The $15 billion National Reconstruction Fund supports Australian industrial development through loans, equity investments and guarantees, with targeted investment in decarbonisation, resilience and advanced manufacturing.
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What is the National Reconstruction Fund (NRF)?
The National Reconstruction Fund (NRF) is a $15 billion Australian Government investment initiative designed to diversify and transform Australia’s industry, strengthen sovereign capability and accelerate the transition to net zero.
Administered by the National Reconstruction Fund Corporation (NRFC), the initiative provides debt finance, equity investments and guarantees to support commercially viable Australian businesses and projects.
The NRFC invests through its General Portfolio and three dedicated investment sub-funds, each with specific objectives, eligibility requirements and financial arrangements.
The NRFC takes a medium- to long-term investment approach, with a focus on attracting private capital, strengthening Australian manufacturing and supporting projects that contribute to national economic and strategic priorities.
Unlike conventional government grant programs, the NRF does not provide grants. Financial support is provided through commercial or concessional investment arrangements, depending on the applicable fund.
National Reconstruction Fund eight priority areas
The National Reconstruction Fund Corporation (NRFC) supports manufacturing and industrial development across eight priority areas, as defined under the National Reconstruction Fund Corporation (Priority Areas) Declaration 2026.
Value-add in resources
The NRFC supports activities that increase the value of Australia’s mineral resources through domestic processing, refining and advanced manufacturing.
Potential areas of investment include:
- Manufacturing innovative products used in mining, including exploration and drilling technologies, safety equipment and transport solutions.
- Processing and refining minerals in Australia, including materials used in battery manufacturing.
- Developing technologies and equipment that improve mineral processing, refinement and fabrication.
Value-add in agriculture, forestry and fisheries
The NRFC supports manufacturing and processing activities that add value to Australia’s agricultural, forestry and fisheries sectors.
Potential areas of investment include:
- Manufacturing fertilisers, agricultural equipment and products used in primary industries.
- Developing technologies for crop, tree and animal health management.
- Improving storage solutions that extend product shelf life.
- Processing agricultural, forestry and fisheries outputs into higher-value products.
- Manufacturing food, beverages, timber and fibre products.
The establishment of new farms or plantations is not included under this manufacturing priority area.
Transport
The NRFC supports manufacturing technologies, products and components that strengthen Australia’s transport industry.
Potential areas of investment include manufacturing vehicles and components for:
- Aircraft.
- Road vehicles.
- Rail vehicles.
- Ships.
The construction of general transport infrastructure, such as roads and railways, is not included. However, manufacturing infrastructure-related products, including road surfacing materials and railway sleepers, may be supported.
Medical science
The NRFC supports medical manufacturing activities that strengthen Australia’s healthcare capabilities and promote innovation in medical technologies.
Potential areas of investment include manufacturing:
- Medical devices and diagnostic equipment.
- Medicines and pharmaceutical products.
- Personal protective equipment.
- Vaccines.
- Products and components used to prevent, diagnose, treat or manage medical conditions.
- Technologies used to test for diseases or replace and modify organs or body parts.
Veterinary products, cosmetics and health foods are not included under this priority area.
Renewables and low-emission technologies
The NRFC supports manufacturing activities that contribute to industrial decarbonisation, renewable energy development and resource efficiency.
Potential areas of investment include:
- Manufacturing renewable energy generation, transmission, distribution and storage technologies.
- Developing technologies that reduce greenhouse gas emissions.
- Manufacturing energy-efficient products and systems.
- Developing recycling, waste reduction and resource recovery technologies.
- Manufacturing wind turbine components, batteries and solar panels.
- Producing hydrogen electrolysers and innovative packaging solutions that reduce waste.
The installation of standalone renewable energy infrastructure for general power generation, such as solar and wind farms, is not included under this manufacturing priority area.
Defence capability
The NRFC supports manufacturing activities that strengthen Australia’s defence industry and sovereign defence capabilities.
Potential areas of investment include:
- Developing products and components primarily intended for defence applications.
- Manufacturing equipment, technologies and systems used in defence operations.
