Australia will pour billions of dollars into quantum technology, robotics and clean energy generation and storage in a push to boost the local manufacturing industry.
Industry and Science Minister Ed Husic will introduce legislation on Wednesday to establish a $15 billion National Reconstruction Fund, which Labor took to the federal election.
The fund will be made up of a combination of loans, guarantees and equity as well as being used to leverage private sector investment.
“Governments can and should strategically and thoughtfully invest in the industries of the future,” Mr Husic told the National Press Club on Tuesday.
“By investing in Australia we will have mass and we will have momentum and we’re not going to let it fall away.”
The fund’s seven priority areas include resources, agriculture, transport, medical science, renewables, defence and future technologies like robotics and quantum.
Increasing domestic manufacturing will also shore up supply chains, which were strained during the pandemic.
“We want Australia to be a country that makes things again,” Mr Husic said.
“We want more Australian businesses to think globally and to make locally.”
(Australian Associated Press)