Media Release - NRF still without an impact framework more than a year on, 2 September 2025

The Hon Alex Hawke

Shadow Minister for Industry and Innovation
Manager of Opposition Business in the House

MEDIA RELEASE

2 September 2025

NRF still without an impact framework more than a year on

The Albanese Labor Government’s flagship $15 billion National Reconstruction Fund (NRF) remains without a finalised impact framework, despite over $650 million already being invested.

In a stunning admission, Minister for Industry and Innovation Tim Ayres conceded yesterday, in response to a Senate Order for the Production of Documents, that “an impact framework has not yet been provided to or endorsed by the NRFC Board.”

In its 2023-24 Annual Report, the NRFC said that it was “developing an impact framework to amplify, guide and track the impact of our portfolio of investments.” The annual report further stated, “The NRFC impact framework will bring together our purpose, priority areas and Investment Mandate to guide how we track and report the impact of our portfolio of investments. It will be an important tool to demonstrate the difference our investments are making.”

Shadow Minister for Industry and Innovation, Alex Hawke, said the NRF was falling down on basic governance protocols. 

“$15 billion of taxpayer money is at risk because Labor’s NRF can’t get a grip on basic corporate governance,” Mr Hawke said.

“It’s remarkable that the NRF have taken more than a full financial year to develop an impact framework.

“Industry groups are warning about a lack of clarity and transparency, and now even Labor’s own unions are now criticising the NRF for its failure to deliver on its promise to drive innovation and rebuild sovereign industries like manufacturing.

“The lack of financial guardrails in place for the government’s various industry funds belies Labor’s claim that they “won’t be spraying money around indiscriminately”.

“Labor’s so-called ‘Future Made in Australia’ agenda, underpinned by the NRF, is looking more and more like the discredited protectionist policies of the past.”

In June, the Auditor-General identified that an impact framework was one of 39 outstanding performance reports yet to be finalised. The Auditor-General also found that the NRF had no finalised investment or financial strategy.

ENDS