- Producing inputs and components that support defence supply chains.
- Manufacturing and sustaining products that contribute to Australia’s defence capabilities.
Enabling capabilities
The NRFC supports advanced technologies and manufacturing capabilities that contribute to innovation, productivity and industrial development across Australian industries.
Potential areas of investment include:
- Advanced manufacturing technologies, including additive manufacturing and high-precision machining.
- Advanced composite materials and semiconductor manufacturing.
- Artificial intelligence and advanced information and communication technologies.
- Quantum computing and related technologies.
- Autonomous systems and robotics.
- Positioning, timing and sensing technologies.
- Biotechnology.
- Space technologies, including equipment and components for space applications.
- Emerging technologies that contribute to Australia’s industrial capabilities.
Industrial manufacturing and critical supply chains
This priority area supports manufacturing and industrial activities that strengthen Australia’s critical supply chains, improve economic resilience and contribute to industrial decarbonisation.
It also supports the implementation of the NRFC’s Net Zero Fund, Economic Resilience Program and Forestry Growth Fund.
Potential areas of investment include manufacturing and processing:
- Alumina and aluminium.
- Cement and concrete.
- Chemicals and plastics.
- Food and beverages.
- Iron and steel.
- Glass.
- Pulp, paper and paperboard.
- Fertilisers and agricultural protection chemicals.
Other supported activities may include:
- Logistics and distribution activities.
- Metals refining and smelting.
- Waste processing and resource recovery.
- Fuel production, additives, derivatives and storage, including low-carbon liquid fuels.
- Construction and maintenance of facilities associated with eligible manufacturing and industrial activities.
This priority area particularly focuses on industries affected by supply chain disruptions and industrial sectors with significant opportunities to reduce emissions.
National Reconstruction Fund restrictions
The National Reconstruction Fund Corporation cannot provide grants or directly finance projects involving:
- Coal extraction.
- Natural gas extraction.
- Construction of pipeline infrastructure for coal or natural gas extraction.
- Native forest logging.
All investments must comply with the NRFC’s governing legislation, Investment Mandate and applicable investment eligibility requirements.
National Reconstruction Fund investments
The National Reconstruction Fund Corporation has announced more than 30 investments across Australian businesses and industries, demonstrating its growing role in financing industrial development, innovation and sovereign capabilities.
Published investments support sectors including advanced manufacturing, defence, aerospace, critical minerals, renewable technologies, recycling, medical technologies and enabling capabilities.
Examples of NRFC investments include:
- HEO – $10 million: Equity investment supporting Australian space technology.
- Global Resource Recovery – $55 million: Debt investment supporting chemical waste recycling.
- Built Living – $120 million: Debt investment supporting residential apartment construction.
- Silicon Quantum Computing – $60 million: Investment supporting Australian quantum computing technology.
- Advanced Navigation – $50 million: Preferred equity investment supporting advanced navigation systems.
- Macquarie Technology Group – $200 million: Hybrid note investment supporting cloud, cybersecurity and telecommunications infrastructure.
These investments demonstrate the range of financing arrangements and industries supported by the NRFC.
National Reconstruction Fund key objectives
The National Reconstruction Fund aims to strengthen and diversify Australia’s industrial economy through strategic investment in manufacturing, innovation and nationally significant capabilities.
Its key objectives include:
- Strengthening sovereign capability: Supporting Australian industries and technologies that contribute to national economic and strategic independence.
- Developing industrial capabilities: Expanding domestic manufacturing, advanced production and value-adding activities.
- Accelerating decarbonisation: Supporting industrial emissions reduction and the development of low-emission technologies.
- Improving economic resilience: Strengthening critical supply chains and reducing vulnerability to global market disruptions.
- Attracting private investment: Encouraging additional private capital to support commercially viable Australian projects.
- Supporting commercialisation: Helping innovative Australian technologies and intellectual property progress towards commercial production.
- Creating secure employment: Supporting skilled jobs, workforce development and regional economic opportunities.
