Veteran Big Four banker to lead NRF Corporation


Joseph Brookes
Senior Reporter

Career banker David Gall has been handed the reins of the agency responsible for the federal government’s $15 billion manufacturing fund, arriving as its first investments roll out to local ventures in mining, quantum and cloud computing.

The National Reconstruction Fund Corporation on Tuesday announced the appointment of Mr Gall, who has had a 25-year banking career, with the last 16 at National Australia Bank. He will replace former chief Ivan Power.

Like his predecessor at the corporation, who stood down last year due to health issues, Mr Gall’s appointment leans to the finance and investment side rather than industry building or manufacturing expertise.

But NRFC chair Martijn Wilder says the new CEO has “deep expertise in industry” and is well equipped to deliver on a mandate of transforming local manufacturing while delivering taxpayers a return.

“David has impressed us with his strong commitment to supporting Australian industries and creating long-term economic opportunities,” Mr Wilder said.

“His depth of experience, and strategic vision make him the ideal executive to lead the work of the NRFC to deliver investments that will shape the future of Australian industry.”

At NAB Mr Gall managed the bank’s relationship with large corporates, other financial institutions and government. He has also led the professional group the Financial Services Institute of Australasia as president for the last four years.

He said he has the experience needed to drive the collaboration required of rebuilding manufacturing.

“I believe in the power of strategic investment to create value, drive innovation, and rebuild the industrial capabilities that are vital for Australia’s future,” Mr Gall said.

The NRFC is responsible for the $15 billion National Reconstruction Fund and has a mandate to diversify and transform Australia’s industry and economy while generating a portfolio return.

It invests in seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.

Late last year, the NRFC announced its first investments, around 18 months after being legislated.

It is backing mining and minerals processing innovator Russell Mineral Equipment,  IoT satellite startup Myriota, quantum processor company Quantum Brilliance, and secure data infrastructure provider Vault Cloud.

A performance audit into the design and establishment of the NRFC is being finalised and expected to table a report in May.

Do you know more? Contact James Riley via Email.

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