Companies hard hit by Iran war supply shocks can access billions in federal-provided capital after Labor fast-tracked $6.15bn in funding through a government-owned investment facility aimed at bolstering sovereign capability.
The move announced on Monday opened access to three major funding streams, the biggest of which was the $5bn Net Zero Fund.
The fund focuses on manufacturing investments and energy-efficiency upgrades in line with the national target of carbon neutrality by 2050.
It supports clean-energy supply chains, including solar, wind, energy storage and low-carbon liquid fuels.
The other funds are the $1bn Economic Resilience Program and the $150m Forestry Growth Fund.
The Economic Resilience Program offers zero-interest loans for businesses in critical supply chains, such as fuels and fertilisers, while the Forestry Growth Fund supports timber processing specifically for building houses.
Industry Minister Tim Ayres said the action offered the private sector the “certainty it needs in this time of global disruption”.
“In an increasingly volatile global environment, strong domestic supply chains matter more than ever, and this funding is about backing the industries Australia relies on, from farming and manufacturing to housing and heavy industry,” he said in a statement.
“By fast‑tracking the rollout of these funds within the National Reconstruction Fund, we’re easing pressure on businesses facing higher costs and global disruption so industry and farmers aren’t left exposed, and manufacturers can plan with confidence.”
The announcement came as business leaders called on government to slash red tape by 25 per cent, warning that regulations were hampering their ability to stay afloat.
In a pre-budget submission, the Alliance of Industry Associations claimed “overlapping and inconsistent regulation across federal, state and local governments is adding unnecessary complexity, delaying projects and increasing costs across the economy”.
The alliance represents groups from business and agriculture to builders and bankers.
“In Victoria, a cafe owner needs 37 separate licences and approvals before they can pour the first coffee, while a tradie on the Gold Coast needs to pay hundreds of dollars in permits just to fix a tap over the NSW border,” Business Council of Australia chief executive Bran Black said.
“That kind of red tape adds cost, slows things down and makes it harder to keep goods moving and shelves stocked.
“With global volatility already pushing up prices, cutting that duplication would help bring down costs for Australian households and businesses.”
The government has scrambled to cushion the economic fallout stemming from the war in Iran, with Prime Minister Anthony Albanese last week undertaking a diplomatic blitz to shore up foreign fuel and fertiliser supplies.
It also streamlined import rules for fertiliser, making it easier for farmers to source and access shipments for April seeding.
