AusBiotech is inviting member feedback on its draft submission to the Australian Government’s $15 billion ³Ô¹ÏÍøÕ¾ 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 , 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.
Read the Government’s consultation papers ; log into the AusBiotech website to read the draft submission .
