The Federal Government will fast-track $6.15 billion in concessional finance to support Australian businesses facing ongoing global disruptions, with a focus on strengthening supply chains and boosting domestic production.
The funding will be delivered through three key programs under the $15 billion National Reconstruction Fund, brought forward to provide earlier access to capital for industries under pressure.
Prime Minister Anthony Albanese said the move was designed to help businesses respond to international instability impacting operations at home.
“Today we are unlocking billions in capital to keep our economy moving forward,” Mr Albanese said.
“Unprecedented events overseas continue to disrupt businesses here at home – the Economic Resilience Program is about investing in more production for fuel, fertiliser and logistics.
“We are serious about backing Australian jobs, businesses and industries. And today we are taking action to get this money flowing well ahead of schedule.”
The package includes a $1 billion Economic Resilience Program, a $5 billion Net Zero Fund and $150 million through the Forestry Growth Fund, all of which will open earlier than planned to expand access to concessional finance.
The Economic Resilience Program will provide zero-interest loans to businesses in fuel, fertiliser and other critical supply chains, aiming to stabilise domestic production and ensure essential industries continue operating.
The Government says this will support transport and logistics networks, helping keep trucks, trains and planes moving during periods of disruption.
The $5 billion Net Zero Fund, originally expected to open later in the year, will now be brought forward to support manufacturing investment and improve energy efficiency in sectors that are harder to decarbonise.
This includes building domestic capability in clean energy supply chains, such as wind, solar and energy storage, as well as supporting the production of low-carbon liquid fuels.
The Forestry Growth Fund will provide $150 million to support timber processing, including investment in mills and facilities aimed at increasing the value of forestry products used in housing construction.
Minister for Industry and Innovation Tim Ayres said accelerating access to the funding would help businesses respond more quickly to current economic pressures.
“Investing in Australian industry is about making Australia stronger,” Mr Ayres said.
“Businesses right across the country in dozens of industries are under severe pressure because of unprecedented events overseas.
“By bringing forward $6.15 billion in capital, the National Reconstruction Fund can more quickly support businesses to increase production, capability and capacity.
“This will help them to navigate global supply chain disruption and make sure Australia has more of the things it needs.”
The Government said the combined programs are intended to improve economic resilience while supporting long-term investment in manufacturing and energy transition, as industries adjust to ongoing global uncertainty.
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