the Australian National Audit Office last week said the National Reconstruction Fund Corporation (NRF) is “yet to develop a financial strategy” and "did not obtain conflict of interest declarations and confidentiality agreements from suppliers who assisted with investment due diligence”.
However, the audit office described the corporation’s governance as “largely sound”.
The NRF has accepted all seven audit recommendations but has disputed the characterisations that it lacked adequate strategic frameworks.
The release from Hawke referenced recent revelations first published by Capital Brief that the Commonwealth Ombudsman is overseeing an investigation into whistleblower complaints at the NRF.
What they said: Hawke said in a statement on Tuesday that “it’s deeply concerning that hundreds of millions of dollars in taxpayer funds have been splashed around without there being an investment strategy in place”.
“The NRF should be transparent about its processes given the huge taxpayer funds that Labor have funnelled into it.
“The Coalition remains concerned with the powers granted to the Minister under the National Reconstruction Fund Corporation Act. On behalf of the Coalition, I have requested a briefing from the Auditor-General.”
The source: Shadow minister for Industry and Innovation Alex Hawke media release
