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Coalition set to oppose Labor’s reconstruction fund

Prime Minister Anthony Albanese has slammed the coalition for opposing a fund to lift manufacturing.

Prime Minister Anthony Albanese has slammed the coalition for opposing a fund to lift manufacturing. Photo: AAP

Prime Minister Anthony Albanese has slammed the coalition for opposing a fund to boost manufacturing.

Labor took to the 2022 election a plan to set up a $15 billion National Reconstruction Fund to provide loans, guarantees and equity to support major projects.

The plan is aimed at securing well-paid jobs, driving regional development and investing in manufacturing across a range of sectors, including agriculture, transport, mining, defence, energy and medical science.

Labor says partnering with business could lead to a further $15 billion in investment being unlocked.

Mr Albanese told the first Labor caucus meeting for the year on Tuesday he had been advised the coalition would oppose the legislation to be debated in parliament this week.

“The National Reconstruction Fund is about making more things here – it is that simple,” he said.

“It is about revitalising Australian manufacturing and Australian jobs.”

Mr Albanese said the decision was an example of the coalition being “out of touch”.

“They can’t say we didn’t have a mandate for it,” he said.

– AAP

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