{ "entity_id": "O-008274", "folder": "National-Reconstruction-Fund-Corporation", "name": "National Reconstruction Fund Corporation", "type": "Corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Industry, Science and Resources", "website": "https://www.nrf.gov.au", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": true, "has_global_initiatives_text": true, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 3, "n_artifacts": 5, "n_kpi_targets": 5, "n_kpi_results": 5, "n_outcomes": 2, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "The purpose of the National Reconstruction The NRFC has been created to deliver commercial\nfunds public policy returns that contribute to a\nstronger, future-ready Australia. [CP p.4]", "official_site_url": "https://www.nrf.gov.au", "source_documents": [ { "type": "annual_report", "title": "NRFC_Annual Report_Digital_FINAL_.pdf (pdf, 5.39 MB)", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "period": "2025", "confidence": "high" }, { "type": "annual_report", "title": "nrfc_annual_report_2023-2024.pdf (pdf, 4.66 MB)", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf", "period": "2023-24", "confidence": "high" }, { "type": "corporate_plan", "title": "nrfc_corporate_plan_2025-2026.pdf (pdf, 717.47 KB)", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "period": "2025-26", "confidence": "high" }, { "type": "corporate_plan", "title": "nrfc_corporate_plan_2024-2025.pdf (pdf, 1.35 MB)", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf", "period": "2024-25", "confidence": "high" }, { "type": "corporate_plan", "title": "NRFC Corporate Plan 2023-24 (pdf, 5.12 MB)", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-05/nrfc_corporate_plan_2023-2024.pdf", "period": "2023-24", "confidence": "high" } ], "purpose": { "text": "The purpose of the National Reconstruction The NRFC has been created to deliver commercial\nfunds public policy returns that contribute to a\nstronger, future-ready Australia. [CP p.4]", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": 4, "source_deep_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4" }, "vision": null, "strategic_priorities": [ { "title": "To facilitate increased flows of finance into priority areas of the Australian economy, through targeted investments to ", "description": "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.", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": 4, "source_deep_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4" } ], "values": [ { "name": "Creativity and connection", "description": "", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": null }, { "name": "Accountability", "description": "", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": null }, { "name": "Respect", "description": "", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": null }, { "name": "Enthusiasm", "description": "", "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Diversify and transform Australia’s industry and economy", "description": "Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes.", "activities": [ "Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes." ], "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": 7, "source_deep_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7" }, { "name": "Outcome 2: Partnering and engaging with stakeholders", "description": "Build and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner.", "activities": [ "Build and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner." ], "source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "source_page": 7, "source_deep_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7" } ], "performance_measures": [ { "code": "CCE01", "measure": "Total capital deployed", "target": "$1,500M", "latest_result": "$584.5M", "status": "Achieved", "target_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "target_source_page": 8, "result_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "result_source_page": 35 }, { "code": "CCE02", "measure": "Private capital leveraged", "target": "1:1 ratio across the investment portfolio", "latest_result": "1:3.11", "status": "Achieved", "target_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "target_source_page": 8, "result_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "result_source_page": 35 }, { "code": "CCE03", "measure": "Return on investment", "target": "Target rate of return 2-3% above the 5-year Australian Government Bond rate over the medium to long term", "latest_result": "N/A", "status": "Not applicable", "target_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "target_source_page": 8, "result_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "result_source_page": 35 }, { "code": "CCE04", "measure": "Diverse portfolio", "target": "4 priority areas", "latest_result": "7 States/Territories", "status": "Achieved", "target_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "target_source_page": 8, "result_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "result_source_page": 35 }, { "code": "CCE05", "measure": "Diverse portfolio", "target": "5 states and territories", "latest_result": "N/A", "status": "Partially achieved", "target_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "target_source_page": 8, "result_source_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "result_source_page": 35 } ], "document_alignment_terms": { "must_support": [ "The purpose of the National Reconstruction The NRFC has been created to deliver commercial\nfunds public policy returns that contribute to a\nstronger, future-ready Australia. [CP p.", "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." ], "watch_terms": [ "Total capital deployed", "Private capital leveraged", "Return on investment", "Diverse portfolio", "Diverse portfolio" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# National Reconstruction Fund Corporation — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Annual Report**: [2024-25](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)\n**Corporate Plan**: [2025-26](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)\n\n## Our purpose / purposes\n\n> The purpose of the National Reconstruction The NRFC has been created to deliver commercial\nfunds public policy returns that contribute to a\nstronger, future-ready Australia. [CP p.4](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4) [[CP p.4](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4)]\n\n## How we deliver\n\n> The NRFC will crowd in finance to transform and diversify Australia’s industry and economy. This supports the development of market leading enterprises in the priority areas of the Australian economy that deliver high value, internationally competitive products and services across the value chain. The NRFC will have regard to public policy outcomes when making investment decisions. [CP p.6](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=6) [[CP p.6](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=6)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=6)]\n\n## Government priorities for this department\n\n- 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. [[CP p.4](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=4)]\n\n## Outcomes\n\n### Outcome 1: Diversify and transform Australia’s industry and economy\nSupport opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes. [[CP p.7](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7)]\n\n**Key activities:**\n- Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes.\n\n### Outcome 2: Partnering and engaging with stakeholders\nBuild and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner. [[CP p.7](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=7)]\n\n**Key activities:**\n- Build and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner.\n\n## Values and principles\n\n_NRFC Core Values_\n\n- Creativity and connection\n- Accountability\n- Respect\n- Enthusiasm\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| CCE01 | Total capital deployed | $1,500M | [CP p.8](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8) |\n| CCE02 | Private capital leveraged | 1:1 ratio across the investment portfolio | [CP p.8](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8) |\n| CCE03 | Return on investment | Target rate of return 2-3% above the 5-year Australian Government Bond rate over the medium to long term | [CP p.8](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8) |\n| CCE04 | Diverse portfolio | 4 priority areas | [CP p.8](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8) |\n| CCE05 | Diverse portfolio | 5 states and territories | [CP p.8](https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8)(https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf#page=8) |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| CCE01 | Total capital deployed | $584.5M | Achieved | [AR p.35](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35)(https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35) |\n| CCE02 | Private capital leveraged | 1:3.11 | Achieved | [AR p.35](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35)(https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35) |\n| CCE03 | Return on investment | N/A | Not applicable | [AR p.35](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35)(https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35) |\n| CCE04 | Diverse portfolio | 7 States/Territories | Achieved | [AR p.35](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35)(https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35) |\n| CCE05 | Diverse portfolio | N/A | Partially achieved | [AR p.35](https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35)(https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf#page=35) |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# National Reconstruction Fund Corporation - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-10T23:12:00.513538+00:00\n**Entity ID**: O-008274\n**Entity type**: Corporate Commonwealth Entity\n**Jurisdiction**: Commonwealth\n**Portfolio**: Industry, Science and Resources\n**Website**: https://www.nrf.gov.au\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| annual-reports | 2 |\n| corporate-plans | 2 |\n| global-intelligence | 3 |\n| pages | 15 |\n\n## Executive Readout\n\n### Purpose\n\n- [Page 4]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Contents 4\nContents\nCHAIR’S REVIEW 5 FINANCIAL STATEMENTS 53\nCEO’S MESSAGE 7 Audit letter 54\nABOUT US 9 Statement by the Accountable Authority 56\nand the Chief Financial Officer\nEnabling legislation 10\nAppendix A: Legislative, Governance and 79\nNRFC Legislative Framework 11 Other Information\nInvestment Mandate Direction 12\nAppendix B: Workplace Health and 83\nSafety Report\nCorporate Plan 13\nAppendix C: Equal Employment 86\nYEAR IN REVIEW 14\nOpportunity Report\nOUR PEOPLE 29\nAppendix D: Board and Executive 90\nOrganisational structure 32 Remuneration\nEmployee benefits 32 Appendix E: Environmental Report 95\nANNUAL PERFORMANCE STATEMENT 33 Appendix F: Annual Reporting Requirements 105\nStatement of preparation 34\nOur purpose 34\nResults against performance outcomes 35\nGOVERNANCE 37\nThe NRFC Board 38\nBoard members 39\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 36]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Annual performance 36\nstatement\nPerformance criteria 2024-25 Measure/target Outcome Commentary\nMaking a positive difference\nInvestments contribute to All investments are Achieved As at 30 June 2025, all 10 investments\npublic policy objectives aligned to at least one of the were aligned to at least one\noutlined in the NRFC s17/c10 IM requirements s17/c10 requirement.\nlegislative framework\nInvestments in identified Investment portfolio covers Achieved As at 30 June 2025, the NRFC\nareas of the economy at least 3 identified areas of investment portfolio covers 4 areas of\nthe economy the economy, exceeding the target\nof at least 3.