About the review

The review will help ensure that the operation of the Act allows the National Reconstruction Fund Corporation (NRFC) to support, diversify and transform Australia’s industry and economy.

The government established the $15 billion National Reconstruction Fund (NRF) to increase flows of finance into the Australian economy. The NRF does this through targeted investment to diversify and transform Australian industry.  

The NRFC was established on 18 September 2023 under the National Reconstruction Fund Corporation Act 2023 (NRFC Act) to deliver the NRF. 

The NRFC Act requires that an independent review of the operation of the Act be completed by 31 December 2026.  

Review process

Ms Swati Dave is leading the review, with help from our department. Ms Dave is consulting with: 

  • industry bodies
  • federal, state and territory government agencies
  • private financiers
  • investees
  • the NRFC itself. 

We are also seeking submissions through public consultation.

  • Independent reviewer of the operation of the NRFC Act
    Ms Dave has more than 30 years’ experience in domestic and international financial markets.

Review milestones

  • Announcing the review

    We announced the review on 30 June 2026. Public consultation will close on 28 July 2026.

  • Public consultation

    We are consulting with the public to understand how well the Act supports the NRFC to invest in priority industries and drive economic growth and diversity. Visit our consultation hub to have your say.

  • Report and recommendations to government

    The independent reviewer will deliver her report with recommendations to government by 31 December 2026. We will publish the report on our website. 

Webpage feedback

Was this page helpful?

Feedback you provide will not be directly answered. If you require a reply, please reach out to the page contact directly. For any other queries, please use our general enquiries web form.

Please do not include personal or financial information (e.g. email addresses, phone numbers or credit card details).

Feedback you provide will not be directly answered. If you require a reply, please reach out to the page contact directly. For any other queries, please use our general enquiries web form.

Please do not include personal or financial information (e.g. email addresses, phone numbers or credit card details).

Your feedback is covered by our privacy policy.