A future Labor government would use a $15 billion private investment fund to help Australia "build back stronger" from the coronavirus-induced economic recession.
Opposition leader Anthony Albanese has unveiled plans to create a "national reconstruction fund" ahead of Labor's national conference, where party delegates will convene online over the next two days to debate the policy platform it would take to the next federal election.
Mr Albanese said the COVID-19 pandemic had exposed "serious deficiencies" in Australia's manufacturing capacity and ability to compete globally in technology and innovation.
Under a plan designed to create local jobs, boost the nation's sovereign capability and diversify the economy, an Albanese Labor government would establish a $15 billion fund to support private sector investments, particularly in renewable energy, transport, defence industry, resources and medical research.
"We must use this crisis to build back stronger," Mr Albanese said.
"Australia must be a country that makes things, to have our own industrial and manufacturing capabilities.
"If there is anything that COVID has taught us, it is the need for Australia to be a place which makes things, to have our own industrial and manufacturing capabilities, our own sovereign capabilities."
The fund, which Labor believes would help "de-risk" investments for businesses, would include a mix of loans, equity, co-investment and guarantees. It would look to partner, in particular, with superannuation funds.
An independent board would oversee the fund, which would have a similar structure to the Clean Energy Finance Corporation and be modelled on schemes in the UK, NZ and Germany.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
Dan covers federal politics from Parliament House, with a special focus on climate policy and the NDIS. He has previously reported on ACT politics and urban affairs since joining the Canberra Times in 2018.
Sign up for our newsletter to stay up to date.