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 44]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 42\nOverview\nObjective of the Corporation The basis of preparation\nThe National Reconstruction Fund Corporation The financial statements are general purpose\n(NRFC) was established on 18 September 2023 financial statements and are required by:\nunder the National Reconstruction Fund Corporation\nAct 2023 (the NRFC Act) and is classified as a a) section 42 of the Public Governance,\ncorporate Commonwealth entity.\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- [Page 19]\nNational Reconstruction Fund Corporation Corporate Plan Performance to 2029 19\nKey activity 03 Stakeholder partnership and engagement\nMedia sentiment, responsiveness to enquiries and a favourable Net\nPromoter Score (NPS) demonstrates the commitment of the NRFC\nto increasing awareness of our mission and to building relationships\nto support the purpose of the NRFC.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n\n### Role and Functions\n\n- [Page 45]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Governance 45\nBoard committees\nNational Reconstruction\nFund Corporation Board\nAudit and Risk Board Investment Remuneration, People and\nCommittee (ARC) Committee (BIC) Culture Committee (RPCC)\nAudit and Risk Committee Board Investment Remuneration, People and\n(ARC) Committee (BIC) Culture Committee (RPCC)\nThe ARC advises and assists The BIC advises and assists the The RPCC assists the Board in\nthe Board in discharging its Board in performing its role and fulfilling its corporate governance\nresponsibilities under the NRFC functions under the NRFC Act and oversight responsibilities in\nAct, the PGPA Act and the PGPA in respect of NRFC’s investment relation to establishing people,\nRules in respect of: activities, including by: assessing culture and compensation\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 16]\nNational Reconstruction Fund Corporation Corporate Plan Performance to 2029 16\nPerformance to 2028-29\nKey activity 01 Delivering investments to facilitate flows of finance\ninto priority areas\nEach of these measures are quantitative measures on the NRFC\nportfolio.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Research and activities that support and enhance\nAustralia’s manufacturing capability\n2024-25 Targets – $550m – 1 00 engagements with at – 4 cooperative relationships – A ll investments are aligned – I nvestments in at least\n& Expected Outcomes – Ratio 1:1 across the investment portfolio least 10 engagements in with government entities to at least one of s17/c10 IM 3 states/territories\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the each growth area established requirements – Qualitative assessment\nmedium to long term – 5 partnerships established – 9 0% of general enquires – I nvestment portfolio of influence/evidence\nresponded to in 10 covers at least 3 identified developed and shared\nworking days areas of the economy with others\n2025-26 Targets – $1,050m\n& Expected Outcomes – Ratio 1:1 across the investment portfolio\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n- [Page 22]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Year in review 22\nTargeted Financial Levels - as per Investment Mandate (s15)\nPriority areas Targets (by 2029) 2024-25\n(a) renewables and low emission technologies up to $3 billion $0 million\n(b) medical manufacturing $1.5 billion $209 million\n(c) value adding in resources $1 billion $300 million\n(d) critical technologies in the national interest $1 billion $75.5 million\n(e) advanced manufacturing $1 billion $0 million\n(f) agriculture, forestry, fisheries, food and fibre $500 million $0 million\n$584.5 million\nINVESTMENT BY PRIORITY AREA\nVALUE-ADD IN RESOURCES\n$300m\n51.3% portfolio\n30.3%\nMEDICAL SCIENCE\n$209m\n35.8% portfolio\nENABLING CAPABILITIES\n$53m\n51.3%\n9.1% portfolio\n3.84%\n9.1%\nDEFENCE CAPABILITIES\n$22.5m\n3.84% portfolio\n*Investments may cover multiple areas\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- In my opinion, based on material provided to\nthe Board, this Annual Performance Statement\nThe NRFC’s investment function, as described in the\naccurately reflects the performance of the entity,\nNRFC Act, is to provide finance in the form of debt,\nand complies with subsection 39(2) of the PGPA Act\nequity and guarantees in seven priority areas:\nand section 16F of the PGPA Rule.\n– Renewables and low emission technologies\n– Enabling capabilities\n– Defence capability\nMartijn Wilder AM – Transport\nChair, National Reconstruction Fund Corporation\n– Value-add in resources\n– Value-add in agriculture, forestry and fisheries\n– Medical science\nIn addition, the NRFC’s portfolio of investments must\nhave a positive impact on the Australian economy,\ncommunity and environment.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [pages 34,35,36,37,38,39]\nubsection 39(2) of the PGPA Act\nequity and guarantees in seven priority areas:\nand section 16F of the PGPA Rule.\n– Renewables and low emission technologies\n– Enabling capabilities\n– Defence capability\nMartijn Wilder AM – Transport\nChair, National Reconstruction Fund Corporation\n– Value-add in resources\n– Value-add in agriculture, forestry and fisheries\n– Medical science\nIn addition, the NRFC’s portfolio of investments must\nhave a positive impact on the Australian economy,\ncommunity and environment.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n\n### Strategic Priorities\n\n- [Page 3]\nNational Reconstruction Fund Corporation Corporate Plan Contents 3\nContents\nPURPOSE 4 PERFORMANCE TO 2029 16\nAbout us 5 Key activity 01 16\nDelivering investments to facilitate flows of finance\ninto priority areas\nSTRATEGY, ACTIVITIES AND PERFORMANCE 6\nKey activity 02 17\nMEASURES\nMaking a positive differences\nStrategy 6\nKey activity 03 19\nKey activities 7\nStakeholder partnership and engagement\nPerformance measures 8\nKey activity 01 8\nDelivering investments to facilitate flows of finance\ninto priority areas\nKey activity 02 9\nMaking a positive difference\nKey activity 03 10\nStakeholder partnership and engagement\nOPERATING CONTEXT 11\nEnvironment 11\nCapability 12\nWorkforce capability\nDigital enablement\nRisk 13\nCollaboration and cooperation 15\nSubsidiaries 15\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 7]\nNational Reconstruction Fund Corporation Corporate Plan Key activities 7\nKey activities\n01\nDelivering investments to facilitate flows\nof finance into priority areas\nCommercial and self-sustainable debt or equity\ninvestments in targeted sectors that facilitate\nthe flows of finance into priority areas of the\nAustralian economy.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 16]\nNational Reconstruction Fund Corporation Corporate Plan Performance to 2029 16\nPerformance to 2028-29\nKey activity 01 Delivering investments to facilitate flows of finance\ninto priority areas\nEach of these measures are quantitative measures on the NRFC\nportfolio.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 10]\nNational Reconstruction Fund Corporation Annual Report 2024–25 About us 10\nAbout The National Reconstruction\nFund Corporation\nEnabling legislation The first instrument is the NRFC (Priority Areas)\nDeclaration 2023 that describes the priority areas of\nThe NRFC is a corporate Commonwealth entity,\nthe Australia economy:\nestablished under the National Reconstruction Fund\nCorporation Act 2023 (NRFC Act).\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 11]\nNational Reconstruction Fund Corporation Annual Report 2024–25 About us 11\nNRFC Legislative Framework\nAll investment decisions at the NRFC are guided by\nthe National Reconstruction Fund Corporation Act\n(2023), NRFC (Priority Areas) Declaration 2023 and\nNRFC (Investment Mandate) Declaration 2023.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- Name Description Investment Priority Area State/Territory\nDecision\nArafura Rare Earths Supply chain resilience for critical $200m Value-add in Northern Territory\nminerals in the net zero transition Resources\nBrandon Capital To help create and scale the $150m Medical Science Victoria\nnext generation of Australian\nmedical breakthroughs\nHarrison.ai Pioneering technology for quickly $32m Medical Science New South Wales\nand accurately diagnosing conditions Enabling\nlike cancer Capabilities\nMyriota World-leading satellite technology $25m Enabling South Australia\ndelivering real-time tracking for Capabilities\nAustralian businesses\nPolyActiva Groundbreaking eye implant $27m Medical Science Victoria\ntechnology to treat glaucoma\nQuantum Brilliance World-first diamond foundry delivering $13m Enabling Australian Capital\nleadership in quantum computing Capabilities Territory\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 21]\nNational Reconstruction Fund Corporation Annual Report 2024–25 YYeeaarr iinn rreevviieeww 21\nThe investment supports Harrison.ai continuing to In our defence priority area we have invested\nbase its operations in Australia, while ensuring that $22.5 million in Vault Cloud.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 22]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Year in review 22\nTargeted Financial Levels - as per Investment Mandate (s15)\nPriority areas Targets (by 2029) 2024-25\n(a) renewables and low emission technologies up to $3 billion $0 million\n(b) medical manufacturing $1.5 billion $209 million\n(c) value adding in resources $1 billion $300 million\n(d) critical technologies in the national interest $1 billion $75.5 million\n(e) advanced manufacturing $1 billion $0 million\n(f) agriculture, forestry, fisheries, food and fibre $500 million $0 million\n$584.5 million\nINVESTMENT BY PRIORITY AREA\nVALUE-ADD IN RESOURCES\n$300m\n51.3% portfolio\n30.3%\nMEDICAL SCIENCE\n$209m\n35.8% portfolio\nENABLING CAPABILITIES\n$53m\n51.3%\n9.1% portfolio\n3.84%\n9.1%\nDEFENCE CAPABILITIES\n$22.5m\n3.84% portfolio\n*Investments may cover multiple areas\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [pages 34,35,36,37,38,39]\nubsection 39(2) of the PGPA Act\nequity and guarantees in seven priority areas:\nand section 16F of the PGPA Rule.\n– Renewables and low emission technologies\n– Enabling capabilities\n– Defence capability\nMartijn Wilder AM – Transport\nChair, National Reconstruction Fund Corporation\n– Value-add in resources\n– Value-add in agriculture, forestry and fisheries\n– Medical science\nIn addition, the NRFC’s portfolio of investments must\nhave a positive impact on the Australian economy,\ncommunity and environment.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- Stakeholder partnership & engagement\nIncreased awareness 100 engagements with at Achieved As at 30 June 2025, the NRFC had\nof NRFC least 10 engagements in each undertaken over 400 engagements\ngrowth area during the financial year, with more\nthan 10 across each priority area.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- [Page 35]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Annual performance 35\nstatement\nResults against performance outcomes\nPerformance criteria 2024-25 Measure/target Outcome Commentary\nDelivering investments\nTotal Capital Deployed $550m Achieved NRFC has committed new investment\nfinance of $584.5 million in FY 2024-25\nacross 10 investments, against a target\nof $550 million.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 36]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Annual performance 36\nstatement\nPerformance criteria 2024-25 Measure/target Outcome Commentary\nMaking a positive difference\nInvestments contribute to All investments are Achieved As at 30 June 2025, all 10 investments\npublic policy objectives aligned to at least one of the were aligned to at least one\noutlined in the NRFC s17/c10 IM requirements s17/c10 requirement.\nlegislative framework\nInvestments in identified Investment portfolio covers Achieved As at 30 June 2025, the NRFC\nareas of the economy at least 3 identified areas of investment portfolio covers 4 areas of\nthe economy the economy, exceeding the target\nof at least 3.