National Reconstruction Fund

Application details: You can apply at any time.
Funding amounts vary based on your application.

The National Reconstruction Fund Corporation (NRFC) provides debt finance, equity finance, and guarantees to businesses with strong proposals in priority sectors. Established by the Australian Government, the NRFC aims to enhance the flow of finance into these areas to diversify and transform Australia's industry and economy.

Key Requirements

Operation of the NRF

The NRF will function as an independent financier, operating commercially to achieve a positive rate of return. Governed by a board that will make autonomous investment decisions according to an investment mandate, the NRF will finance projects aligned with seven priority areas to leverage Australia’s natural and competitive strengths. The government has earmarked $8 billion of the NRF’s $15 billion for the following sectors:

Up to $3 billion for renewables and low emissions technologies
$1.5 billion for medical manufacturing
$1 billion for value-adding in resources
$1 billion for critical technologies
$1 billion for advanced manufacturing
$500 million for value-adding in agriculture, forestry, fisheries, food, and fibre.

The NRFC prioritises Australian-based initiatives and may invest in proposals within seven key sectors of the economy: renewables and low emissions technologies, medical science, transport, value-adding in agriculture, forestry and fisheries, value-adding in resources, defence capabilities, and enabling capabilities.

Value-adding in Resources: The NRFC may invest in activities that enhance resource value. Australia can maximise its mining industry’s potential through investments in innovative manufacturing, including exploration and drilling technologies, safety solutions, and the processing and refining of minerals domestically for battery production and other applications.
Value-adding in Agriculture, Forestry, and Fisheries: The NRFC may fund initiatives that boost value in these sectors by manufacturing products related to primary industries and processing outputs into higher-value goods. This includes fertiliser and farm equipment production, crop and animal health technologies, improved storage solutions, and food and beverage processing. Note that manufacturing does not extend to new farms or plantations.
Transport: The NRFC may invest in the production of vehicles and components for aircraft, road vehicles, rail vehicles, and ships. This excludes common infrastructure like roads and railways, focusing instead on products used in such infrastructure, such as road surfacing materials and rail sleepers.
Medical Science: The NRFC may support the manufacturing of medical products designed for therapeutic use, including devices, medicines, personal protective equipment, and vaccines. These products must prevent, diagnose, cure, or alleviate diseases and conditions.
Renewables and Low Emission Technologies: The NRFC may invest in manufacturing opportunities related to renewable energy generation, transmission, distribution, and storage, as well as energy efficiency and waste reduction. While it excludes the installation of standalone renewable energy infrastructure, it covers components like wind turbines, batteries, solar panels, and innovative waste reduction packaging.
Defence Capability: The NRFC is dedicated to investing in the development and manufacturing of products essential for defence, supporting the production of items intended for defence use and enhancing overall defence capability.
Enabling Capabilities: The NRFC may invest in manufacturing technologies that enhance Australia’s industrial capacity. This includes advanced manufacturing techniques, materials technologies, semiconductors, AI technologies, quantum technologies, robotics, and other emerging technologies related to space.

What is eligible for funding?

The NRFC prioritises investments in proposals primarily focused on Australian initiatives.

Applicants can request debt finance, equity finance, or guarantees for proposals that target one of the seven priority areas of the Australian economy: renewables and low emissions technologies, medical science, transportation, value-added agriculture, forestry and fisheries, value-added resources, defence capabilities, and enabling capabilities.

Eligible proposals must avoid prohibited investments, such as coal or natural gas extraction and native forest logging, demonstrate a positive return on investment or the ability to repay debt, and have a completed Australian Industry Participation Plan.

The NRFC assesses opportunities based on the criteria outlined in the NRFC Act and our Investment Mandate, carefully balancing public policy impacts with return and risk. The requirements include:

Return on Investment: The NRFC aims for a target portfolio rate of return of 2–3% above the 5-year Australian Government Bond rate over the medium to long term. While the NRFC can accept higher risk levels and longer payback periods for emerging technologies and industries, this approach is intended to support Australia’s strategic interests.
Positive Policy Outcomes: Investments must align with the policy goals defined in the NRFC Act and the Investment Mandate, including enhancing industrial capability, pursuing value-adding opportunities, improving economic diversity, attracting private finance, supporting decarbonisation, creating secure jobs, bolstering supply chain resilience, commercialising Australian innovation, promoting economic participation for historically underrepresented groups, and fostering sustainability and regional development. Proposals that target multiple outcomes or demonstrate significant positive impacts will be favoured.
Investment Readiness: The NRFC welcomes proposals that are investment-ready.
Co-investment: The NRFC encourages co-investment and welcomes proposals that include credible co-financiers or investment partners.

Is this grant competitive or entitlement based?

Competitive. Your application will be assessed among other applications by a judging panel.

How can I increase my chances of winning this grant?

By engaging an accredited government grants consultant, such as Avant Group.

Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.

As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.

Grant application writeup including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project

Industry analysis presentation
Competitor Analysis Presentation
Marketing and Sales Analysis Presentation
3-5 year Cashflow Forecast
3-5 year Balance Sheet Forecast
Cost-Benefit Analysis of Grant Funding
End-to-end grant application including information collating, analysis and application writing
CAPEX (Capital Expenditure) cost-benefit analysis
Stakeholder relations and Risk Mitigation Plans
Any other relevant forecasting that will support your application

How can I get help with my application? Or know if I’m likely to win funding?

Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.

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