CANBERRA, ACT, April 2 -- The Prime Minister of Australia issued the following media release:
The Albanese Labor Government is bringing forward $6.15 billion in concessional capital to support Australian businesses affected by global disruptions.
This accelerated delivery of funds will help protect local manufacturing and supply chain businesses from market disruptions, and support investments in increased production capability, capacity and decarbonisation efforts.
The $1 billion Economic Resilience Program, $5 billion Net Zero Fund, and $150 million in concessional finance under the Forestry Growth Fund will open shortly to provide a greater scope of support and concessional finance to Australian businesses.
The Economic Resilience Program (ERP) will provide zero interest loans to fuel, fertiliser and other critical supply chains businesses to support Australia's domestic industries and supply chains impacted by market disruptions.
This will help keep our trucks, trains and planes moving, and our critical production activities online when we need them most.
Originally on track to open mid-year, the $5 billion Net Zero Fund will open sooner to support new manufacturing investment and improvement of energy efficiency in hard-to-abate sectors. This includes scaling domestic manufacturing capabilities in clean energy supply chains - such as wind, solar and energy storage solutions - and the production of low carbon liquid fuels.
The $150 million Forestry Growth Fund will support timber processing for use in housing construction and investment in mills and processing facilities to move up the value chain.
These programs are all sub-funds under the Government's $15 billion National Reconstruction Fund.
To find out more, subscribe to the NRF's newsletter for updates https://www.nrf.gov.au/subscribe.
Quotes attributable to Prime Minister Anthony Albanese:
"Today we are unlocking billions in capital to keep our economy moving forward.
"Unprecedented events overseas continue to disrupt businesses here at home - the Economic Resilience Program is about investing in more production for fuel, fertiliser and logistics.
"We are serious about backing Australian jobs, businesses and industries. And today we are taking action to get this money flowing well ahead of schedule."
Quotes attributable to Minister for Industry and Innovation and Minister for Science Tim Ayres:
"Investing in Australian industry is about making Australia stronger.
"Businesses right across the country in dozens of industries are under severe pressure because of unprecedented events overseas.
"By bringing forward $6.15 billion in capital, the National Reconstruction Fund can more quickly support businesses to increase production, capability and capacity.
"This will help them to navigate global supply chain disruption and make sure Australia has more of the things it needs."
Disclaimer: Curated by HT Syndication.
