Government fast-tracks funding to support industry and shore up supply chains

The Australian Government has announced it is fast-tracking three streams of funding to get finance moving to strengthen critical supply chains.

Businesses are now able to access $6.15 billion through the National Reconstruction Fund, to provide them with low‑cost, long‑term concessional finance to help them ride out global shocks and secure production, bolstering the industries that underpin the national economy.

The $1 billion Economic Resilience Program’s zero‑interest loans are available to businesses in critical supply chains, including those producing and transporting the fuels, plastics, fertilisers and agricultural protection chemicals that Australian farmers and manufacturers rely on every day.

The $5 billion Net Zero Fund is open to back new manufacturing investment and energy‑efficiency upgrades in hard‑to‑abate sectors, building domestic clean‑energy supply chains and supporting the manufacture of low-emissions technologies such as wind, solar and energy storage solutions, and the production of low carbon liquid fuels.

The $150 million Forestry Growth Fund is open to support timber processing for housing construction and backing investment in mills and processing facilities to move up the value chain.

This investment sits alongside other support and actions the government is taking to support Australia’s domestic industries. Together, these measures are about keeping Australian production moving, protecting local jobs and building a more resilient economy in a volatile world.

“From today, we’re getting $6.15 billion in capital moving quickly into Australian businesses, so industry has the certainty it needs in this time of global disruption,” said Minister for Industry and Innovation and Minister for Science, Tim Ayres. “$1 billion in Economic Resilience Program zero interest loans will help ease immediate pressures on manufacturing and logistics businesses in sectors such as fuels, plastics, fertiliser and other critical supply chains.

“In an increasingly volatile global environment, strong domestic supply chains matter more than ever, and this funding is about backing the industries Australia relies on, from farming and manufacturing to housing and heavy industry.”

Applications are now open. For more information go to www.nrf.gov.au/erp.

Image credit: iStock.com/DLMcK