Portfolio: Industry, Science and Resources
https://www.nrf.gov.au
$159M
2026-27 Budget (Budget Paper No. 4)$200M
2024-25 Total Revenue80
Headcount (2024-25)Significant upward shift in 2026-27 funding (+114.4%, $85M change). 2025-26 estimated actual $74M → 2026-27 budget $159M. Source: Budget Paper No. 4, Agency Resourcing tables.
Critical Minerals Production Tax Incentive (CMPTI)
Department of Industry, Science and Resources
Total Budget
$28.3M
Digital Budget
$22.1M
July 2024 — June 2027
The CMPTI is consistent with the Critical Minerals Strategy and a key component of the Future Made in Australia Package. The project aims to establish a customer portal and associated back-end Customer Relationship Management (CRM) to facilitate the submission and assessment of CMPTI applications and subsequent reporting and compliance processes.
National Measurement Institute (NMI) Digital Transformation Program
Department of Industry, Science and Resources
Total Budget
$40.2M
Digital Budget
$40.2M
July 2024 — June 2026
The program will address the NMI’s most urgent ICT needs, such as cyber security risks as well as critical service delivery and operational issues. The program comprises 4 key ICT work streams, which aim to remediate known vulnerabilities that pose risks to operations, uplift systems to streamline processes, enhance service delivery and improve data security.
An Australia–United States Partnership in Landsat Next
Geoscience Australia
Total Budget
$207.4M
Digital Budget
$26.7M
July 2024 — June 2029
The Australia–United States partnership in Landsat Next builds on a nearly 50-year partnership, enabling collaboration to scale up over the decades to come. The project will provide Australia with assured access to data from the Landsat Next satellites, an enhanced Alice Springs Ground Station capability, next-generation data processing, quality assurance, integrity monitoring and distribution capabilities, and provide satellite-based enhanced earth imaging products to users.
An Enduring Commonwealth Function for Radioactive Waste Management
Department of Industry, Science and Resources
Total Budget
$275.2M
Digital Budget
$25M
July 2023 — June 2028
This project represents the intention of the Commonwealth to ensure safe and secure management of Australia’s radioactive waste to protect people and the environment for generations to come. The digital project, which is currently paused, aims to set up the systems required for Australian Radioactive Waste Agency to deliver an enduring function for radioactive waste management in Australia.
Questacon Digital Futures Project
Questacon
Total Budget
$7.3M
Digital Budget
$6.3M
April 2023 — June 2027
Currently, Questacon’s software, hardware and network infrastructure do not provide a consistent, accessible customer experience. Current systems also do not meet core requirements for seamless digital transactions for users, efficient operations and secure transactions. This project is addressing these issues through targeted investment and uplift in key areas.
Single Business Service
Department of Industry, Science and Resources
Total Budget
$16.4M
Digital Budget
$16.3M
July 2023 — Ongoing - no end date
This project will maintain the existing Single Business Service (business.gov.au and contact centre) to simplify small to medium businesses’ engagement with government. Funding will support the ongoing delivery of the business contact centre and business.gov.au including security, infrastructure and data insights capability, and ensure information and tools are up to date, so the service remains useful and usable for the Australian business community.
8 tagged
Reform proposals on YourGov that name this department as a delivery partner — drawn from citizen voice, government strategy, research, international examples and gap analysis.
STRATEGY SUMMARY
The purpose of the National Reconstruction The NRFC has been created to deliver commercial funds public policy returns that contribute to a stronger, future-ready Australia. [CP p.4]
PURPOSE
The purpose of the National Reconstruction The NRFC has been created to deliver commercial funds public policy returns that contribute to a stronger, future-ready Australia. [CP p.4]
Corporate Plan 2025-26 · p.4Strategic priorities
· 1
To facilitate increased flows of finance into priority areas of the Australian economy, through targeted investments to
To facilitate increased flows of finance into priority areas of the Australian economy, through targeted investments to diversify and transform Australian industry, create secure, well-paying jobs and boost sovereign capability.
Corporate Plan 2025-26 · p.4Outcomes
· 2
Outcome 1: Diversify and transform Australia’s industry and economy
Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes.
KEY ACTIVITIES
Outcome 2: Partnering and engaging with stakeholders
Build and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner.
