The National Reconstruction Fund remains without an investment strategy almost two years after it was established, according to the first audit of the entity in charge of the $15 billion industry fund.
The audit, which labels fund management and governance arrangements only “partly effective”, also uncovers due diligence gaps in some of the early investments by the Albanese government’s flagship manufacturing fund.
As the pace of investments begins to ramp up, the Australian National Audit Office (ANAO) on Thursday tabled its report on the design and establishment of the National Reconstruction Fund Corporation (NRFC).
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