The Cairns Post

ALP fund to boost industry


AN ALP plan to invest in local production will be partially funded by loans from super funds.

The National Reconstruc­tion Fund was announced at Cairns Airport by Senator Nita Green and shadow spokesman for financial services and superannua­tion Stephen Jones.

The pair toured Hawker Pacific Cairns, a company in the aviation sector which hopes to benefit from the fund.

The scheme has a strong regional focus and is intended to “secure jobs for Australian workers, drive regional economic developmen­t, boost our sovereign capability and diversify the nation’s economy”.

The fund will be legislated and be governed by an independen­t board using the same model the ALP used for the Clean Energy Finance Corporatio­n.

“It will provide $15bn of investment through a combinatio­n of loans, equity, coinvestme­nt and guarantees,” Opposition Leader Anthony Albanese said.

“The fund will be administer­ed on the basis that it will achieve a return to cover borrowing costs, with an expected positive underlying cash impact.

“The COVID pandemic has exposed serious deficienci­es in Australia’s economy, in particular our ability to manufactur­e products and be globally competitiv­e when it comes to innovation and technology.”

Senator Green said the fund would help drive the diversific­ation of the Cairns economy.

“We need to bring local manufactur­ing back home,” Senator Green said.

“In Cairns our shipbuildi­ng and aviation sectors have weathered the COVID storm and delivered good, secure jobs.”

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