Establish the National Reconstruction Fund Corporation (NRFC).
The Government will provide $61.4 million over 4 years from 2023-24 (and $1.2 million per year ongoing) to establish the National Reconstruction Fund Corporation (NRFC). Funding includes:
* $53.2 million in 2023-24 for the establishment and operational costs of the NRFC, with ongoing operations expected to be funded from revenues earned on investments made
* $8.2 million over 4 years from 2023-24 (and $1.2 million per year ongoing) for the Department of Industry, Science and Resources to assist and support the establishment and oversight of the NRFC. The NRF will earn estimated receipts of $188.7 million over the forward estimates from the $15.0 billion of investments in loans, equity investments and guarantees, with the returns to be reinvested to ensure the NRFC's sustainability. Some elements of this measure are not for publication (nfp) due to commercial sensitivities. The measure builds on and will be partially offset by redirecting funding from the 2022-23 October Budget measure titled National Reconstruction Fund - establishment.