28th Mar 2023, 4:50 PM – Senate National Reconstruction Fund Corporation Bill 2023 - Second Reading - Further initiatives needed

The majority voted in favour of an amendment to the usual second reading motion, which is "That this bill be now read a second time." To read a bill for a second time is to agree with its main idea.

This amendment does not make any changes to the bill itself but still has political significance because it represents the will of the Senate. It was introduced by ACT Senator David Pocock (Independent).

Amendment text

At the end of the motion, add ", but the Senate:

(a) notes that:

(i) the success of the National Reconstruction Fund Corporation's work will depend in large part on the existence of a sustainable pipeline of eligible projects at a stage suitable for funding through the Corporation, and

(ii) the work of the Corporation will reach across multiple portfolio areas and have a long-term, transformative impact on Australia's economy and industrial base; and

(b) calls on the Government to:

(i) commit to exploring additional policy mechanisms to provide Australian startups access to finance as they navigate the path to commercialisation, and

(ii) establish an office for the Corporation in the Australian Capital Territory to foster collaborative engagement with other key government bodies and private corporations and access to a skilled local workforce".