Reconstructive criticism
The National Reconstruction Fund is set to play an enormous role in the innovation ecosystem and the future of the Australian economy. Despite its worthy goals, it deserves serious scrutiny.
Just one week ago, new Industry Minister Tim Ayres used an interview with Capital Brief to flag plans to remodel one of the Albanese government’s signature initiatives: the $15 billion National Reconstruction Fund.
Ayres, a respected member of Prime Minister Anthony Albanese’s inner circle, told our chief political correspondent Anthony Galloway he was “very focused on the operations of that fund” and wanted to accelerate its investment in innovation.
“I am, of course, as a new minister, looking under the bonnet and keen to make sure that in the most aggressive way that we can, that we’re moving in with new investments in Australian manufacturing capability," he said.
This morning, our startups and VC correspondent Bronwen Clune broke the news that the NRF is now subject to an investigation by Clayton Utz and KPMG, with oversight from the Commonwealth Ombudsman, following whistleblower allegations about its governance and internal culture.