- Promoting sustainable growth: Encouraging environmentally responsible investment, circular economy activities and long-term industrial development.
Does the National Reconstruction Fund provide grants?
The NRF will not provide grants. Funding opportunities include loans, guarantees and equity investments.
Type and level of National Reconstruction Fund support
The National Reconstruction Fund Corporation provides investment finance rather than direct grants.
Available financing arrangements include:
- Debt finance, including loans.
- Equity investments.
- Guarantees.
Financial arrangements depend on the investment opportunity, relevant portfolio or sub-fund, commercial viability and assessment of risk and return.
Investment strategy
The NRFC takes a medium- to long-term investment approach and considers opportunities that strengthen Australia’s industrial capabilities while delivering appropriate financial returns.
The General Portfolio targets a benchmark return of the five-year Australian Government bond rate plus 2–3 percentage points.
The Net Zero Fund and Forestry Growth Fund have a lower benchmark return of the five-year Australian Government bond rate minus one percentage point, allowing greater flexibility for eligible projects.
The Economic Resilience Program provides zero-interest loans and does not have a benchmark investment return.
Investment criteria
Investment proposals are assessed against financial, commercial, technical, market, impact, governance and risk considerations.
The NRFC considers:
- Financial performance, investment returns and creditworthiness.
- Commercial viability, scalability and management capability.
- Technical readiness and project development.
- Market demand, competitive advantage and growth potential.
- Contribution to national policy and industrial development priorities.
- Governance, environmental and social responsibilities.
- Investment risks and appropriate mitigation measures.
- Alignment with the NRFC’s investment portfolio and mandate.
Level of support
The NRFC’s total investment capacity is $15 billion, with funding available through the General Portfolio and dedicated sub-funds.
Minimum and maximum investments under the General Portfolio are not universally specified and depend on individual investment assessments.
Investment arrangements may involve debt, equity or guarantees, with terms determined by the relevant fund and transaction.
Specific loan limits and financing conditions apply under the Economic Resilience Program.
No standard co-contribution percentage is published across all NRFC investments. Applicants may be expected to demonstrate appropriate financing arrangements, including private investment where relevant.
National Reconstruction Fund funding allocation
The $15 billion National Reconstruction Fund provides investment support through its General Portfolio and three dedicated investment sub-funds.
Each sub-fund has distinct investment objectives, eligibility requirements and financing arrangements.
Net Zero Fund – $5 billion
The Net Zero Fund provides $5 billion in concessional finance to support industrial decarbonisation and expand Australia’s manufacturing capabilities in low-emission technologies.
The fund supports:
- Decarbonisation of large industrial facilities and energy-intensive operations.
- Manufacturing and scale-up of low-emission technologies.
- Earlier-stage and first-of-a-kind decarbonisation projects.
- Projects requiring significant upfront capital and longer repayment periods.
The fund offers a lower benchmark investment return to support eligible projects that may not meet the commercial return expectations of the NRFC’s General Portfolio.
The Net Zero Fund is open for applications through the NRFC’s online registration form.
Economic Resilience Program – $1 billion
The Economic Resilience Program provides $1 billion in zero-interest loans to help Australian manufacturing and logistics businesses respond to market disruptions and strengthen national economic resilience.
The program particularly supports businesses operating in freight, fuel, fertiliser, plastics and other identified critical supply chains.
Two financing pathways are available:
- Bank-administered loans: Loans of up to $5 million, with repayment terms of up to two years. Standard bank fees apply, and the loan principal must be repaid in full.
- NRFC-administered loans: Loans exceeding $5 million, with no published maximum individual loan amount. Financing arrangements can be tailored to eligible business needs.
Businesses must demonstrate that they operate in an eligible manufacturing or logistics sector and have been materially affected by market disruptions.
Applications for bank-administered loans are submitted through participating banks, while larger loan proposals are submitted directly to the NRFC.
Forestry Growth Fund – $150 million
The Forestry Growth Fund provides $150 million in concessional finance to support advanced wood product manufacturing and processing in Australia.