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- Performance measure Key performance indicators Target\n25-26 26-27 27-28 28-29\nCommercial and self-sustainable 1.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance indicators Target\n25-26 26-27 27-28 28-29\nSupport opportunities to diversify Investments support, diversify and Impact of NRFC investments is measured\nand transform Australia’s industry transform Australia’s industry and according to the NRFC impact framework.\nand economy and drive public economy and deliver public policy\noutcomes: Investments contribute to\npolicy outcomes.\nincreased capability and support in at least\none of the other s17/c10 requirements;\nand/or crowd-in private investment.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance Target\nindicators 25-26 26-27 27-28 28-29\nBuild and nurture relationships Increased awareness Increasing Increase of 5% Increase of Increase of\nto support facilitation of our of NRFC neutral and from baseline further 5% further 5%\npositive media\nmandate.\nsentiment -\nbaseline from\nIn addition to investment, NRFC\n30 June 2025\nrecognised as a professional and\nreliable co-investment partner.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance indicators Target 25-26\nCommercial and self-sustainable 1.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance indicators Target 25-26\nSupport opportunities to diversify Investments support, diversify NRFC investments should\nand transform Australia’s industry and transform Australia’s industry support, diversify and transform\nand economy and drive public and economy and deliver public Australia’s manufacturing\npolicy outcomes. policy outcomes: Investments capability; and contribute to\ncontribute to increased capability one or more of the following:\nand support in at least one of the\n– National Interest\nother s17(NRFC Act)/ c10 NRFC\n(Investment Mandate) Direction – Participation and Inclusion\n2023 requirements; and/or – Sustainable future\ncrowd-in private investment.\n– Crowd-in private capital\nResearch and activities that Qualitative assessment of\nsupport and enhance Australia’s influence/evidence developed\nmanufacturing capability. and shared with others.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 16]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Year in review 16\nInvestment – Impact – Influence\nDelivering investment\nAchieved:\n$585\nTarget: $550m\nm\nStakeholder engagement\nAchieved:\n+400\nTarget: 100\nMaking a positive difference\nFor 2024-25, NRFC invested in seven states/territories, exceeding\nthe requirement to invest in at least three states/territories.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- Performance measure Key performance indicators Target 25-26\nBuild and nurture relationships Increased awareness of NRFC Increasing neutral and positive\nto support facilitation of our media sentiment - baseline from\nmandate.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Transport\nThe Investment Mandate also requires the NRFC to\nallocate investments to target the following funding\nlevels over the medium to long term:\n– up to $3 billion for renewables and low emission\ntechnologies\nValue-add in resources\n– $1.5 billion for medical manufacturing\n– $1 billion for value-adding in resources\n– $1 billion for critical technologies in the national\ninterest\n– $1 billion for advanced manufacturing\n– $500 million for agriculture, forestry, fisheries,\nValue-add in agriculture,\nfood and fibre. forestry and fisheries\nMedical science\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [pages 10,11,12,13]\nformance indicators Target 25-26\nBuild and nurture relationships Increased awareness of NRFC Increasing neutral and positive\nto support facilitation of our media sentiment - baseline from\nmandate.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Return on investment The NRFC Investment Mandate specifies that the Corporation must target an\naverage return on investment across the portfolio of 2-3% over the 5-year Australian\nGovernance Bond over the medium to long term - the NRFC will commence tracking\non this measure, however, it will not be formally considered until the medium to long\nterm is reached.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Research and activities that support and enhance\nAustralia’s manufacturing capability\n2024-25 Targets – $550m – 1 00 engagements with at – 4 cooperative relationships – A ll investments are aligned – I nvestments in at least\n& Expected Outcomes – Ratio 1:1 across the investment portfolio least 10 engagements in with government entities to at least one of s17/c10 IM 3 states/territories\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the each growth area established requirements – Qualitative assessment\nmedium to long term – 5 partnerships established – 9 0% of general enquires – I nvestment portfolio of influence/evidence\nresponded to in 10 covers at least 3 identified developed and shared\nworking days areas of the economy with others\n2025-26 Targets – $1,050m\n& Expected Outcomes – Ratio 1:1 across the investment portfolio\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n- [pages 10,11,12,13,14,15]\nMandate requires the NRFC to\n– growing and improving industrial capability; take a commercial approach and target a return\non our investments to enable social, economic and\n– value-adding opportunities;\nenvironmental benefits.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| 576\nStaff | [Page 64]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Financial 64\nstatements\nNote 1 Financial performance continued\nNote 1.1 Expenses continued\n2025 2024\n$’000 $’000\nNOTE 1.1B SUPPLIERS\nGoods and services supplied or rendered\nContractors 2,370 578\nConsultants and contracted services 3,286 1,485\nFacility services and outgoings 203 169\nFinancial Statement audit fees 114 95\nInformation and communication technology services 943 64 | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $4 million, $2 million, 4 million, 2 million | Suppliers\nEmployee provisions\nThe expense recorded against suppliers is $4 million less than\nbudget due to savings in expenses, such as deal advisory Lower employee provision of $2 million is largely driven by\ncosts, in addition to the implementation of information the result of hiring fewer new staff than budgeted, as well\ntechnology systems being delayed to the next financial year. as timing differences with new hires being made later in the\nfi | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $4 million, 4 million | [Page 78]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Financial 78\nstatements\nNote 6 Budget variance commentary continued\nStatement of Comprehensive Income Plant and equipment\n$4 million underspend is due to timing difference of information\nEmployee benefits\ntechnology implementation. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $29 million, $1,371 million, 29 million, 1,371 million | Statement of Cash Flows\nNet cash from operating activities\nStatement of Financial Position\nThe $29 million positive difference is mainly due to a lower\nCash and cash equivalents spend on employee benefits and suppliers, together with\nCash held by the NRFC is $1,371 million greater than budgeted higher interest revenue as discussed in the Statement of\ndue to timing differences with cash outflows of investing Comprehensive Income.\nactivities, which | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $217\nmillion, $197 million, $1,522 million, 217\nmillion, 197 million, 1,522 million | [pages 79,80,81]\nre lower than budget – by $217\nmillion and $197 million respectively – owing to a lower than $1,522 million was drawn as contributed equity to finance\nbudgeted deployment of funds. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $22,500 , 201\nStaff | [Page 47]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 45\nNote 1.1B Suppliers\n2024\n$'000\nGoods and services supplied or rendered\nContractors 578\nConsultants and contracted services 1,485\nFinancial statement audit fees 95\nLegal fees 381\nTravel 201\nStaff-related expenses 604\nICT services 623\nOther goods and services 400\nTotal goods and services supplied or rendered 4,367\nGoods supplied 262\nServices rendered 4,105\nTotal goods an | `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)` |\n| $360 million, $188 million, $3 million, $172 million, 360 million, 188 million | Net cash used by investing activities\nThe $360 million under budget comprises of ‘Loans made to\nTrade and other receivables other parties’ being $188 million below budget and ‘Purchases of\nThe higher receivables, $3 million, variance, is largely driven equities’ being $172 million below budget. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $217\nmillion, $197 million, $1,522 million, 217\nmillion, 197 million, 1,522 million | Loans and equities\nNet cash received from financing activities\nLoans and equities held are lower than budget – by $217\nmillion and $197 million respectively – owing to a lower than $1,522 million was drawn as contributed equity to finance\nbudgeted deployment of funds. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $3 billion, $1.5 billion, $1 billion, $500 million | Transport\nThe Investment Mandate also requires the NRFC to\nallocate investments to target the following funding\nlevels over the medium to long term:\n– up to $3 billion for renewables and low emission\ntechnologies\nValue-add in resources\n– $1.5 billion for medical manufacturing\n– $1 billion for value-adding in resources\n– $1 billion for critical technologies in the national\ninterest\n– $1 billion for advanced manufacturing\n– $500 million for agricul | `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)` |\n| $22.5 million, 22.5 million | [Page 21]\nNational Reconstruction Fund Corporation Annual Report 2024–25 YYeeaarr iinn rreevviieeww 21\nThe investment supports Harrison.ai continuing to In our defence priority area we have invested\nbase its operations in Australia, while ensuring that $22.5 million in Vault Cloud. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $3 billion, $0 million, $1.5 billion, $209 million, $1 billion, $300 million | [Page 22]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Year in review 22\nTargeted Financial Levels - as per Investment Mandate (s15)\nPriority areas Targets (by 2029) 2024-25\n(a) renewables and low emission technologies up to $3 billion $0 million\n(b) medical manufacturing $1.5 billion $209 million\n(c) value adding in resources $1 billion $300 million\n(d) critical technologies in the national interest $1 billion $75.5 million\n(e) | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $550m, $584.5 million, $550 million, 584.5 million, 550 million | [Page 35]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Annual performance 35\nstatement\nResults against performance outcomes\nPerformance criteria 2024-25 Measure/target Outcome Commentary\nDelivering investments\nTotal Capital Deployed $550m Achieved NRFC has committed new investment\nfinance of $584.5 million in FY 2024-25\nacross 10 investments, against a target\nof $550 million. