LABOR HELD SECRET MEETING WITH NRF, 11 February 2026

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

MEDIA RELEASE

11 February 2026

LABOR HELD SECRET MEETING WITH NRF

Labor MPs held a secret meeting with the Albanese Labor Government’s $15 billion flagship industry fund.

According to documents obtained by the Opposition under Freedom of Information laws, senior members of the National Reconstruction Fund (NRF) had a closed-door meeting with the “Labor Caucus" in the latter half of 2025.

The meeting was recorded in a Board Paper marked “sensitive” and presented by the NRF’s CEO, Mr David Gall.

It is unclear why an ‘independent’ government investment fund would feel the need to meet privately with a gang of Labor MPs.

The NRF also met with members of the Parliament's Standing Committee on Industry, Innovation and Science, as is appropriate.

Shadow Minister for Industry and Innovation, Alex Hawke, said Labor was undermining the NRF’s integrity.

“Labor’s actions could cause further reputational risks to the NRF’s investment portfolio, putting taxpayer money at risk,” Mr Hawke said.

“Industry Minister Tim Ayres needs to reign the NRF in.”

The Opposition has consistently raised concerns over governance arrangements at the billion mega fund.

Last October, in Senate Estimates, the Secretary of the Department of Industry, Science and Resources, Ms Meghan Quinn PSM, admitted that the appointment of former union official Mr Glenn Thompson to the board of the $15 billion National Reconstruction Fund involved a serious “misstep.” Mr Thompson is a close personal friend of Minister Ayres.

ENDS