This instrument is the National Reconstruction Fund Corporation (Priority Areas) Declaration 2026.

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this instrument	The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority

This instrument is made under section 6 of the National Reconstruction Fund Corporation Act 2023.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5 Definitions

In this instrument:

Act means the National Reconstruction Fund Corporation Act 2023.

aircraft means any machine or craft used in air navigation, however propelled or moved.

animal means any member, alive or dead, of the animal kingdom (other than a human being).

animal product means:

(a) an animal; or

(b) any part of an animal; or

(d) anything wholly or principally produced from, or wholly or principally derived from, an animal.

forest operations includes the production, growing or raising of forest products.

horticulture means the production, growing or raising of:

(a) fruits; and

(b) vegetables, including mushrooms and other edible fungi; and

(d) nursery products, including:

(i) trees, shrubs, plants, seeds, bulbs, corms and tubers; and

(ii) propagating material and plant tissue cultures, grown for ornamental purposes or for producing fruits, vegetables, nuts or cut flowers and foliage; and

(e) cut flowers and foliage.

manufacturing, in relation to products, includes:

(a) developing products; and

(b) providing logistics relating to products; and

(d) producing products; and

(e) selling products; and

(f) providing after‑market services relating to products; and

(g) maintaining products; and

(h) installing products; and

(i) storing products; and

(j) assembling products.

mineral means a substance or mixture of substances:

(a) occurring naturally as part of the earth’s crust; or

(b) dissolved or suspended in water that is on or within the earth’s crust; or

mining industry means the industry of recovering, extracting or producing minerals.

plant means any member, alive or dead, of the plant kingdom, and includes fungi.

plant product means:

(a) a plant; or

(b) any part of a plant; or

(d) anything wholly or principally produced from, or wholly or principally derived from, a plant.

primary industry means an industry that involves:

(a) agriculture or the cultivation of land; or

(b) the maintenance of animals for commercial purposes; or

(d) fishing; or

(e) hunting or trapping; or

(f) horticulture; or

(g) aquaculture.

processing includes refining, recycling, treating, preparing, transforming or modifying.

produce of a primary industry means animal products, or plant products, that result from carrying on a primary industry (whether or not any operations have been performed in relation to the products).

products includes:

(a) equipment; and

(b) components; and

(d) technologies.

rail vehicle means a vehicle (including a tram) that is designed to transport passengers or goods and operates on a railway (including a vehicle that does not have wheels).

railway means a system by which vehicles are guided:

(a) by means of parallel rails; or

(b) by means of a single rail.

road vehicle means a vehicle that is designed to transport passengers or goods by land but does not include a rail vehicle.

ship means any vessel used in navigation by water, however propelled or moved.

space object means:

(a) an object the whole or a part of which is to go into or come back from an area beyond the distance of 100 km above mean sea level; or

(b) any part of such an object, even if the part is to go only some of the way towards or back from an area beyond the distance of 100 km above mean sea level.

therapeutic use means use in or in connection with:

(a) preventing, diagnosing, curing or alleviating a disease, ailment, defect or injury in persons; or

(b) influencing, inhibiting or modifying a physiological process in persons; or

(d) influencing, controlling or preventing conception in persons; or

(e) testing for pregnancy in persons; or

(f) the replacement or modification of parts of the anatomy in persons.

6 Priority areas of the Australian economy

Value‑add in resources

(1) The area of the Australian economy that is involved in:

(a) manufacturing products in connection with:

(i) the mining industry; or

(ii) processing minerals; or

(b) processing minerals; or

(c) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a) or the processing of minerals;

is a priority area of the Australian economy for the purposes of the Act.

Value‑add in agriculture, forestry and fisheries

(2) The area of the Australian economy that is involved in:

(a) manufacturing products in connection with:

(i) a primary industry; or

(ii) processing produce of a primary industry; or

(b) processing produce of a primary industry; or

(c) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a) or the processing of produce of a primary industry;

is a priority area of the Australian economy for the purposes of the Act.

Transport

(3) The area of the Australian economy that is involved in:

(a) manufacturing any of the following products:

(i) aircraft, road vehicles, rail vehicles or ships;

(ii) products in connection with aircraft, road vehicles, rail vehicles or ships; or

(b) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a);

is a priority area of the Australian economy for the purposes of the Act.

Medical science

(4) The area of the Australian economy that is involved in:

(a) manufacturing products for therapeutic use; or

(b) building or maintaining facilities to enable the manufacture of products for therapeutic use;

is a priority area of the Australian economy for the purposes of the Act.

Renewables and low emission technologies

(5) The area of the Australian economy that is involved in:

(a) manufacturing products in connection with:

(i) renewable energy generation, transmission, distribution or storage; or

(ii) greenhouse gas emissions reduction; or

(iii) energy efficiency; or

(b) recycling; or

(d) waste and resource recovery; or

(e) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a) or the activities mentioned in paragraphs (b), (c) or (d);

is a priority area of the Australian economy for the purposes of the Act.

Defence capability

(6) The area of the Australian economy that is involved in:

(a) manufacturing products in connection with defence; or

(b) building or maintaining facilities to enable the manufacture of products in connection with defence;

is a priority area of the Australian economy for the purposes of the Act.

Enabling capabilities

(7) The area of the Australian economy that is involved in:

(a) manufacturing any of the following products:

(i) advanced manufacturing technologies or materials technologies;

(ii) artificial intelligence technologies;

(iii) advanced information or communication technologies;

(iv) quantum technologies;

(v) autonomous systems;

(vi) robotics technologies;

(vii) positioning, timing and sensing technologies;

(viii) biotechnologies;

(ix) space objects or products in connection with space objects;

(x) other advanced technologies; or

(b) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a);

is a priority area of the Australian economy for the purposes of the Act.

Industrial manufacturing and critical supply chains

(8) The area of the Australian economy that is involved in:

(a) manufacturing any of the following products:

(i) alumina and aluminium;

(ii) cement and concrete;

(iii) chemicals and plastics;

(iv) food and beverages;

(v) iron and steel;

(vi) glass;

(vii) pulp, paper and paperboard;

(viii) fertilisers and agricultural protection chemicals; or

(b) processing products mentioned in paragraph (a); or

(d) refining and smelting metals; or

(e) waste and resource recovery; or

(f) fuel production, fuel additives, fuel derivatives and fuel storage; or

(g) building or maintaining facilities to enable the manufacture of products mentioned in paragraph (a) or (f) or the activities mentioned in paragraphs (b), (c), (d), (e) or (f);

is a priority area of the Australian economy for the purposes of the Act.

Note 1: The Net Zero Fund, which is established under section 20 of the National Reconstruction Fund Corporation (Investment Mandate) Direction 2026, is limited to the renewables and low emission technologies and industrial manufacturing and critical supply chains priority areas in subsections 6(5) or 6(8) of this instrument (respectively).

Note 2: There may be some overlap between priority areas in this instrument. The fact that an area of the economy appears in more than one priority area does not indicate that it is more important, or in greater need of investment, than any other priority area.