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $4,095,488 , $2,796,731 , $2,352,476 , $427,052 , $203,644 , $158,400 | Counter party Subject matter Amount of Start date\nconsideration\n(estimate)\nDepartment of Industry, Science Resource Agreement to provide ICT services $4,095,488 September 2023\nand Resources (DISR) and other services\nExport Finance Australia (EFA) Service Agreement for the provision of ICT, $2,796,731 September 2023\nFinance and HR support services\nExecutive Interim Management Interim human resources solutions $2,352,476 October 2023\nMinter Ellison | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $1,276,122 , $377,011 , $84,480 , $84,700 , $583,590 , $151,550 | Counter party Subject matter Amount of Start date\nconsideration\n(estimate)\nClifford Chance Australia Nominee Sydney Office Lease $1,276,122 July 2024\nPty Ltd as trustee for the Clifford\nChance Services Trust\nCTM Business travel and accommodation costs $377,011 July 2024\nfor period 1 July 2024 to 30 June 2025 under\nWoAG travel procurement program\nHealth Legal Pty Ltd Legislative compliance and $84,480 July 2024\nobligations mapping\nKorn Ferry Execu | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $220001 , $245000\n, $320001 , $345000\n, $370001 , $395000 | Short-term benefits Post- Other long-term Termination Total\nemployment benefits benefits remuneration\nbenefits\nRemuneration Number Average Average Average other Average Average Average Average Average\nband of senior base bonuses benefits and superannuation long other termination total\nexecutive salary allowances 1 contributions service long-term benefits remuneration\nstaff leave benefits\n($) ($) ($) ($) ($) ($) ($) ($)\n$220001 – 1 172,792 30,000 | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $550m, $584.5 million, $550 million, 584.5 million, 550 million | [Page 35]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Annual performance 35\nstatement\nResults against performance outcomes\nPerformance criteria 2024-25 Measure/target Outcome Commentary\nDelivering investments\nTotal Capital Deployed $550m Achieved NRFC has committed new investment\nfinance of $584.5 million in FY 2024-25\nacross 10 investments, against a target\nof $550 million. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $585\n, $550m | [Page 16]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Year in review 16\nInvestment – Impact – Influence\nDelivering investment\nAchieved:\n$585\nTarget: $550m\nm\nStakeholder engagement\nAchieved:\n+400\nTarget: 100\nMaking a positive difference\nFor 2024-25, NRFC invested in seven states/territories, exceeding\nthe requirement to invest in at least three states/territories. | `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)` |\n| $3 billion, $1.5 billion, $1 billion, $500 million | Transport\nThe Investment Mandate also requires the NRFC to\nallocate investments to target the following funding\nlevels over the medium to long term:\n– up to $3 billion for renewables and low emission\ntechnologies\nValue-add in resources\n– $1.5 billion for medical manufacturing\n– $1 billion for value-adding in resources\n– $1 billion for critical technologies in the national\ninterest\n– $1 billion for advanced manufacturing\n– $500 million for agricul | `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)` |\n| $550m, $1,050m | Research and activities that support and enhance\nAustralia’s manufacturing capability\n2024-25 Targets – $550m – 1 00 engagements with at – 4 cooperative relationships – A ll investments are aligned – I nvestments in at least\n& Expected Outcomes – Ratio 1:1 across the investment portfolio least 10 engagements in with government entities to at least one of s17/c10 IM 3 states/territories\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the each | `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)` |\n\n## Key Achievements\n\n- 30 June 2025\nIn addition to investment, NRFC Collaboration within the Favourable Net Promoter\nrecognised as a professional and ecosystem Score (NPS) survey results from\nreliable co-investment partner. ecosystem partners, other SIVs\nand government stakeholders\nCustomer experience 90% of general (not investment)\nenquires responded to in 10\nworking days\nFavourable NPS survey results\nfrom borrowers within the last\n12 months\nCollection and reporting Progress for the current year against this\nindicator is provided to the Audit and Risk\nCommittee each quarter.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- In this regard, the NRFC’s overall impact\nresilient and future-ready Australian economy. can far outstrip the dollar value of its investments by\nencouraging other investors and private capital to\nDuring FY 2024-25 we have worked to progress follow where we have led or to co-invest alongside us.\nan impact framework that will set us up to\nunderstand the impacts of our investments and NRFC’s Corporate Plan sets out a crowding in\nshare these stories and insights with others across target of 1:1.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 25]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 23\nRisk\nMEASUREMENT\nTARGETS OUTPUTS ACHIEVEMENT COMMENTARY\nCRITERIA\nThe Board and Executive committees have been established\nand their charters have been finalised.\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- [Page 3]\nNational Reconstruction Fund Corporation Corporate Plan Contents 3\nContents\nPURPOSE 4 PERFORMANCE TO 2029 16\nAbout us 5 Key activity 01 16\nDelivering investments to facilitate flows of finance\ninto priority areas\nSTRATEGY, ACTIVITIES AND PERFORMANCE 6\nKey activity 02 17\nMEASURES\nMaking a positive differences\nStrategy 6\nKey activity 03 19\nKey activities 7\nStakeholder partnership and engagement\nPerformance measures 8\nKey activity 01 8\nDelivering investments to facilitate flows of finance\ninto priority areas\nKey activity 02 9\nMaking a positive difference\nKey activity 03 10\nStakeholder partnership and engagement\nOPERATING CONTEXT 11\nEnvironment 11\nCapability 12\nWorkforce capability\nDigital enablement\nRisk 13\nCollaboration and cooperation 15\nSubsidiaries 15\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Transport\nThe Investment Mandate also requires the NRFC to\nallocate investments to target the following funding\nlevels over the medium to long term:\n– up to $3 billion for renewables and low emission\ntechnologies\nValue-add in resources\n– $1.5 billion for medical manufacturing\n– $1 billion for value-adding in resources\n– $1 billion for critical technologies in the national\ninterest\n– $1 billion for advanced manufacturing\n– $500 million for agriculture, forestry, fisheries,\nValue-add in agriculture,\nfood and fibre. forestry and fisheries\nMedical science\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [pages 10,11,12,13]\nformance indicators Target 25-26\nBuild and nurture relationships Increased awareness of NRFC Increasing neutral and positive\nto support facilitation of our media sentiment - baseline from\nmandate.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 16]\nNational Reconstruction Fund Corporation Corporate Plan Performance to 2029 16\nPerformance to 2028-29\nKey activity 01 Delivering investments to facilitate flows of finance\ninto priority areas\nEach of these measures are quantitative measures on the NRFC\nportfolio.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance indicators Target\n25-26 26-27 27-28 28-29\nCommercial and self-sustainable 1.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance indicators Target\n25-26 26-27 27-28 28-29\nSupport opportunities to diversify Investments support, diversify and Impact of NRFC investments is measured\nand transform Australia’s industry transform Australia’s industry and according to the NRFC impact framework.\nand economy and drive public economy and deliver public policy\noutcomes: Investments contribute to\npolicy outcomes.\nincreased capability and support in at least\none of the other s17/c10 requirements;\nand/or crowd-in private investment.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance Target\nindicators 25-26 26-27 27-28 28-29\nBuild and nurture relationships Increased awareness Increasing Increase of 5% Increase of Increase of\nto support facilitation of our of NRFC neutral and from baseline further 5% further 5%\npositive media\nmandate.\nsentiment -\nbaseline from\nIn addition to investment, NRFC\n30 June 2025\nrecognised as a professional and\nreliable co-investment partner.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Making a positive impact 9\nOperating Context 11\nOperating Environment 11\nCapability Workforce 12\nInfrastructure\nICT\nRisk Management 13\nOversight\nSubsidiaries\nPerformance 14\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n- Research and activities that support and enhance\nAustralia’s manufacturing capability\n2024-25 Targets – $550m – 1 00 engagements with at – 4 cooperative relationships – A ll investments are aligned – I nvestments in at least\n& Expected Outcomes – Ratio 1:1 across the investment portfolio least 10 engagements in with government entities to at least one of s17/c10 IM 3 states/territories\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the each growth area established requirements – Qualitative assessment\nmedium to long term – 5 partnerships established – 9 0% of general enquires – I nvestment portfolio of influence/evidence\nresponded to in 10 covers at least 3 identified developed and shared\nworking days areas of the economy with others\n2025-26 Targets – $1,050m\n& Expected Outcomes – Ratio 1:1 across the investment portfolio\n– Target portfolio Rate of Return = 2–3% >5yr AGB in the\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- [Page 45]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Governance 45\nBoard committees\nNational Reconstruction\nFund Corporation Board\nAudit and Risk Board Investment Remuneration, People and\nCommittee (ARC) Committee (BIC) Culture Committee (RPCC)\nAudit and Risk Committee Board Investment Remuneration, People and\n(ARC) Committee (BIC) Culture Committee (RPCC)\nThe ARC advises and assists The BIC advises and assists the The RPCC assists the Board in\nthe Board in discharging its Board in performing its role and fulfilling its corporate governance\nresponsibilities under the NRFC functions under the NRFC Act and oversight responsibilities in\nAct, the PGPA Act and the PGPA in respect of NRFC’s investment relation to establishing people,\nRules in respect of: activities, including by: assessing culture and compensation\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 4]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Contents 4\nContents\nCHAIR’S REVIEW 5 FINANCIAL STATEMENTS 53\nCEO’S MESSAGE 7 Audit letter 54\nABOUT US 9 Statement by the Accountable Authority 56\nand the Chief Financial Officer\nEnabling legislation 10\nAppendix A: Legislative, Governance and 79\nNRFC Legislative Framework 11 Other Information\nInvestment Mandate Direction 12\nAppendix B: Workplace Health and 83\nSafety Report\nCorporate Plan 13\nAppendix C: Equal Employment 86\nYEAR IN REVIEW 14\nOpportunity Report\nOUR PEOPLE 29\nAppendix D: Board and Executive 90\nOrganisational structure 32 Remuneration\nEmployee benefits 32 Appendix E: Environmental Report 95\nANNUAL PERFORMANCE STATEMENT 33 Appendix F: Annual Reporting Requirements 105\nStatement of preparation 34\nOur purpose 34\nResults against performance outcomes 35\nGOVERNANCE 37\nThe NRFC Board 38\nBoard members 39\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 46]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Governance 46\nBoard composition and committee membership\nName Start Date End Date Term Audit Board Remuneration\nand Risk Investment People and Culture\nCommittee Committee Committee\nMartijn Wilder AM 18 September 17 September 4 years - Member -\n2023 2027\nKellie Benda 4 March 3 March 3 years - Member Member\n2025 2028\nAhmed Fahour AO 18 September 17 September 3 years Member Member -\n2023 2026\nDr Katharine Giles* 18 September 25 November 4 years - Member Member\n2023 2024*\nThe Hon Kelly 18 September 17 September 4 years - Member Member\nO’Dwyer 2023 2027\nDaniel Petre AO 18 September 17 September 3 years - Chair -\n2023 2026\nKathryn 18 September 17 September 3 years Chair Member -\nPresser AM 2023 2026\nKaren 18 September 17 September 3 years Member Member -\nSmith-Pomeroy 2023 2026\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 47]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Governance 47\nMeeting attendance\nBoard Member Board Audit and Risk Board Investment Remuneration, People\nCommittee Committee and Culture Committee\nAttended Total