Andrew Wallace (Fisher, Liberal National Party) Share this | Hansard source

I rise to speak on the National Reconstruction Fund Corporation Bill 2022 and, I have to say, I am somewhat bewildered. I have been really looking forward to speaking on this bill. This is one of those bills that I had a really good look at. I've been really excited to talk about it because it's very close to my heart. But I've been utterly bewildered, because families and their businesses across the country are contending with the most challenging cost-of-living crisis in a generation. I'm bewildered that we're discussing this bill while Australians are crying out for the federal government to do something, anything, to help them get through this cost-of-living crisis.

Inflation is at a historic high. Interest rates have climbed nine times since Labor took office but 10 out of the last 10 months. The price of doing business is soaring with each piece of red tape this government slaps on small and family business owners. The price of turning on the aircon, of filling up the car with fuel, of putting food on the table just continues to grow and grow and grow. You'd think that, instead of another bill throwing money at Labor union pay masters, they might consider introducing legislation to address the cost of living. The only thing the Australian people care about right now is how this government is going to reduce their costs and how Australians are going to be paying their bills. Rent, school fees, mobile phone and internet, Australians are struggling to make ends meet. It seems that everything is going up in cost and now, for many Australian families, there is a lot more month at the end of the money. That disparity is growing. It is getting worse under this Labor government's policies, and Labor just don't seem to care.

What should the bill do? This bill is Labor's signature manufacturing policy. They are going out to the electorate and saying, 'This is the bee's knees.' It is modelled on the Clean Energy Finance Corporation. The fund is designed to allow government to invest in initiatives which support their manufacturing priorities. These are not investments in grants; they are through government equity and loan schemes. This model means manufacturers may struggle to meet return on investment thresholds based on the government's arbitrary milestones. The federal government announced that the fund would be up and running by next financial year, but they refuse to commit to a launch date. Given their track record, not committing to a date is probably the safest option for them. However, last time they set up a fund like this, the Clean Energy Finance Corporation, it took 10 months before any money was invested.

Across industry, there is widespread concern that the delay in investment, increased red tape and time taken to get the model running effectively will mean lost years in manufacturing. It means private and personal investments might dry up. Anyone that has started a business—I probably shouldn't be looking over the other side when I say that—would know that dithering and delays such as these mean the difference between survival and closing up shop. What we are seeing across this country more and more as the cost of living really bites on small and medium sized businesses is, unfortunately, more and more businesses closing, particularly in the building industry where I come from.

What does this bill actually do? Well, it opens the door to unions yet again. I am gravely concerned about the potential for union interference in this fund. We already know what the unions want: they want board positions, they want power and they want money.

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