Targeted investment in areas that span across renewable and low-emission technologies, to agriculture and defence capabilities, will support the commercialisation of new ideas and drive long-term, sustainable economic growth.

Universities Australia Chief Executive Catriona Jackson said university research and a highly educated workforce were critical to the success of the National Reconstruction Fund.

“Rebuilding our sovereign manufacturing capability is critical to Australia’s future success and safety, and universities are full of the ideas and expertise to make that happen,” Ms Jackson said.

“We congratulate the Albanese Government for creating the National Reconstruction Fund. It will unlock new ideas and breakthroughs while creating new jobs and economic opportunities to fuel prosperity.

“Each day Australia’s universities undertake world-class research across a range of areas crucial to Australia’s future, building the pipeline of innovative ideas which boost productivity and help us better understand our society.

“More university and industry partnerships will be key to the success of the National Reconstruction Fund.

“These partnerships have already demonstrated their strength through the delivery of new initiatives in areas like clean energy transition, emissions reduction and cyber security.

“Collaborations between our universities and businesses return significant gains to the economy, contributing $26.5 billion each year and creating tens and thousands of new jobs.

“We look forward to working with the government to support the implementation and development of the National Reconstruction Fund and deepening our collaboration with industry for the benefit of the nation.”