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FOR – National Reconstruction Fund Corporation Bill 2023 - Consideration of Senate Message - Agree with the Senate amendments

The majority voted in favour of a motion to agree with the Senate's amendments to the bill. This means that the bill's final form has now been agreed to by both levels of parliament and will become law.

What does this bill do?

According to the bills digest:

Background

  • The Australian Labor Party (ALP) committed to the $15 billion National Reconstruction Fund on 15 November 2021 as ‘the first step in Labor’s plan to rebuild Australia’s industrial base’.
  • Arguments for the proposal have focused on Australia’s low manufacturing self-sufficiency and ‘economic complexity’. Opponents have focused on the risks created by market interventions.
  • Outside Parliament, a broad range of interest groups have supported the proposal.

Purpose of the Bill

  • The main purpose of the National Reconstruction Fund Corporation Bill 2022 (the Bill) is to establish the National Reconstruction Fund Corporation (NRFC) in order to ‘facilitate increased flows of finance into priority areas of the Australian economy’.

Summary

Date and time: 12:02 PM on 2023-03-29
Allegra Spender's vote: Aye
Total number of "aye" votes: 87
Total number of "no" votes: 55
Total number of abstentions: 8
Related bill: National Reconstruction Fund Corporation Bill 2023

Adapted from information made available by theyvoteforyou.org.au

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