Government rolls out relief via National Reconstruction Fund

The federal government is bringing forward over $6 billion in concessional capital, including zero interest loans, to support local businesses affected by global disruptions.

The $1 billion Economic Resilience Program, $5 billion Net Zero Fund, and $150 million in concessional finance under the Forestry Growth Fund. These programs are all sub-funds under the government's $15 billion National Reconstruction Fund.

The Economic Resilience Program will provide zero interest loans to fuel, fertiliser and other critical supply chains businesses who are materially impacted by market disruptions related to current conflicts and global price rises for key inputs, the government said.

Eligible businesses seeking a loan of up to $5 million with no more than $100 million of annual turnover can have the loan directly administered by a participating bank, while those seeking a greater loan amount with higher annual turnovers will have their loans administered by the NRFC.

Banks participating in the program include the Commonwealth Bank, Westpac, NAB, ANZ, Bank of Queensland, and Bendigo.

Applications for loans open today.

Meanwhile, originally on track to open mid-year, the Net Zero Fund will open sooner to support new manufacturing investment and improvement of energy efficiency in hard-to-abate sectors, the government confirmed.

This includes scaling domestic manufacturing capabilities in clean energy supply chains - such as wind, solar and energy storage solutions - and the production of low carbon liquid fuels, it said.

Further, the Forestry Growth Fund will support timber processing for use in housing construction and investment in mills and processing facilities to move up the value chain.

Prime Minister Anthony Albanese said the accelerated delivery of funds will help protect local manufacturing and supply chain businesses from market disruptions, and support investments in increased production capability, capacity and decarbonisation efforts.

"Unprecedented events overseas continue to disrupt businesses here at home - the Economic Resilience Program is about investing in more production for fuel, fertiliser and logistics," Albanese said.

"We are serious about backing Australian jobs, businesses and industries. And today we are taking action to get this money flowing well ahead of schedule."