AusBiotech is inviting member feedback on its draft submission to the Australian Government’s $15 billion National Reconstruction Fund (NRF) consultation.
AusBiotech has welcomed the opportunity to submit a response and highlighted how the design of the Fund – particularly given biotechnology’s unique market and development pathways compared to the other priority sectors – will be critical to successfully delivering on its purpose.
The draft submission responds to the 21 consultation questions presented, including how to best define and measure ‘medical science’; its investment needs and opportunities; returns, financial instruments and working with other investors/crowding-in further private investors; and complementary reforms. AusBiotech’s responses build on united positions highlighted in the industry’s strategic plan, the Biotechnology Blueprint, as well as the ideas discussed during the active and engaged members’ roundtable that AusBiotech held in December.
The NRF is a key initiative of the Australian Government’s A Future Made in Australia policy, that was announced in October’s Federal Budget and passed through Parliament in November 2022. The $15 billion fund will co-invest in independently-assessed projects that drive economic growth across seven priority areas and over seven years, including $1.5 billion in ‘medical science’ as well as $1 billion each for critical technologies and advanced manufacturing.
Providing finance (including loans, guarantees and equity) to drive investments that add value and develop capability, it will operate commercially to deliver a positive rate of return.