Attended Total Attended Total Attended Total\nnumber of number of number of number of\nmeetings meetings meetings meetings\nMartijn Wilder AM 11 11 - - 10 10 - -\nKellie Benda^ 2 3 - - 2 2 2 2\nAhmed Fahour AO 11 11 7 7 8 10 - -\nDr Katharine Giles* 3 4 - - 4 5 1 1\nThe Hon Kelly 10 11 - - 9 10 6 6\nO’Dwyer\nDaniel Petre AO 10 11 - - 9 10 - -\nKathryn 10 11 7 7 10 10 - -\nPresser AM\nKaren 11 11 7 7 10 10 - -\nSmith-Pomeroy\nGlenn Thompson 8 11 - - 7 10 5 6\nDaniel Walton 9 11 - - 9 10 6 6\n^ Kellie Benda was appointed on 4 March 2025, total meetings able to attend up to 30 June 2025 are noted above\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 31]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 29\nBoard composition and committee membership\nRemuneration,\nAudit, Risk and People and\nInvestment Compliance Culture\nName Start Date End Date Term Committee Committee Committee\nMartijn Wilder AM 18/09/2023 17/09/2027 4 years Member\nAhmed Fahour AO 18/09/2023 17/09/2026 3 years Member Member\nDr Katharine Giles 18/09/2023 17/09/2027 4 years Member Member\nThe Hon Kelly\n18/09/2023 17/09/2027 4 years Member Member\nO'Dwyer\nDaniel Petre AO 18/09/2023 17/09/2026 3 years Chair\nKathryn Presser AM 18/09/2023 17/09/2026 3 years Member Chair\nKaren Smith-\n18/09/2023 17/09/2026 3 years Member Member\nPomeroy\nGlenn Thompson 16/10/2023 15/10/2027 4 years Member Member\nDaniel Walton 18/09/2023 17/09/2027 4 years Member Chair\nBack\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- [Page 32]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 30\nMeeting attendance\nRemuneration,\nInvestment Audit and Risk\nBoard People and Culture\nCommittee Committee\nCommittee\nBoard member\nTotal Total Total Total\nAttended number of Attended number of Attended number of Attended number of\nmeetings meetings meetings meetings\nMartijn Wilder AM 11 11 3 3 - - - -\nAhmed Fahour AO 9 11 2 3 3 3 - -\nDr Katharine Giles 8 11 3 3 - - 2 3\nThe Hon Kelly\n11 11 3 3 - - 3 3\nO'Dwyer\nDaniel Petre AO 10 11 3 3 - - - -\nKathryn Presser AM 11 11 3 3 3 3 - -\nKaren Smith-\n11 11 3 3 3 3 - -\nPomeroy\nGlenn Thompson* 6 7 3 3 - - 2 3\nDaniel Walton 10 11 2 3 - - 3 3\n* Glenn Thompson was appointed in October 2023 so was not a member of the NRFC Board for the first four board meetings.\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- 30 June 2025\nIn addition to investment, NRFC Collaboration within the Favourable Net Promoter\nrecognised as a professional and ecosystem Score (NPS) survey results from\nreliable co-investment partner. ecosystem partners, other SIVs\nand government stakeholders\nCustomer experience 90% of general (not investment)\nenquires responded to in 10\nworking days\nFavourable NPS survey results\nfrom borrowers within the last\n12 months\nCollection and reporting Progress for the current year against this\nindicator is provided to the Audit and Risk\nCommittee each quarter.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 13]\nNational Reconstruction Fund Corporation Corporate Plan Operating Context 13\nRisk\nManagement Oversight\nOur enterprise-wide Risk Management Framework Our risk management discipline is reinforced by\nmonitors and manages our risks, including strategic, Board-level oversight, including through designated\nfinancial, credit, operational and reputational risks. committees comprising:\nWe also review all investment opportunities through – the Audit and Risk Committee\na detailed investment approval process that involves – t he Remuneration, People and Culture\nmulti-stage commercial assessments by the Investments Committee, and\nteam as well as structured transaction-level tests and – the Investment Committee.\nchallenge by our risk function.\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n- These activities are coercion or harassment;\nsupported by NRFC policies and controls;\n– utilising NRFC resources for proper purposes,\n– the Risk Function is accountable for the second operating as a steward of Australian taxpayers’\nline of defence and reports to the Audit and Risk money; and\nCommittee on the implementation of the\n– complying with applicable Australian laws, this\nRisk Framework and oversees risks (including\nCode and the NRFC’s policies, procedures\namong others market, credit, operational\nand guidelines as applicable from time to time,\nand reputational risks) to determine if they\nand proactively identifying, reporting and\nare managed within the Board’s appetite and\ndealing with suspected breaches or incidents.\nescalates emerging issues where appropriate;\n– the third line, via internal audit, provides Indemnities and Insurance\nindependent assurance over the effectiveness\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 102]\nNational Reconstruction Fund Corporation Annual Report 2024–25 Appendix E 102\nCriteria Requirement summary Response and cross-reference\nG1(a)vi How the accountable authority The Board works closely with the Audit and Risk\ndeputises risk oversight to a specific Committee to seek advice and assurance on\nmanagement level position or risk reporting and controls.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [Page 30]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 28\nBoard committees\nNational Reconstruction\nFund Corporation Board\nAudit and Risk Committee Board Investment Remuneration, People and\n(ARC) Committee (BIC) Culture Committee (RPCC)\nAudit and Risk Committee (ARC) Remuneration, People and Culture\nCommittee (RPCC)\nThe ARC advises and assists the Board in\ndischarging its responsibilities under the NRFC Act, The RPCC advises and assists the Board in guiding\nthe PGPA Act and the PGPA Rules in respect of: our talent, people and culture remuneration\nstrategies, policies and initiatives through:\n– financial reporting;\n– performance reporting; – the oversight of people and strategies to foster\n– external and internal audits; quality management practices;\n– risk oversight and management; – the setting of key performance measures for the\n– internal control;\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- [Page 3]\nNational Reconstruction Fund Corporation Corporate Plan Contents 3\nContents\nPURPOSE 4 PERFORMANCE TO 2029 16\nAbout us 5 Key activity 01 16\nDelivering investments to facilitate flows of finance\ninto priority areas\nSTRATEGY, ACTIVITIES AND PERFORMANCE 6\nKey activity 02 17\nMEASURES\nMaking a positive differences\nStrategy 6\nKey activity 03 19\nKey activities 7\nStakeholder partnership and engagement\nPerformance measures 8\nKey activity 01 8\nDelivering investments to facilitate flows of finance\ninto priority areas\nKey activity 02 9\nMaking a positive difference\nKey activity 03 10\nStakeholder partnership and engagement\nOPERATING CONTEXT 11\nEnvironment 11\nCapability 12\nWorkforce capability\nDigital enablement\nRisk 13\nCollaboration and cooperation 15\nSubsidiaries 15\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Making a positive impact 9\nOperating Context 11\nOperating Environment 11\nCapability Workforce 12\nInfrastructure\nICT\nRisk Management 13\nOversight\nSubsidiaries\nPerformance 14\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n- Investments, Impact and Communications teams are\nresponsible for managing the risks arising from their\nactivities, supported by our (second line) risk function\nwhich provides test and challenge and our (third line)\ninternal audit function will provide independent risk\nmanagement assurance.\n Source: `corporate-plans/2024-25.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf)`\n\n## Corporate Values and Operating Culture\n\n- Fund Corporation (NRFC), present the 2023-24\nAnnual Performance Statement of the NRFC, as As Australia’s sovereign investor in manufacturing\nrequired under paragraph 39(1)(a) of the Public capability, we will support the development of\nGovernance, Performance and Accountability Act enterprises in the priority areas of the Australian\n2013 (PGPA Act). economy that deliver high value, internationally\ncompetitive products and services across the value\nIn my opinion, based on material provided to chain.\nthe Board, this Annual Performance Statement\naccurately reflects the performance of the entity, The NRFC’s investment function, as described in the\nand complies with subsection 39(2) of the PGPA Act.\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- 30 June 2025\nIn addition to investment, NRFC Collaboration within the Favourable Net Promoter\nrecognised as a professional and ecosystem Score (NPS) survey results from\nreliable co-investment partner. ecosystem partners, other SIVs\nand government stakeholders\nCustomer experience 90% of general (not investment)\nenquires responded to in 10\nworking days\nFavourable NPS survey results\nfrom borrowers within the last\n12 months\nCollection and reporting Progress for the current year against this\nindicator is provided to the Audit and Risk\nCommittee each quarter.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [Page 84]\nNational Reconstruction Fund Corporation Annual Report FY 2023-24 82\n17BE(n), 17BE(o) Not applicable For transactions with a related Commonwealth entity or If applicable,\nrelated company where the value of the transaction, or if mandatory\nthere is more than one transaction, the aggregate of those\ntransactions, is more than $10,000 (inclusive of GST): (a) the\ndecision-making process undertaken by the accountable\nauthority to approve the entity paying for a good or service\nfrom, or providing a grant to, the related Commonwealth\nentity or related company; and (b) the value of the transaction,\nor if there is more than one transaction, the number of\ntransactions and the aggregate of value of the transactions.\n Source: `annual-reports/2023-24.pdf (https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf)`\n- [Page 3]\nNational Reconstruction Fund Corporation Corporate Plan Contents 3\nContents\nPURPOSE 4 PERFORMANCE TO 2029 16\nAbout us 5 Key activity 01 16\nDelivering investments to facilitate flows of finance\ninto priority areas\nSTRATEGY, ACTIVITIES AND PERFORMANCE 6\nKey activity 02 17\nMEASURES\nMaking a positive differences\nStrategy 6\nKey activity 03 19\nKey activities 7\nStakeholder partnership and engagement\nPerformance measures 8\nKey activity 01 8\nDelivering investments to facilitate flows of finance\ninto priority areas\nKey activity 02 9\nMaking a positive difference\nKey activity 03 10\nStakeholder partnership and engagement\nOPERATING CONTEXT 11\nEnvironment 11\nCapability 12\nWorkforce capability\nDigital enablement\nRisk 13\nCollaboration and cooperation 15\nSubsidiaries 15\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Transport\nThe Investment Mandate also requires the NRFC to\nallocate investments to target the following funding\nlevels over the medium to long term:\n– up to $3 billion for renewables and low emission\ntechnologies\nValue-add in resources\n– $1.5 billion for medical manufacturing\n– $1 billion for value-adding in resources\n– $1 billion for critical technologies in the national\ninterest\n– $1 billion for advanced manufacturing\n– $500 million for agriculture, forestry, fisheries,\nValue-add in agriculture,\nfood and fibre. forestry and fisheries\nMedical science\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- Performance measure Key performance Target\nindicators 25-26 26-27 27-28 28-29\nBuild and nurture relationships Increased awareness Increasing Increase of 5% Increase of Increase of\nto support facilitation of our of NRFC neutral and from baseline further 5% further 5%\npositive media\nmandate.\nsentiment -\nbaseline from\nIn addition to investment, NRFC\n30 June 2025\nrecognised as a professional and\nreliable co-investment partner.\n Source: `corporate-plans/2025-26.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf)`\n- [pages 10,11,12,13,14,15]\nMandate requires the NRFC to\n– growing and improving industrial capability; take a commercial approach and target a return\non our investments to enable social, economic and\n– value-adding opportunities;\nenvironmental benefits.