{"text":[[{"start":8.72,"text":"The Australian government has invested in quantum computing, data centres, metal refining technology and aerospace — as well as meat pies and Tim Tam biscuits — as part of its drive to boost manufacturing and economic growth."}],[{"start":21.92,"text":"The A$15bn ($10.5bn) National Reconstruction Fund Corporation was established by Anthony Albanese’s Labor government in 2023 with a mandate to transform Australia’s economy, which remains dominated by mining and agriculture."}],[{"start":38.14,"text":"This week the fund issues its second annual report and will point to a 7.7 per cent return on its investments to date."}],[{"start":45.28,"text":"It is the first time it has detailed the rate of return, which is well above its long-term target of about 6 to 7 per cent. Total operating income rose from A$5mn last year to A$54.6mn."}],[{"start":59.16,"text":"The fund, part of Albanese’s “Future Made in Australia” drive, is regarded as a way to stimulate the industrial base by helping companies looking to commercialise manufacturing technology."}],[{"start":69.64,"text":"It has invested in emerging innovative companies in sectors including defence, renewable energy, agriculture and mining, while lending to those in critical sectors to boost the country’s economic resilience."}],[{"start":81.72,"text":"David Gall, the former banking executive who was appointed to run the fund two years ago, told the FT that the rate of return was boosted by selling some of its stake in lithium producer Liontown Resources. He said the rate should not be used as a benchmark, however: “We haven’t been set up to deliver short-term returns.”"}],[{"start":100.08,"text":"The fund backed 22 companies last year when it invested A$1.7bn, which Gall said would increase to “north of A$2bn” this year. It has already backed shipbuilder Austal’s domestic operations to the tune of A$245mn this year."}],[{"start":117.12,"text":"Gall pointed to a range of investments in Australia’s burgeoning quantum computing sector — including Diraq and Silicon Quantum Computing — as well as aerospace with Queensland’s Gilmour Space Technologies."}],[{"start":128.76,"text":"He said NRF backing also strengthened confidence from private and institutional backers that have invested as young companies close in on commercialisation of technology. “That’s really important in industries where time really does matter.”"}],[{"start":142.56,"text":"He also pointed to Alpha HPA, a listed producer of high purity aluminium, as the type of investment where the fund could have a significant impact."}],[{"start":151.28,"text":"However, the NRF has also used taxpayer money to back businesses that do not appear to be as strategically important."}],[{"start":158.32,"text":"Arnott’s, the Tim Tam maker owned by KKR, was loaned A$45mn last year while Patties Food Group, the maker of Four’N Twenty meat pies owned by Hong Kong private equity fund PAG, received A$36mn."}],[{"start":172.28,"text":"That has led to claims that the fund is being used to bail out the foreign owners of famous Australian brands. Gall dismissed that idea and said the loans would help protect jobs and boost the export potential of Australian brands."}],[{"start":183.88,"text":"The loans to Arnotts and Patties were made at commercial rates, he said: “Them being able to compete globally, not just domestically, is great for the Australian economy.”"}],[{"start":198.48,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793167103_4059.mp3"}