The National Reconstruction Fund Corporation (NRFC) invests in projects that strengthen key areas of the economy.
It offers finance to activities that promote innovation, build industrial capability and deliver long-term national benefits.
Types of finance
NRFC provides financing through debt, equity and guarantees for projects in key sectors of the Australian economy.
Read about the key sectors in the priority areas declaration section below.
Background
The corporation was established on 18 September 2023 under the National Reconstruction Fund Corporation Act 2023.
It operates as a corporate Commonwealth entity and specialist direct investment vehicle.
The Act sets out its purpose and functions.
Governance
The Minister for Industry and Science and the Minister for Finance are responsible under the NRFC Act.
These ministers appoint members to the NRFC Board and issue directions about the performance of the NRFC’s investment functions or the exercise of its investment powers.
Read more on the NRFC website.
Investment mandate
The ministers set out how they expect funds to be invested through an investment mandate.
The NRFC (Investment Mandate) Direction 2023 was issued on 30 November 2023.
It contains matters set out in the NRFC Act, which include the:
- benchmark rate of return and expectations around risk
- directions to operate on a commercial and self-sufficient basis
- target areas of the economy in which the NRFC must allocate investments
- investment limits, including on concessional finance, equity investments and guarantees.
Priority areas declaration
The ministers may issue a priority areas declaration, which identifies specific areas of the Australian economy as key areas under the NRFC Act.
The priority areas are:
- renewable energy
- medical science
- transport
- agriculture
- resources
- defence.
Read the NRFC priority areas declaration.
Statement of expectations
The ministers provide guidance on how the NRFC should operate through a statement of expectations (SoE).
NRFC’s SoE and SoI were released in July and October 2025.
The SoE directs the NRFC to:
- focus on the Future Made in Australia agenda, including:
- lifting the productive capacity of Australia’s industrial regions
- building a skilled workforce
- diversifying the economy
- harness new and emerging technologies that will support Australia’s ongoing economic resilience and security and advance clean energy, housing and construction sectors
- set high goals and place emphasis on national building projects, prioritising long-term national impact over short-term profit
- continue to actively engage with the Commonwealth, states and territories and other agencies including:
- Net Zero Economy Authority (NZEA)
- Commonwealth Scientific and Industrial Research Organisation (CSIRO)
- other SIVs.
Read the SoE and SoI on the NRFC website.
More information
Read more about the corporation and funding opportunities on the NRFC website.
For questions about policy matters, email nrf.policy@industry.gov.au.
