NRF splashed the cash without investment strategy in place: ANAO report
The Hon Alex Hawke MP
Shadow Minister for Industry and Innovation
Manager of Opposition Business in the House of Representatives
The Albanese Labor Government’s flagship $15 billion National Reconstruction Fund (NRF) has been operating without an investment strategy, according to a new reportfrom the Auditor-General.
The Auditor-General found the NRF Board “approved investments without finalising its investment strategy and stakeholder engagement framework,” and that their absence “limit the effectiveness of the NFRC Board’s fund promotion activities.”
Since the NRF was established in September 2023, nine projects have been invested in, eight of which were announced prior to the 2025 election. These eight investments totalled $407.5 million.
Shadow Minister for Industry and Innovation, the Hon Alex Hawke MP, said the Auditor-General’s findings raise multiple questions about the NRF’s governance arrangements.
“It’s deeply concerning that hundreds of millions of dollars in taxpayer funds have been splashed around without there being an investment strategy in place,” Mr Hawke said.
“The NRF should be transparent about its processes given the huge taxpayer funds that Labor have funnelled into it.
“The Coalition remains concerned with the powers granted to the Minister under the National Reconstruction Fund Corporation Act.
“On behalf of the Coalition, I have requested a briefing from the Auditor-General.”
The Auditor-General’s report follows revelationslast month that the Commonwealth Ombudsman has stepped in to oversee an investigation into alleged misconduct at the NRF, following a complaint by a whistleblower.
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