The fund aims to modernise the sector, improve manufacturing capabilities and increase the value of Australian-produced wood products.
Supported activities may include:
- Advanced timber processing and manufacturing.
- Engineered wood and mass timber production.
- High-value secondary wood processing.
- Manufacturing components and products used in housing construction.
- Innovative technologies that improve productivity and value-adding capabilities.
The Forestry Growth Fund offers a lower benchmark investment return to support eligible projects requiring significant capital investment or longer repayment periods.
The fund is open for applications through the NRFC’s online registration form.
National Reconstruction Fund investment eligibility
Investment proposals must satisfy the National Reconstruction Fund Corporation’s eligibility requirements and align with its governing legislation and Investment Mandate.
To be considered for investment, proposals must:
- Be solely or mainly Australian-based or demonstrate a clear and material connection to Australia.
- Align with at least one of the NRF’s eight priority areas.
- Demonstrate an appropriate risk and return profile for the relevant investment portfolio or sub-fund.
- Avoid prohibited investment activities.
- Meet applicable legal and investment eligibility requirements.
- Provide an Australian Industry Participation Plan where required.
Applicants must also demonstrate the commercial viability of their investment proposal and its contribution to Australia’s industrial and economic development.
Additional eligibility conditions may apply under the Net Zero Fund, Economic Resilience Program and Forestry Growth Fund.
National Reconstruction Fund application process
Businesses seeking investment through the National Reconstruction Fund should review the NRFC’s investment guidance and determine whether their proposal aligns with an eligible priority area or investment sub-fund.
Investment proposals progress through a structured assessment process involving:
- Initial screening: Assessment of eligibility and alignment with the NRFC’s legislation and Investment Mandate.
- Due diligence: Detailed examination of financial, commercial, technical, market, governance, impact and risk considerations.
- Investment approval: Review of the proposed investment through the NRFC’s formal approval process.
- Investment execution: Finalisation of commercial and financial arrangements.
- Investment management: Ongoing monitoring of investment performance and obligations.
- Investment exit or repayment: Realisation of investment returns through repayment or an appropriate investment exit.
Applicants should prepare relevant business, financial and project information to demonstrate investment readiness.
How to apply
General investment proposals can be submitted through the NRFC’s official investment proposal form.
The Net Zero Fund and Forestry Growth Fund have dedicated online registration forms.
Applications for the Economic Resilience Program follow separate pathways depending on the proposed loan amount.
Submission of a proposal does not guarantee investment approval. All financing arrangements are subject to NRFC assessment, due diligence and formal approval.
National Reconstruction Fund Resources
National Reconstruction Fund Recipients
| Recipient | Description | Sector |
| Harrison.ai 29 Jan 2025 | The NRFC has invested $32 million in Harrison.ai to advance its comprehensive suite of radiology and pathology diagnostics. | Medical science Enabling capabilities |
| Arafura Rare Earths Limited 15 Jan 2025 | The NRFC is committing $200 million to Arafura Rare Earths Limited, providing critical support for financing the Nolans Project in the Northern Territory. | Value-add in resources |
| Vault Cloud 20 Dec 2024 | With a $22.5 million investment, the NRFC will help Vault Cloud expand its existing offerings and develop new, innovative services. | Enabling capabilities Defence capability |
| Myriota 19 Dec 2024 | he NRFC’s $25 million investment in Myriota is aimed at scaling up Australian-based manufacturing of its advanced satellite communications modules. | Enabling capabilities |
| Quantum Brilliance 10 Dec 2024 | The NRFC has allocated $13 million to Quantum Brilliance, which will fund the creation of a quantum diamond foundry in Australia. | Enabling capabilities |
| Resource Capital Funds 19 Nov 2024 | In partnership with Resource Capital Funds, the NRFC has committed $100 million to drive forward the Resource Capital Funds Innovation Strategy. | Value-add in resources |
| Russell Mineral Equipment 19 Nov 2024 | The NRFC’s $40 million investment in Russell Mineral Equipment will support the expansion of its manufacturing operations across Australia. | Value-add in resources |
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