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n- [pages 15,16,17,18,19]\ncreation and production\nwith advanced technologies to enhance efficiency, Our investment and partnerships will drive\nproductivity and competitiveness. long-term economic growth and generate\njobs with a skilled and adaptable workforce,\ncontributing to a secure and sustainable future for\nAlong the value chain, manufacturing involves\nAustralian communities.\ntransforming raw materials or parts into new\nproducts and covers the entire product lifecycle,\nincluding activities that design, refine, make, We shape Australia’s future through\ndistribute, and service those products. strategic investment and partnership in\nmanufacturing capability.\n Source: `annual-reports/2025.pdf (https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf)`\n\n## Global Ideas and Case Study Inputs\n\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n\n## Source Artifacts Used\n\n- `corporate-plans/2025-26.pdf` - corporate-plans - https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf\n- `corporate-plans/2024-25.pdf` - corporate-plans - https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf\n- `annual-reports/2025.pdf` - annual-reports - https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf\n- `annual-reports/2023-24.pdf` - annual-reports - https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf\n- `pages/about.html` - pages - https://www.nrf.gov.au/who-we-are\n- `pages/annual-reports-index.html` - pages - https://www.nrf.gov.au/who-we-are/our-governance/corporate-report\n- `pages/annual-reports-index__00.html` - pages - https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf\n- `pages/corporate-plans-index.html` - pages - https://www.nrf.gov.au/who-we-are/our-governance/corporate-report\n- `pages/corporate-plans-index__01.html` - pages - https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf\n- `pages/corporate-plans-index__02.html` - pages - https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf\n- `pages/corporate-plans-index__03.html` - pages - https://www.nrf.gov.au/sites/default/files/documents/2024-05/nrfc_corporate_plan_2023-2024.pdf\n- `pages/homepage.html` - pages - https://www.nrf.gov.au\n- `pages/media-releases-index.html` - pages - https://www.nrf.gov.au/news-and-media-releases/national-reconstruction-fund-corporation-builds-australias-advanced-manufacturing-capability-2845-million-investment-liquid-instruments\n- `pages/media-releases-index__06.html` - pages - https://www.nrf.gov.au/news-and-media-releases/national-reconstruction-fund-corporation-builds-australias-advanced-manufacturing-capability-2845-million-investment-liquid-instruments\n- `pages/media-releases-index__07.html` - pages - https://www.nrf.gov.au/themes/custom/nrf_theme/dist/styles.css?v=20260422\n- `pages/news-latest.html` - pages - https://www.nrf.gov.au/news-and-media\n- `pages/priorities-index.html` - pages - https://www.nrf.gov.au/what-we-do\n- `pages/priorities-index__04.html` - pages - https://www.nrf.gov.au/what-we-do/our-priority-areas\n- `pages/priorities-index__05.html` - pages - https://www.nrf.gov.au/who-we-are/our-governance/corporate-report\n- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\n\n## Gaps To Fix\n\n- No major source gaps detected by the deterministic checks.", "legislation_md": "# National Reconstruction Fund Corporation — Legislation Administered\n\n**Generated**: 2026-05-12T23:12:14+00:00\n**Source**: LLM extraction (gemini-flash-lite) from latest annual report and corporate plan\n**Tokens**: 25,429 in / 382 out · cost: $0.00270\n\n> Acts and instruments this entity administers or has primary responsibility for.\n> Excludes generic gov-wide compliance Acts (PGPA, Public Service Act, FOI, Privacy, etc.).\n\n**Source documents fed to the model**:\n- Annual report: `annual-reports\\2025.txt`\n- Corporate plan: `corporate-plans\\2025-26.txt`\n\n## 3 laws administered\n\n| Title | Year | Type | What this entity does under it |\n|---|---|---|---|\n| [National Reconstruction Fund Corporation Act 2023](https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20Act%202023) | 2023 | Act | Establishes the NRFC, setting out its purpose, functions, and investment objectives. |\n| [National Reconstruction Fund Corporation (Priority Areas) Declaration 2023](https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20(Priority%20Areas)%20Declaration%202023) | 2023 | Instrument | Declares the seven priority areas of the Australian economy in which the NRFC can invest. |\n| [National Reconstruction Fund Corporation (Investment Mandate) Direction 2023](https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20(Investment%20Mandate)%20Direction%202023) | 2023 | Instrument | Sets out the investment functions and requirements for the NRFC, including commercial approach and return targets. |", "global_initiatives_md": "# National Reconstruction Fund Corporation — Global Initiatives Catalogue\n\n## Focus areas\n* Sovereign investment funds\n* Industrial capability and diversification\n* Strategic sector investment\n* Public-private partnerships in industry\n* Economic resilience and transformation\n\n## Sovereign investment funds\n\n### Canada Pension Plan Investment Board (CPPIB)\n**Jurisdiction**: Canada\n**Run by**: Canada Pension Plan Investment Board\n**Year**: 2000\n**Status**: Active\n**What it does (2–3 sentences)**: CPPIB is a professional investment management organisation that invests the assets of the Canada Pension Plan. It operates independently from the government and focuses on achieving strong, long-term returns for contributors and beneficiaries. CPPIB invests globally across a wide range of asset classes, including public equities, fixed income, and alternative investments.\n**Why it matters to Australia (1–2 sentences)**: Provides a model for a large-scale, independent sovereign investment vehicle focused on long-term financial sustainability and diversification, which could inform the NRFC's governance and investment strategy.\n**Find more**: [Canada Pension Plan Investment Board](https://www.cppib.com/en/)\n\n### Temasek Holdings\n**Jurisdiction**: Singapore\n**Run by**: Singaporean Government (Ministry of Finance)\n**Year**: 1974\n**Status**: Active\n**What it does (2–3 sentences)**: Temasek is an investment company headquartered in Singapore, owned by the Government of Singapore. It owns and manages a portfolio of investments, primarily focused on equity, with a long-term investment horizon. Temasek aims to deliver sustainable, long-term value and invests across a broad range of sectors globally.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into how a state-owned investment entity can operate commercially while pursuing strategic national interests and diversification, relevant for the NRFC's dual mandate.\n**Find more**: [Temasek Holdings](https://www.temasek.com.sg/)\n\n### Future Fund Management Agency\n**Jurisdiction**: Australia (Commonwealth)\n**Run by**: Future Fund Management Agency\n**Year**: 2006\n**Status**: Active\n**What it does (2–3 sentences)**: The Future Fund is Australia's sovereign wealth fund, established to strengthen the nation's long-term financial position. It invests across a diversified portfolio of assets globally with the objective of achieving a high rate of return over the long term. The Fund operates independently of government in its investment decisions.\n**Why it matters to Australia (1–2 sentences)**: As Australia's existing sovereign wealth fund, its operational structure, governance, and investment approach offer direct comparisons for the NRFC's establishment and management.\n**Find more**: [Future Fund](https://www.futurefund.gov.au/)\n\n## Industrial capability and diversification\n\n### UK Advanced Manufacturing Fund\n**Jurisdiction**: United Kingdom\n**Run by**: Department for Business and Trade (formerly Department for Business, Energy & Industrial Strategy)\n**Year**: 2019 (established, with ongoing investment)\n**Status**: Active\n**What it does (2–3 sentences)**: The fund aims to support the growth of advanced manufacturing in the UK by providing capital for innovative companies. It focuses on sectors with high growth potential and a strong export capability. The fund often co-invests alongside private sector capital.\n**Why it matters to Australia (1–2 sentences)**: Demonstrates a government-backed approach to directly stimulating and investing in advanced manufacturing capabilities, offering lessons for the NRFC's sector-specific investment strategy.\n**Find more**: [UK Government - Advanced Manufacturing](https://www.gov.uk/government/topics/advanced-manufacturing)\n\n### Korean New Deal (Green New Deal and Digital New Deal components)\n**Jurisdiction**: South Korea\n**Run by**: Various ministries, including Ministry of Economy and Finance, Ministry of Science and ICT\n**Year**: 2020\n**Status**: Active (evolving)\n**What it does (2–3 sentences)**: A broad national strategy to drive economic recovery and transformation through investment in green infrastructure, digital innovation, and job creation. It involves significant public and private sector investment in areas like renewable energy, AI, and advanced manufacturing.\n**Why it matters to Australia (1–2 sentences)**: Provides a comprehensive national framework for industrial transformation and diversification, highlighting how government policy can catalyse investment in future-oriented sectors.\n**Find more**: [Korean New Deal](https://www.korea.net/Government/Policies-and-Initiatives/Korean-New-Deal)\n\n### Manufacturing Futures Initiative (US)\n**Jurisdiction**: United States\n**Run by**: National Institute of Standards and Technology (NIST) - Manufacturing Extension Partnership (MEP)\n**Year**: Ongoing (evolved from earlier programs)\n**Status**: Active\n**What it does (2–3 sentences)**: Supports the modernisation of US manufacturing through a network of centres that provide technical assistance, innovation support, and workforce development to small and medium-sized manufacturers. It focuses on adopting advanced technologies and improving competitiveness.\n**Why it matters to Australia (1–2 sentences)**: Offers a model for a distributed network supporting SMEs in adopting new technologies and improving their capabilities, which could complement the NRFC's direct investment approach.\n**Find more**: [NIST MEP - Manufacturing USA](https://www.nist.gov/mep/manufacturing-usa-network)\n\n## Strategic sector investment\n\n### Clean Energy Finance Corporation (CEFC)\n**Jurisdiction**: Australia (Commonwealth)\n**Run by**: Clean Energy Finance Corporation\n**Year**: 2012\n**Status**: Active\n**What it does (2–3 sentences)**: CEFC is a government-owned entity that invests to accelerate the deployment of clean energy in Australia. It provides finance to a range of clean energy technologies and projects, aiming to attract private sector investment. CEFC operates on commercial principles.\n**Why it matters to Australia (1–2 sentences)**: As a specialist government financier in a priority sector, CEFC's investment criteria, risk appetite, and partnership models are directly relevant to the NRFC's operations in its own priority areas.\n**Find more**: [Clean Energy Finance Corporation](https://www.cefc.com.au/)\n\n### US Advanced Manufacturing National Program\n**Jurisdiction**: United States\n**Run by**: National Institute of Standards and Technology (NIST)\n**Year**: 2012 (initiated, evolved)\n**Status**: Active\n**What it does (2–3 sentences)**: This program supports the growth of advanced manufacturing in the US through a network of Manufacturing USA institutes. These institutes bring together industry, academia, and government to conduct research and development in specific advanced manufacturing technologies. The goal is to enhance US competitiveness and create high-value jobs.