I rise in support of the Government's National Reconstruction Fund Corporation Bill 2022. I am delighted to be speaking on a bill that introduces what I feel is a very exciting opportunity for Australian industry, innovation and entrepreneurship.

This bill moves us forward from merely talking about becoming a renewable energy superpower to actually implementing practical steps to get there. This bill is very welcome news for industries all over the country, including in my electorate of Mackellar. If we do not invest now in clever technology, manufacturing and value-adding, we will simply be left behind, left to the mercy of international events like COVID and conflict. As the Business Council of Australia suggests, the longer we leave this diversification and futureproofing of our economy, the harder it will be to catch up.

We have heard a lot of talk in recent months and years about the capacity of Australia to become a global renewable energy superpower, about finally moving on from the 'dig it and ship it' mentality, about progressing from being 'the lucky country' to 'the clever country'. We've heard talk of restoring and building our manufacturing and value-adding capacity onshore, about driving investment in home-grown technologies so our own innovators, inventors and entrepreneurs don't have to take their ideas and technologies overseas for them to be commercialised. This bill will enact practical measures to move Australia closer to all these goals. This policy is as urgent as it is long overdue.

The aim of this bill is to diversify and transform Australia's industry and economy. The proposed fund will, over seven years, co-invest a total of $15 billion in independently assessed projects across seven priority areas. This is very welcome news in my community of Mackellar, where many innovators have met with me both to inform me of their ideas and innovations and to let me know of the desperate need for investment to establish and grow their products. It is these cutting-edge enterprises that will be well placed to benefit from the National Reconstruction Fund.

As a doctor, I am pleased to note that medical science is named as one of the seven priority investment areas and that the minister has already announced $1.5 billion for investments in medical manufacturing. The COVID pandemic starkly exposed just what a vulnerable position Australia was in when it came to medical manufacturing. Mackellar is home to several small to medium medical device and equipment manufacturing companies, so to have this field recognised as an investment priority is very welcome news indeed for these businesses and for jobs in Mackellar.

As the Co-Chair of the newly established Parliamentary Friends of Future Generations, I was also pleased to see robotics, artificial intelligence and quantum technology listed as priority areas. We need to raise our gaze beyond the three-year election cycle and invest in a safe and flourishing future for all those who come after us. We have a duty not only to those who are currently alive but to future generations also.

Critically, as a newly elected Member of Parliament who decided to run because of the lack of political action on climate change for so many years, I was glad to learn that the biggest single priority investment to be made by the fund, some $3 billion, will be invested into renewable and low-emissions technology. The inclusion of this as a priority for the NRF draws together two key strands of Australia's climate policy which I fully support—the transition away from old, polluting fossil fuel energy production and doing so in a way which builds national prosperity by creating a plethora of well-paid clean-tech jobs for Australians across the country. There is a global technology revolution on our doorstep, and our communities and businesses are champing at the bit to take advantage of it. Other countries are certainly taking advantage to encourage the innovation and the transition to a clean economy. The United States Government last year committed $500 billion in new spending with the Inflation Reduction Act. Critically, this act is directed at increasing the funding of innovative solutions for carbon reduction.

I have spoken to many entrepreneurs and senior executives in my electorate who are currently caught between the proverbial rock and a hard place when it comes to the growth of their businesses. These are innovative, forward-thinking and purpose-driven businesses eager to develop their technology at home in Australia, both for the good of our country and for the good of the planet. They don't want to be forced to go offshore because of a lack of investment interest here, but they are struggling with the current policy settings and investment conditions in Australia. As a result, such companies are increasingly being drawn overseas to jurisdictions with more favourable conditions—jurisdictions like America who are taking the transition to renewable energy increasingly seriously.

With all this in mind, it was disappointing to hear that the opposition have stated that they will not be supporting the introduction of the National Reconstruction Fund. This is from a party that claims to be pro business and to care about the economy. I instead agree with the Business Council of Australia when they say that we must put the foot on the accelerator when it comes to diversifying our economy into the high-tech clean-energy sector and other future technology, because this is how we will maintain our current high standard of living into the future. We must invest now in our future, or we will be left behind. So I support this policy and its objectives. It has long-term vision and ambition. If it works, it will be a game changer for Australian industry and innovation.

However, I have a couple of caveats. First of all, I support the Greens' proposed amendments: that it must be made explicit in this bill that the National Reconstruction Fund Corporation be prohibited from investing in anything that involves logging of native forests, the building of new infrastructure for fossil fuel projects, or any projects inconsistent with emissions reduction targets.

Second, a key priority of mine is to ensure that our government institutions are underpinned by a robust integrity infrastructure, and so we must examine whether this bill, which proposes to create a body that will oversee the disbursement of $15 billion to businesses, actually contains the appropriate underlying integrity infrastructure to ensure it operates fairly and in the manner envisaged. The Government tells us that the National Reconstruction Fund Corporation will be managed by an independent board that aims to deliver a positive rate of return to the taxpayer. But what does it really mean when the government says the board will be independent? How will the board members be appointed, and what will their powers be?

Clauses 18 to 21 of the bill establish that the board members are to be appointed by the minister or relevant ministers for a period not exceeding five years and may be reappointed. To be appointed, board members must have 'substantial experience or expertise' and 'professional credibility and significant standing' in one of a list of various fields, including 'any other field that the Ministers consider appropriate'. Those provisions seek to address merit, which is good. However, there are no guarantees of transparency, accountability or, critically, independence from the minister. The Government's own literature on the bill, which guarantees an independent board, therefore actually contains no guarantee at all. Instead the two relevant ministers, the Minister for Industry and Science and the Minister for Finance, will have complete discretion over appointments to the board.

A vital ingredient of integrity in our public appointments process is independence, and to say, 'Well, this is the way it's always been,' just doesn't cut it anymore. Australians need to be able to trust the institutions and entities that underpin our democracy, and that means applying a uniform and robust approach to all major government appointments—one that is independent, transparent and based on the quality of a candidate, where board appointments are decided by an independent selection panel. I will soon be introducing a private member's bill called the Transparent and Quality Public Appointments Bill, otherwise known as 'ending jobs for mates'. It is this type of gold-standard model that should be adhered to ensure that the NRF is not rorted or corrupted.

With these caveats in mind, I commend the bill to the House.