KEY ACTIVITIES
Values
· 4
Creativity and connection
Accountability
Respect
Enthusiasm
Performance measures
· 5
| Code | Measure | Target 2025-26 | Latest result | Status |
|---|---|---|---|---|
CCE01 | Total capital deployed | $1,500M Corporate Plan 2025-26 · p.8 | $584.5M Annual Report 2025 · p.35 | Achieved |
CCE02 | Private capital leveraged | 1:1 ratio across the investment portfolio Corporate Plan 2025-26 · p.8 | 1:3.11 Annual Report 2025 · p.35 | Achieved |
CCE03 | Return on investment | Target rate of return 2-3% above the 5-year Australian Government Bond rate over the medium to long term Corporate Plan 2025-26 · p.8 | N/A Annual Report 2025 · p.35 | Not applicable |
CCE04 | Diverse portfolio | 4 priority areas Corporate Plan 2025-26 · p.8 | 7 States/Territories Annual Report 2025 · p.35 | Achieved |
CCE05 | Diverse portfolio | 5 states and territories Corporate Plan 2025-26 · p.8 | N/A Annual Report 2025 · p.35 | Partially achieved |
Source documents
· 5
2025
NRFC_Annual Report_Digital_FINAL_.pdf (pdf, 5.39 MB)
Open
2023-24
nrfc_annual_report_2023-2024.pdf (pdf, 4.66 MB)
Open
2025-26
nrfc_corporate_plan_2025-2026.pdf (pdf, 717.47 KB)
Open
2024-25
nrfc_corporate_plan_2024-2025.pdf (pdf, 1.35 MB)
Open
2023-24
NRFC Corporate Plan 2023-24 (pdf, 5.12 MB)
Open
Ideas distilled from this entity's strategy & evidence
· 8
Clarify and report on Return on Investment (ROI) methodology
The NRFC did not achieve its target ROI for the 2024-25 financial year. To improve transparency and future performance, the NRFC should clearly define and publicly disclose the methodology used to calculate its target ROI, including the specific benchmark (e.g., 5-year Australian Government Bond rate) and the timeframe for achieving this target. This will allow for better understanding and scrutiny of investment performance.
2024-25.pdf
Establish dedicated in-house research capability for manufacturing
The NRFC stated it would build in-house capability to undertake focused research in 2025-26, but this was not achieved in the previous reporting period. To better support its mandate, the NRFC should formalise this by establishing a dedicated research function. This function should focus on identifying emerging trends, risks, and opportunities within Australia's manufacturing sector to inform investment decisions and strategic direction.
2024-25.pdf
Develop a formal partnership strategy for ecosystem collaboration
The NRFC has only partially achieved its target for establishing partnerships and cooperative relationships with government entities. To better leverage its mandate, the NRFC should develop and implement a formal partnership strategy. This strategy should outline clear objectives, engagement protocols, and mutual benefits for collaborating with industry bodies, research institutions, and other government agencies to identify and support investment opportunities.
2024-25.pdf
Implement tiered response system for general enquiries
While the NRFC meets its target for responding to general enquiries, a tiered response system could improve efficiency and user experience. Simple enquiries could be handled via automated responses or a dedicated FAQ section, freeing up staff to address more complex queries within the 10-day target. This would ensure timely and appropriate responses for all types of enquiries.
2024-25.pdf
Report on specific metrics for portfolio diversification
The NRFC reports achieving its targets for portfolio diversity by priority areas and states/territories. To provide a more granular understanding of its diversification strategy, the NRFC should report on specific metrics within these categories. For example, detailing the sub-sectors within priority areas or the specific industries represented in each state/territory would offer greater insight into the breadth of its investments.
2025-26.pdf
Track and report on investment pipeline stages and conversion rates
The NRFC aims to deploy $1,500M in capital. To improve the efficiency of its investment process and forecast future deployment, the NRFC should establish and track key performance indicators for its investment pipeline. This includes metrics such as the number of applications received, stage of assessment, time taken at each stage, and conversion rates to committed capital. This data will help identify bottlenecks and optimise resource allocation.
2025-26.pdf
Benchmark private capital leveraged ratio against similar entities
The NRFC achieved a strong 1:3.11 private capital leveraged ratio. To provide context and assess performance against industry standards, the NRFC should benchmark this metric against comparable sovereign wealth funds or national investment vehicles globally. This would help determine if the current ratio is competitive and identify best practices for maximising private capital attraction.
2024-25.pdf
Implement a proactive risk assessment framework for emerging technologies
The NRFC's investment mandate allows for higher risk tolerance in emerging technologies. To effectively manage these risks, the NRFC should develop and implement a proactive, structured risk assessment framework specifically for investments in emerging technologies. This framework should go beyond standard due diligence to include scenario planning, technological obsolescence assessments, and expert consultation to identify and mitigate unique risks.
