Federal Labor announced $15 billion manufacturing fund

Federal Labor leader Anthony Albanese has pledged to establish a $15 billion manufacturing fund if Labor wins the next election.

The fund would operate in a similar way to the Clean Energy Finance Corporation, where an independent board would make pick projects and make investment decisions.

Manufacturing jobs currently account for 6.7 per cent of all jobs, compared to 17 per cent in the 1980s.

Director of the University of Sydney’s Core Research Facilities, Professor Simon Ringer believes Australia should invest more heavily in advanced and additive manufacturing to broaden export capabilities.

“It is promising to see significant, bi-partisan support in boosting Australia’s manufacturing sector,” he said. As we emerge from the COVID-19 pandemic, it is vital Australia invests in industries like advanced manufacturing.”

“Advanced manufacturing is a major scientific and technological disruption with the potential to transform Australia’s export economy and increase our country’s industrial sovereignty and resilience.

“We now have processes allowing us to make things we could not have previously made, using new materials made from remarkable combinations of properties derived from raw materials mined here in Australia.

“We have already witnessed a great economic turn-around from the depths we found ourselves in last year. To ensure our future prosperity and opportunities for Australians, now is the right time for our country to capture the opportunity that this disruption offers.

“A flourishing 21st century manufacturing sector in Australia needs a talent pipeline of scientists and engineers who are experts in advanced manufacturing with niche world-leading knowledge, world-class facilities and powerful academic and industrial networks. The sector is ready to do some heavy lifting here, now it’s time for our leaders to help carry this vision forward.”