Submission to the Senate Standing Committee on Economics National Reconstruction Fund Corporation Bill 2022

February 13, 2023

Progressive Economics

In this submission, The Centre for New Industry (CNI) welcomes the opportunity to make a submission to the Department of Industry, Science and Resources’ consultation on the National Reconstruction Fund (NRF) and argues in favour of the Bill’s passing.

CNI believes that the NRFC will contribute toward a mission-oriented approach to economic management, as advocated for by famed economist Marianna Mazzucato. Such an approach is essential to provide structure and purpose in navigating the next phase of Australian economic development. A return to the “dog days” of low capital investment, poor productivity, low wage growth and marginal uptake of emerging technologies will lead to stagnation and relative decline, as other countries capture the benefits available from post-carbon industries.

In this submission, CNI details why the Bill adheres to the criteria of this approach, and why its execution holds the best opportunity for Australia’s future economic success.

The Centre for New Industry commends the government on it’s adherence to these principles and welcomes the passing of the Bill and the establishment of the NRFC to administer government investment in the interests of the Australian people.