Tag: National Reconstruction Fund

Research Australia urges Senate to support the National Reconstruction Fund

Research Australia has used its submission to the Senate Economics Legislation Committee Inquiry into the National Reconstruction Fund Bill to urge the Committee to recommend the passage of the Bill, subject to two amendments proposed by Research Australia.

Research Australia believes the National Reconstruction Fund provides the opportunity to better leverage Australia’s world leading health and medical research and create a vibrant and successful medical products industry which propels Australia forward to become a net exporter of medical products.

Doing so would provide significant benefits for Australians with more secure access to medical products, better health outcomes and the creation of well-paying jobs and new businesses in a sector that has enormous scope for ongoing global growth.

The proposed amendments are:

    • require the Ministers to report to the Parliament on how the NRF has complemented other measures by the Government to support research, innovation and manufacturing. (Clause 91)
    • require the quarterly investment reports to identify recipients of financial accommodation by name and to specify the priority area to which the financial accommodation relates. (Clause 82)

Research Australia’s submission is available here.

Research Australia responds to NRF Implementation

Research Australia believes the National Reconstruction Fund (NRF) has a vital role to play in creating a mature and vibrant domestic medical products industry as a cornerstone of a post-carbon Australian economy.

We have made four recommendations in response to the consultation on the implementation of the NRF:

    1. The Ministers should obtain the advice of a future Centre for Disease Control about medical products for which there is a critical unmet need for domestic manufacturing. This should be a consideration in how funds are subsequently allocated by the NRF, although not to the exclusion of the need to generate a return on the investment.
    2. Development of the investment mandate for the priority area of medical products should include identification of areas with the potential for profitable domestic manufacturing. This should be a consideration in how funds are subsequently allocated by the NRF, although not to the exclusion of the need to generate a return on the investment.
    3. The Australian Government should create a National Medical Products Industry Plan to accompany the introduction of the National Reconstruction Fund to make the most of all the Government’s investments throughout the health and medical research and development pipeline.
    4. The Australian Government should develop a medical products research, development and manufacturing workforce plan to determine where the gaps in existing skills are and to address them.

Research Australia’s submission addresses most of the questions posed in the consultation paper. The submission is available here.