The corporation managing a $15 billion federal industry fund will establish a permanent presence in Western Australia following a request by the state government, after the fund poured almost $400 million into projects elsewhere.
The National Reconstruction Fund Corporation (NRFC), which has offices in Sydney and Canberra, goes west with a new board member from the state, Kellie Benda, who was appointed on Sunday.
Ms Benda, a professional non-executive director and former gas and property executive, was appointed by the Albanese government, which says Western Australia is key to its industry development plan.
“With 255,400 Western Australian businesses driving productivity and growth for the nation, we know there’s rich opportunity for the NRFC to drive further growth within the state,” Industry minister Ed Husic said in a statement.
The corporation has overwhelmingly invested in resource projects so far, including a $200 million backing of Arafura Rare Earth’s processing facility in the Northern Territory, its inaugural investment of a Queensland mining equipment maker Russell Mineral Equipment, which comes from a $100 million contribution to a mining tech fund.
Western Australia has missed out so far and along with Tasmania are the only states or territories lacking an NRF-backed project.
The corporation faced criticism about a slow start last year but has contended with changing leadership and late government changes to its board before that.
Ms Benda was appointed Sunday to fill the board’s only vacancy, left when inaugural member Dr Katharine Giles resigned last year.
“I am honoured to contribute to the NRFC’s mission of strengthening Australia’s industrial base,” Ms Benda said in a statement.
“I look forward to leveraging my diverse experience to support initiatives that drive innovation, sustainability and economic resilience.”
In recent months, Ms Benda has also been appointed by the Albanese government to the Foreign Investment Review Board and the Takeovers panel.
Do you know more? Contact James Riley via Email.