08/03/2023 

HOUSE OF REPRESENTATIVES BILLS

National Reconstruction Fund Corporation Bill 2022

Second Reading

Ms CLAYDON(NewcastleDeputy Speaker) (10:29):It is with great delight that I rise in this chamber today to speak in support of the National Reconstruction Fund Corporation Bill 2022. This bill presents such an enormous range of very exciting opportunities for my electorate of Newcastleand not just my electorate. All of us on this side understand the profound impact that this can have in terms of helping shape our nation's future.

This bill gives effect to the Albanese Labor government's commitment to establish a National Reconstruction Fund Corporation. The government is providing the corporation with 3 billion already earmarked for this sector.

As the world urgently focuses on the need to decarbonise, the transition to renewables and low-emissions technologies will play a critical role in delivering Australia's emissions reduction target of 43 per cent from 2005 levels by 2030 and net zero emissions by 2050. This is a commitment we have signed up to, that we have pledged to the international arena. This bill plus the investment mandate guiding investments combined are going to make sure that the 100 million to ensure the green hydrogen readiness of the Port of Newcastle. Just last month we opened consultation on a proposed offshore wind zone for the Hunter region, an exciting opportunity for Newcastle to ensure large-scale, reliable and clean electricity for decades to come. In fact, community information sessions are happening in Newcastle today, and I encourage Novocastrians everywhere to attend, to hear, to listen to the experts and to have their voices heard. Supporting Newcastle to become a clean-energy superpower will create thousands of new jobs while critically diversifying our local economy. It is unimaginable that we have members opposite opposing such investments.

The CSIRO predicts that the hydrogen industry alone would account for 7,600 jobs and 5.76 billion. It generates an estimated 3.492 billion on regional importsmore than any other sector.

Despite this, right now Australia ranks dead last among the OECD countries in manufacturing self-sufficiency. This is untenable! The National Reconstruction Fund provides a crucial financing vehicle specifically to drive investments in projects that will build prosperity, broaden our industrial base and boost regional economic development. The NRF has been welcomed by the Hunter Jobs Alliance, a regionally based alliance comprising nine unions and four community environment groups. Those are not two camps which necessarily sit together too often but, together, they understand fully the benefits that come to regions like ours from the National Reconstruction Fund. In response to the National Reconstruction Fund consultation paper, Hunter Workers said: 'We strongly support the NRF as essential to address investment gaps that are constraining manufacturing opportunities, including in the Hunter and other regions. This is a critical national investment that must be well designed as a durable program for the long term. We commend the Australian government on the initiative and on the rapid development of the NRF program to date.' That's what Hunter Workers had to say. Australian know-how, our scientists and our innovators are among the best in the world. Photovoltaic technology and solar cells were invented here, but 87 per cent of those cells today are made in one countryand it's not Australia. In the next three years, that number will be 94 per cent. If we invent it here, we should make it here: that is Labor's proposition to the Australian people.

Manufacturing matters because it creates full-time meaningful work and secure jobs. The 30 billion. And the NRFC will invest strategically in high-value-adding projects and priority areas with a strong regional presencethis means in areas like resources, agriculture, defence and renewables. It's anticipated that this will drive scale and growth, creating high-value jobs in the regions. Investments, including those targeting emerging opportunities, will help regional areas to diversify their economies and to create workforce opportunities. This investment will play to the strengths of Newcastle and the Hunter region, supporting new and emerging industries; transitioning existing industries to net zero emissions; and making it easier to commercialise innovation and technology. We are great at all these things; however, people need support now. After 10 years of neglect we need to investwe need to remedy that. Our future in Newcastle is looking bright indeed under this government. Download the Hansard transcript.