\n**Why it matters to Australia (1–2 sentences)**: Provides a blueprint for fostering innovation and capability in strategic sectors through collaborative R&D hubs, which could inform how the NRFC supports ecosystem development alongside direct investment.\n**Find more**: [Manufacturing USA](https://www.manufacturingusa.com/)\n\n### UK Catapult Network\n**Jurisdiction**: United Kingdom\n**Run by**: Innovate UK (part of UK Research and Innovation)\n**Year**: 2011 (launched)\n**Status**: Active\n**What it does (2–3 sentences)**: A network of centres designed to accelerate the growth of specific technology and industrial areas in the UK. Catapults bridge the gap between research and commercialisation, providing facilities, expertise, and collaboration opportunities for businesses. They focus on areas like digital, energy, and advanced materials.\n**Why it matters to Australia (1–2 sentences)**: Demonstrates a successful model for government-supported centres of excellence that drive innovation and commercialisation in strategic industries, complementing direct investment by de-risking technology development.\n**Find more**: [Catapult Network](https://catapult.org.uk/)\n\n### German High-Tech Strategy\n**Jurisdiction**: Germany\n**Run by**: Federal Ministry of Education and Research (BMBF) and other ministries\n**Year**: 2006 (launched, ongoing updates)\n**Status**: Active\n**What it does (2–3 sentences)**: A long-term government strategy to foster innovation and technological leadership in key future fields. It involves significant public funding for research and development, promoting collaboration between science and industry, and supporting the commercialisation of new technologies. Focus areas include AI, mobility, and health.\n**Why it matters to Australia (1–2 sentences)**: Offers a strategic, long-term vision for national innovation and industrial development, showing how coordinated government policy can drive investment in critical technologies.\n**Find more**: [German High-Tech Strategy](https://www.bmbf.de/bmbf/en/research/research-policy/high-tech-strategy/high-tech-strategy_node.html)\n\n## Public-private partnerships in industry\n\n### Export Finance Australia (EFA)\n**Jurisdiction**: Australia (Commonwealth)\n**Run by**: Export Finance Australia\n**User**: 1957 (established, evolved)\n**Status**: Active\n**What it does (2–3 sentences)**: EFA provides finance, insurance, and guarantees to support Australian exporters and overseas investment in Australia. It aims to facilitate trade and investment opportunities that benefit the Australian economy, often partnering with commercial banks.\n**Why it matters to Australia (1–2 sentences)**: As a government-backed financier, EFA's experience in de-risking and co-investing with the private sector in export-oriented industries is highly relevant to the NRFC's mandate.\n**Find more**: [Export Finance Australia](https://www.exportfinance.gov.au/)\n\n### US Small Business Administration (SBA) Loan Programs\n**Jurisdiction**: United States\n**Run by**: Small Business Administration (SBA)\n**Year**: 1953 (established, programs evolved)\n**Status**: Active\n**What it does (2–3 sentences)**: The SBA offers a variety of loan guarantee programs that reduce risk for lenders, making it easier for small businesses to access capital. These programs encourage private sector lending by providing government backing for a portion of the loan.\n**Why it matters to Australia (1–2 sentences)**: Provides a strong example of how government can leverage private capital through guarantees to support a broad base of businesses, applicable to the NRFC's goal of crowding in finance.\n**Find more**: [SBA Loan Programs](https://www.sba.gov/funding-programs/loans)\n\n### UK Patient Capital Review\n**Jurisdiction**: United Kingdom\n**Run by**: HM Treasury / Department for Business and Trade\n**Year**: 2017 (initiated, ongoing policy development)\n**Status**: Active (policy focus)\n**What it does (2–3 sentences)**: A government initiative to address the availability of long-term \"patient capital\" for innovative, high-growth companies. It has led to reforms and new schemes aimed at encouraging institutional investors to back scale-ups and venture capital funds.\n**Why it matters to Australia (1–2 sentences)**: Highlights government efforts to stimulate private investment in high-growth sectors by addressing market failures in long-term financing, offering lessons for the NRFC's role in attracting private capital.\n**Find more**: [UK Patient Capital Review](https://www.gov.uk/government/collections/patient-capital-review)\n\n### Canada's Venture Capital Catalyst Demonstration Fund (VCCDF)\n**Jurisdiction**: Canada\n**Run by**: Investissement Québec (managed fund, government backed)\n**Year**: 2017 (established)\n**Status**: Active\n**What it does (2–3 sentences)**: A fund of funds designed to stimulate the growth of the venture capital ecosystem in Quebec and Canada. It invests in private venture capital funds to increase the availability of capital for innovative companies. The fund aims to attract private co-investment.\n**Why it matters to Australia (1–2 sentences)**: Demonstrates a government-backed fund-of-funds approach to build a domestic venture capital market, which could inform the NRFC's strategy for co-investing with and developing private capital providers.\n**Find more**: [Investissement Québec - VCCDF](https://www.investquebec.com/quebec/venture-capital-and-private-equity)\n\n## Economic resilience and transformation\n\n### US CARES Act (and subsequent industrial policy initiatives)\n**Jurisdiction**: United States\n**Run by**: Various US Federal Agencies (e.g., Department of Treasury, Department of Commerce)\n**Year**: 2020 (CARES Act), ongoing industrial policy\n**Status**: Active (policy focus)\n**What it does (2–3 sentences)**: The CARES Act provided significant economic relief and support during the COVID-19 pandemic, including funding for businesses and critical industries. More broadly, recent US industrial policy focuses on strengthening domestic supply chains, advanced manufacturing, and strategic sectors to enhance economic resilience.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into large-scale government interventions and strategic policy shifts aimed at bolstering economic resilience and sovereign capability in response to global challenges.\n**Find more**: [CARES Act Overview](https://home.treasury.gov/policy-issues/cares-act)\n\n### EU Recovery Fund (NextGenerationEU)\n**Jurisdiction**: European Union\n**Run by**: European Commission and Member States\n**Year**: 2020 (established)\n**Status**: Active\n**What it does (2–3 sentences)**: A temporary €800 billion recovery instrument to support EU Member States in addressing the economic and social impact of the COVID-19 pandemic. It aims to build a greener, more digital, and more resilient European economy through grants and loans for reforms and investments.\n**Why it matters to Australia (1–2 sentences)**: Represents a large-scale, coordinated regional effort to drive economic transformation and resilience, providing a model for how significant public investment can be directed towards strategic priorities.\n**Find more**: [NextGenerationEU](https://commission.europa.eu/business-economy-euro/economic-and-fiscal-policy-coordination/eu-budget/nextgenerationeu_en)\n\n### UK Industrial Strategy (prior to its discontinuation/evolution)\n**Jurisdiction**: United Kingdom\n**Run by**: Department for Business, Energy & Industrial Strategy (BEIS)\n**Year**: 2017 (launched)\n**Status**: Evolved/Discontinued (replaced by new industrial strategy approach)\n**What it does (2–3 sentences)**: Aimed to boost productivity by backing businesses to turn their ideas into world-leading products and services. It focused on four grand challenges: AI and big data, clean growth, future of mobility, and ageing society, alongside sector deals.\n**Why it matters to Australia (1–2 sentences)**: While superseded, the UK's previous industrial strategy provides a case study in a comprehensive, sector-focused approach to economic transformation and capability building.\n**Find more**: [UK Industrial Strategy Archive](https://www.gov.uk/government/collections/industrial-strategy-2017)\n\n### New Zealand Callaghan Innovation - Business R&D and Innovation Funds\n**Jurisdiction**: New Zealand\n**Run by**: Callaghan Innovation\n**Year**: Ongoing (various programs)\n**Status**: Active\n**What it does (2–3 sentences)**: Callaghan Innovation provides funding and support for New Zealand businesses to undertake research and development. Its programmes aim to boost innovation, productivity, and export growth, fostering a more resilient and competitive economy.\n**Why it matters to Australia (1–2 sentences)**: Offers insights into a national innovation agency's approach to stimulating R&D and commercialisation within a smaller economy, focusing on resilience and growth.\n**Find more**: [Callaghan Innovation Funding](https://www.callaghaninnovation.govt.nz/funding)\n\n*These entries are generated by an AI model based on the provided strategy brief and publicly available information. They are intended for internal analysis and should be independently verified before any public citation.*", "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "The purpose of the National Reconstruction The NRFC has been created to deliver commercial\nfunds public policy returns that contribute to a\nstronger, future-ready Australia. [CP p.4]", "purposes_source_page": 4, "how_we_deliver": "The NRFC will crowd in finance to transform and diversify Australia’s industry and economy. This supports the development of market leading enterprises in the priority areas of the Australian economy that deliver high value, internationally competitive products and services across the value chain. The NRFC will have regard to public policy outcomes when making investment decisions. [CP p.6]", "how_we_deliver_source_page": 6, "government_priorities": [ { "text": "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.", "source_page": 4 } ], "outcomes": [ { "name": "Outcome 1: Diversify and transform Australia’s industry and economy", "description": "Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes.", "key_activities": [ "Support opportunities to diversify and transform Australia’s industry and economy and drive public policy outcomes." ], "source_page": 7 }, { "name": "Outcome 2: Partnering and engaging with stakeholders", "description": "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": [ "Build and nurture relationships to support facilitation of our mandate. In addition to investment, NRFC recognised as a professional and reliable co-investment partner." ], "source_page": 7 } ], "values": [ "Creativity and connection", "Accountability", "Respect", "Enthusiasm" ], "values_framework_name": "NRFC Core Values", "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Total capital deployed", "target": "$1,500M", "source_page": 8 }, { "code": "CCE02", "measure": "Private capital leveraged", "target": "1:1 ratio across the investment portfolio", "source_page": 8 }, { "code": "CCE03", "measure": "Return on investment", "target": "Target rate of return 2-3% above the 5-year Australian Government Bond rate over the medium to long term", "source_page": 8 }, { "code": "CCE04", "measure": "Diverse portfolio", "target": "4 priority areas", "source_page": 8 }, { "code": "CCE05", "measure": "Diverse portfolio", "target": "5 states and territories", "source_page": 8 } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Total capital deployed", "result": "$584.5M", "status": "Achieved", "source_page": 35 }, { "code": "CCE02", "measure": "Private capital leveraged", "result": "1:3.11", "status": "Achieved", "source_page": 35 }, { "code": "CCE03", "measure": "Return on investment", "result": "N/A", "status": "Not applicable", "source_page": 35 }, { "code": "CCE04", "measure": "Diverse portfolio", "result": "7 States/Territories", "status": "Achieved", "source_page": 35 }, { "code": "CCE05", "measure": "Diverse