2025-26.pdf
Clarify and report on Return on Investment (ROI) methodology
The NRFC did not achieve its target ROI for the 2024-25 financial year. To improve transparency and future performance, the NRFC should clearly define and publicly disclose the methodology used to calculate its target ROI, including the specific benchmark (e.g., 5-year Australian Government Bond rate) and the timeframe for achieving this target. This will allow for better understanding and scrutiny of investment performance.
2024-25.pdf
Establish dedicated in-house research capability for manufacturing
The NRFC stated it would build in-house capability to undertake focused research in 2025-26, but this was not achieved in the previous reporting period. To better support its mandate, the NRFC should formalise this by establishing a dedicated research function. This function should focus on identifying emerging trends, risks, and opportunities within Australia's manufacturing sector to inform investment decisions and strategic direction.
2024-25.pdf
Develop a formal partnership strategy for ecosystem collaboration
The NRFC has only partially achieved its target for establishing partnerships and cooperative relationships with government entities. To better leverage its mandate, the NRFC should develop and implement a formal partnership strategy. This strategy should outline clear objectives, engagement protocols, and mutual benefits for collaborating with industry bodies, research institutions, and other government agencies to identify and support investment opportunities.
2024-25.pdf
Implement tiered response system for general enquiries
While the NRFC meets its target for responding to general enquiries, a tiered response system could improve efficiency and user experience. Simple enquiries could be handled via automated responses or a dedicated FAQ section, freeing up staff to address more complex queries within the 10-day target. This would ensure timely and appropriate responses for all types of enquiries.
2024-25.pdf
Report on specific metrics for portfolio diversification
The NRFC reports achieving its targets for portfolio diversity by priority areas and states/territories. To provide a more granular understanding of its diversification strategy, the NRFC should report on specific metrics within these categories. For example, detailing the sub-sectors within priority areas or the specific industries represented in each state/territory would offer greater insight into the breadth of its investments.
2025-26.pdf
Track and report on investment pipeline stages and conversion rates
The NRFC aims to deploy $1,500M in capital. To improve the efficiency of its investment process and forecast future deployment, the NRFC should establish and track key performance indicators for its investment pipeline. This includes metrics such as the number of applications received, stage of assessment, time taken at each stage, and conversion rates to committed capital. This data will help identify bottlenecks and optimise resource allocation.
2025-26.pdf
Benchmark private capital leveraged ratio against similar entities
The NRFC achieved a strong 1:3.11 private capital leveraged ratio. To provide context and assess performance against industry standards, the NRFC should benchmark this metric against comparable sovereign wealth funds or national investment vehicles globally. This would help determine if the current ratio is competitive and identify best practices for maximising private capital attraction.
2024-25.pdf
Implement a proactive risk assessment framework for emerging technologies
The NRFC's investment mandate allows for higher risk tolerance in emerging technologies. To effectively manage these risks, the NRFC should develop and implement a proactive, structured risk assessment framework specifically for investments in emerging technologies. This framework should go beyond standard due diligence to include scenario planning, technological obsolescence assessments, and expert consultation to identify and mitigate unique risks.
2025-26.pdf
Legislation administered
· 3
2023
National Reconstruction Fund Corporation Act 2023
Establishes the NRFC, setting out its purpose, functions, and investment objectives.
2023
National Reconstruction Fund Corporation (Priority Areas) Declaration 2023
Declares the seven priority areas of the Australian economy in which the NRFC can invest.
2023
National Reconstruction Fund Corporation (Investment Mandate) Direction 2023
Sets out the investment functions and requirements for the NRFC, including commercial approach and return targets.
Bodies within the Industry, Science and Resources portfolio
Net Zero Economy Authority
Non-corporate Commonwealth Entity
National Offshore Petroleum Safety and Environmental Management Authority
Corporate Commonwealth Entity
IP Australia
Non-corporate Commonwealth Entity
Geoscience Australia
Non-corporate Commonwealth Entity
Commonwealth Scientific and Industrial Research Organisation
Corporate Commonwealth Entity
Australian Nuclear Science and Technology Organisation
Corporate Commonwealth Entity
Industry Innovation and Science Australia - Innovation Investment Committee
Statutory Body
Industry Innovation and Science Australia - R&D Incentives Committee
Statutory Body
Industry Innovation and Science Australia - Cooperative Research Centres Advisor
Statutory Body
Industry Innovation and Science Australia - Industry Growth Program Committee
Statutory Body
International Trade Remedies Forum
Statutory Body
Anti-Dumping Commission
Statutory Body