‘Significant announcements': Industry Minister Tim Ayres defends $15 billion National Reconstruction Fund
Industry Minister Tim Ayres has defended the Albanese government's $15 billion National Reconstruction Fund (NRF), insisting 'significant announcements' have been made.
His comments come in response to Opposition Leader Sussan Ley's criticism that not a 'single cent' from the fund had been spent in support of manufacturing.
'We've seen significant announcements over the last few months. I'm very focused of course on making sure that we deliver here,' Mr Ayres told Sky News Sunday Agenda.
'I expect to be out there working with the fund on our future pipeline of decisions. Of course it has taken time to develop that capability.'
During the election campaign, the Coalition claimed the fund had failed to deliver any tangible outcomes for the manufacturing sector.
'The only things manufacturers are getting from Labor are promises without plans and lots of spin with no spend,' Ms Ley said earlier this year.
According to the National Reconstruction Fund Annual Report, after about a year in operation, no investments had been finalised by June 30, 2024.
The first investments were announced in November, but as of May 2025, Ms Ley expressed concern the fund hadn't spent a single cent on manufacturing.
Mr Ayres rejected those claims, saying critics were misrepresenting the pace and purpose of the fund.
'The Liberals opposed the fund being established at all. They wanted to let the market rip and let the IP to be developed in Australia but then commercialised offshore,' he said.
'It's a bit hard to accept. They're complaining about the fund—they didn't want it to exist.
'It's sort of the arsonist complaining about the fire brigade turning up too late. It is not a serious proposition.'
Since its establishment, the NRF has committed nearly $450 million across seven investments.
These include a $200 million equity injection into Arafura Rare Earths and a $32 million stake in Sydney-based AI start-up Harrison.ai.
These early projects aim to foster Australian-led innovation and advanced manufacturing in emerging industries.
Mr Ayres said further investments were in the pipeline and reiterated the fund's central role in Labor's nation-building agenda.
'I expect to be out there working with the fund on our future pipeline of decisions,' he said.
'I'm just focused on making sure we continue to deliver this work, that we intensify our work.
'Because that will deliver good industrial jobs in Sydney's western suburbs, in Melbourne's outer suburbs, in the Hunter, the Illawarra and central Queensland.'
The NRF is a cornerstone of Prime Minister Anthony Albanese's 'Future Made in Australia' plan, which also includes the $20 billion Rewiring the Nation Fund.
Former opposition leader Peter Dutton pledged to repurpose the NRF and Rewiring the nation Fund billion for other priorities if he had been elected.
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