portfolio", "result": "N/A", "status": "Partially achieved", "source_page": 35 } ], "_source_urls": { "annual_report_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "corporate_plan_url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf" } }, "ideas": [ { "id": "improve-roi-reporting", "category": "Data & Performance", "title": "Clarify and report on Return on Investment (ROI) methodology", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "NRFC Board, Government, Investors", "description": "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.", "evidence_quote": "Return on Investment | Target Portfolio Rate of Return = 2-3%>5yr AGB in the medium to long term | N/A | Not Achieved | [AR p. 35]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Review current ROI calculation methodology.", "Document the methodology clearly, including assumptions and benchmarks.", "Publish the documented methodology on the NRFC website.", "Include a summary of the methodology in future annual reports and corporate plans." ], "risks_to_manage": [ "Potential for misinterpretation of complex financial metrics.", "Need for consistent application of the methodology across all investments." ] }, { "id": "formalise-research-capability", "category": "Capability Building", "title": "Establish dedicated in-house research capability for manufacturing", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "NRFC investment teams, Australian manufacturing sector, Government", "description": "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.", "evidence_quote": "Research and activities that support and enhance Australia’s manufacturing capability | Qualitative assessment of influence/evidence developed and shared with others. | During 2025-26, the NRFC will build in-house capability to undertake focused research, structured around the NRFC investment portfolio. | Not Achieved | [AR p. 36]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Define the scope and mandate of the research function.", "Recruit or secondee staff with relevant research and sector expertise.", "Develop a research plan aligned with NRFC investment priorities.", "Establish mechanisms for sharing research findings internally and externally." ], "risks_to_manage": [ "Ensuring research remains independent and objective.", "Integrating research findings into the investment decision-making process." ] }, { "id": "strengthen-ecosystem-partnerships", "category": "Strategy & Reform", "title": "Develop a formal partnership strategy for ecosystem collaboration", "scale": "Large", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "NRFC, ecosystem partners, Australian industry", "description": "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.", "evidence_quote": "Collaboration within the ecosystem | 5 partnerships established | As at 30 June 2025, two partnerships were established. | Partially Achieved | [AR p. 35]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Identify key potential partners across government, industry, and research sectors.", "Develop criteria for selecting and prioritising partnership opportunities.", "Establish MOUs or formal agreements with key partners.", "Create a framework for ongoing communication and joint initiatives." ], "risks_to_manage": [ "Managing expectations and ensuring equitable benefit sharing.", "Avoiding duplication of effort with existing government initiatives." ] }, { "id": "streamline-enquiry-response-times", "category": "Citizen Services", "title": "Implement tiered response system for general enquiries", "scale": "Small", "impact": "Low", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Enquirers, NRFC staff", "description": "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.", "evidence_quote": "Customer experience | 90% of general enquiries responded to in ten working days | For 2024-25, >90% of general enquiries responded to within 10 days. | Achieved | [AR p. 35]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Analyse the types of general enquiries received.", "Develop an enhanced FAQ section on the NRFC website.", "Implement an automated response system for common questions.", "Train staff on identifying and escalating complex queries." ], "risks_to_manage": [ "Ensuring automated responses are accurate and helpful.", "Maintaining a human touch for sensitive or complex enquiries." ] }, { "id": "enhance-portfolio-diversification-reporting", "category": "Data & Performance", "title": "Report on specific metrics for portfolio diversification", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "NRFC Board, Government, Public", "description": "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.", "evidence_quote": "Diverse portfolio – priority areas | 4 | [CP p. 8]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Identify key sub-sectors within each priority area.", "Develop a system for tracking investment distribution across these sub-sectors.", "Include detailed breakdowns of portfolio diversification in future reports.", "Consider reporting on other diversification factors like company size or stage of development." ], "risks_to_manage": [ "Risk of data collection complexity.", "Ensuring reported metrics align with the NRFC's strategic objectives." ] }, { "id": "establish-clear-investment-pipeline-metrics", "category": "Data & Performance", "title": "Track and report on investment pipeline stages and conversion rates", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "NRFC investment team, Board, Government", "description": "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.", "evidence_quote": "Total capital deployed | $1,500M | [CP p. 8]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Define distinct stages of the investment pipeline.", "Implement a system for tracking applications and their progress through stages.", "Calculate conversion rates between stages.", "Report on pipeline metrics in internal management reports and potentially in annual reports." ], "risks_to_manage": [ "Ensuring data integrity and consistency.", "Avoiding an overly bureaucratic process for tracking." ] }, { "id": "benchmark-private-capital-leveraging-against-peers", "category": "Data & Performance", "title": "Benchmark private capital leveraged ratio against similar entities", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Plausible", "beneficiaries": "NRFC, Government, Investors", "description": "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.", "evidence_quote": "Private Capital Leveraged Ratio | Private Capital Leveraged Ratio across the investment portfolio | 1:3.11 based on committed capital | Achieved | [AR p. 35]", "source": "annual-reports/2024-25.pdf", "implementation_steps": [ "Identify comparable national investment funds or sovereign wealth funds.", "Research and gather data on their private capital leveraging ratios.", "Compare NRFC's ratio against this benchmark.", "Incorporate benchmarking results into future performance reporting." ], "risks_to_manage": [ "Ensuring comparability of methodologies and investment types.", "Availability of public data from peer entities." ] }, { "id": "develop-proactive-risk-assessment-framework", "category": "Risk & Assurance", "title": "Implement a proactive risk assessment framework for emerging technologies", "scale": "Large", "impact": "High", "effort": "Medium", "proof": "Plausible", "beneficiaries": "NRFC investment teams, Government, Australian industry", "description": "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.", "evidence_quote": "The NRFC Investment Mandate provides flexibility to accept a higher level of risk for investments: – in emerging technologies and industries [CP p. 4]", "source": "corporate-plans/2025-26.pdf", "implementation_steps": [ "Establish a cross-functional risk assessment team.", "Develop a risk matrix tailored to emerging technologies.", "Incorporate external expert advice into the assessment process.", "Regularly review and update the framework based on market developments and investment outcomes." ], "risks_to_manage": [ "Balancing risk appetite with prudent investment management.", "Ensuring the framework does not stifle innovation or slow down investment decisions." ] } ], "legislation_administered": [ { "title": "National Reconstruction Fund Corporation Act 2023", "year": "2023", "type": "Act", "role": "Establishes the NRFC, setting out its purpose, functions, and investment objectives.", "register_url": "https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20Act%202023" }, { "title": "National Reconstruction Fund Corporation (Priority Areas) Declaration 2023", "year": "2023", "type": "Instrument", "role": "Declares the seven priority areas of the Australian economy in which the NRFC can invest.", "register_url": "https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20(Priority%20Areas)%20Declaration%202023" }, { "title": "National Reconstruction Fund Corporation (Investment Mandate) Direction 2023", "year": "2023", "type": "Instrument", "role": "Sets out the investment functions and requirements for the NRFC, including commercial approach and return targets.", "register_url": "https://www.legislation.gov.au/search?query=National%20Reconstruction%20Fund%20Corporation%20(Investment%20Mandate)%20Direction%202023" } ], "artifacts": [ { "category": "annual-reports", "year": "2025", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "file": "annual-reports/2025.pdf", "bytes": 5651860, "link_text": "NRFC_Annual Report_Digital_FINAL_.pdf (pdf, 5.39 MB)" }, { "category": "annual-reports", "year": "2023-24", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-10/nrfc_annual_report_2023-2024.pdf", "file": "annual-reports/2023-24.pdf", "bytes": 4890744, "link_text": "nrfc_annual_report_2023-2024.pdf (pdf, 4.66 MB)" }, { "category": "corporate-plans", "year": "2025-26", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "file": "corporate-plans/2025-26.pdf", "bytes": 734685, "link_text": "nrfc_corporate_plan_2025-2026.pdf (pdf, 717.47 KB)" }, { "category": "corporate-plans", "year": "2024-25", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-08/nrfc_corporate_plan_2024-2025.pdf", "file": "corporate-plans/2024-25.pdf", "bytes": 1413686, "link_text": "nrfc_corporate_plan_2024-2025.pdf (pdf, 1.35 MB)" }, { "category": "corporate-plans", "year": "2023-24", "url": "https://www.nrf.gov.au/sites/default/files/documents/2024-05/nrfc_corporate_plan_2023-2024.pdf", "file": "corporate-plans/2023-24.pdf", "bytes": 5367035, "link_text": "NRFC Corporate Plan 2023-24 (pdf, 5.12 MB)" } ], "_meta": { "snapshot_built_at": "2026-05-13T11:02:57+00:00", "strategy_brief_meta": { "model": "nova-micro", "folder": "National-Reconstruction-Fund-Corporation", "annual_report": { "file": "annual-reports\\2025.txt", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-11/NRFC_Annual%20Report_Digital_FINAL__0.pdf", "year": "2025" }, "corporate_plan": { "file": "corporate-plans\\2025-26.txt", "url": "https://www.nrf.gov.au/sites/default/files/documents/2025-08/nrfc_corporate_plan_2025-2026.pdf", "year": "2025-26" }, "usage": { "input_tokens": 27971, "output_tokens": 1035, "total_tokens": 29006, "model": "nova-micro" }, "cost_usd": 0.0011238850000000002, "elapsed_seconds": 6.18, "generated_at": "2026-05-13T04:17:49+00:00" }, "ideas_manifest": { "folder": "National-Reconstruction-Fund-Corporation", "entity_id": "O-008274", "model": "gemini-flash-lite", "generated_at": "2026-05-12T23:12:29+00:00", "elapsed_seconds": 9.1, "usage": { "input_tokens": 5789, "output_tokens": 2803, "total_tokens": 8592, "model": "gemini-flash-lite" }, "cost_usd": 0.0017001, "n_ideas": 8, "inputs": { "overview_chars": 8708, "brief_chars": 946, "legis_chars": 19514 } }, "global_intel_meta": { "folder": "National-Reconstruction-Fund-Corporation", "entity_id": "O-008274", "model": "gemini-flash-lite", "usage": { "input_tokens": 2670, "output_tokens": 3454, "total_tokens": 6124, "model": "gemini-flash-lite" }, "cost_usd": 0.0016486000000000003, "elapsed_seconds": 15.9, "generated_at": "2026-05-12T23:12:50+00:00" } } }