Media release - KEY NRF REPORT KEPT SECRET

The Hon Alex Hawke

Shadow Minister for Industry and Innovation

Manager of Opposition Business in the House

MEDIA RELEASE

KEY NRF REPORT KEPT SECRET

In yet another embarrassing transparency failure for the Albanese Labor Government, the mega industry fund entrusted with $15 billion of taxpayer money has failed to release its 2024-25 Annual Report, contradicting statements made by its own Minister.

In response to Senator Andrew Bragg’s Question on Notice about the leverage of the National Reconstruction Fund’s investments, Industry and Innovation Minister Tim Ayres said the key corporate document would be published in “early October 2025.” 

As at 3 November 2025, the Annual Report has not been tabled in the Parliament nor made available on its website despite many other Commonwealth entities already doing so.

The fresh governance failure adds to an already growing list of blunders, including:

  • The Secretary of the Department of Industry, Science and Resources admitting that the appointment process for NRF Board Member, union boss and close personal friend of Tim Ayres had involved a serious “misstep.” 
  • The Auditor-General finding that the appointment process for Mr Thompson involved an “all verbal” due diligence check - a practice not followed for other board appointments.
  • Having 39 outstanding board-approved corporate policies in June 2024, including a sexual harassment policy.
  • Not having a board-approved financial or investment strategy, nor an impact framework, despite spending over $400 million of taxpayer funds.

Shadow Minister for Industry and Innovation said Labor’s ‘Future Made in Australia’ agenda was shrouded in secrecy. 

“When Aussie manufacturers, like Tomago, are being smashed by Labor’s inflation and soaring energy prices, they deserve a government that is open and honest about the future,” Mr Hawke said. 

“Industry Minister Tim Ayres seems perfectly at ease with the $15 billion NRF being run like an old-school Sussex Street slush fund.

“The fact is, the Opposition asked detailed questions of Minister Ayres about the work of the NRF, was assured the information would be provided in early October, and now we, and the Australian public, are left with nothing.

“These repeated governance failures are undermining trust in the NRF at the same time that the government is holding up the industry fund as the ‘fix’ to our shrinking, less productive industrial base.”

ENDS

BACKGROUND

SENATE QUESTION ON NOTICE

  • Question Question on notice no. 127

    Senator Andrew Bragg: asked the Minister for Industry and Innovation on 30 July 2025—
    With respect to the National Reconstruction Fund Corporation (NRFC) :

  •  
    1. how many investment proposals were received in financial year
      (FY) 2024-25;
    2. what was the total capital committed in FY 2024-25;
    3. what was the total proposal value leveraged in FY 2024-25;
    4. what were the Fund’s partner organisations in FY 2024-25;
    5. how many Board meetings did Board members attend respectively in FY 2024-25;
    6. how many Board meetings were held in FY 2024-25;
    7. which contractor and consultancy services were engaged in FY 2024-25:
      1. for what purpose,
      2. at what cost,
      3. what was the service rendered, and
      4. what was the start and end date of each contract respectively;
    8. per each board member for the period of FY 2024-25, what:
      1. official travel was undertaken,
      2. were the dates of travel,
      3. were was the location, from and to,
      4. was the purpose of travel,
      5. was the mode of travel, and
      6. was the cost of travel;
    9. per each member of the executive leadership team for the period of FY 2024-25, what:
      1. official travel was undertaken,
      2. were the dates of travel,
      3. was the location, from and to,
      4. was the purpose of travel,
      5. was the mode of travel, and
      6. was the cost of travel;
    10. have there been any Government policy orders applied to the NRFC as allowed for under the PGPA Act in FY 2024-25, and if so; outline the nature of each;
    11. were there any instances of non-compliance with the NRFC (Investment Mandate) Direction 2023 in FY 2024-25, and if so; outline the nature of each;
    12. from which facilities did the NRFC operate from, and; what was the expenditure on each lease in FY 2024-25.
  •  
  • Answer
    Senator Ayres: Please see my answer below to the Senator’s question:
    1. The Annual Report will have details of the number of investment proposals received during FY2024-25 and is expected be published in early October.
    2. The Annual Report will have details of total capital committed in FY 2024-25 and is expected to be published in early October.
    3. The leverage of the NRFC investments will be included in the NRFC Annual Report that is expected to be published in early October 2025.
    4. The NRFC partners with organisations in encouraging investments, making specific investments in funds and supporting policy outcomes. As per the NRFC Corporate Plan, the NRFC entered two investment partnerships with Resource Capital Funds and Brandon Capital. There were also cooperative partnerships initiated and negotiated during the FY2024-25.
    5. The Annual Report will have details on the number of Board meetings and member attendance during FY 2024-25 and is expected to be published in early October 2025.
    6. The Annual Report will have details on the number of Board meetings held during FY2024-25 and is expected to be published in early October 2025.
    7. Contracts over $100,000 are published on the NRFC website every six months as per Senate Order 13 on Entity Contracts and are available through the NRFC website. Reporting | National Reconstruction Fund Corporation
      The Annual Report will also detail procurements over $80,000 and is expected to be published in early October 2025.
      Given the available reporting, procurement contracts under this threshold are not material.
    8. The NRFC adheres to the Remuneration Tribunal (Official Travel) Determination 2024, tier 1 travel entitlement, when making travel arrangements for board members. Travel is only undertaken where its purpose is consistent with the duties of the office holder. The Annual Report will have details of travel expenses and is expected to be published in early October 2025.
    9. NRFC staff members must adhere to the corporation’s travel policy when making travel arrangements. This ensures all travel is related to business need and has been assessed as delivering optimal outcomes for the NRFC. All travel is approved in accordance with the NRFC’s standing delegations.
      The Annual Report will have details of travel expenses and is expected to be published in early October 2025.
    10. There have been no Government policy orders applied to the NRFC under the PGPA Act in FY 2024-25.
    11.  There have been no instances of non-compliance with the NRFC (Investment Mandate) Direction 2023 in FY 2024-25.
    12.  The Annual Report will have details of lease expenses and is expected to be published in early October 2025.