As the National Reconstruction Fund Corporation legislation commenced, the independent board at its head met for the first time.
The board will make independent decisions to provide loans, guarantees or equity to Australian-based investments in seven priority areas.
Industry minister Ed Husic announced the board in August saying it would provide “high-calibre stewardship”.
“Each of the eight independent board members bring the skills needed to strengthen Australian manufacturing and our industrial capabilities.
“The government has brought together a strong mix of skills and experiences from all parts of the nation to help ensure the NRF delivers for Australians,” Husic said.
Husic joined the inaugural meeting as a guest.
“As of today, the NRF Corporation is officially up and running. Our government is ambitious for the NRF Board to deliver great things for Australian industry and manufacturing,” he said.
Last month, the government withdrew eight grants awarded under the previous government's Modern Manufacturing Initiative Collaboration Stream because they no longer met the conditions of the program.
