NAB Morning Call Weekend Edition: Diversifying Australia
Nov 7, 2025
David Gall, former NAB executive and CEO of the National Reconstruction Fund, dives into Australia's economic diversification strategies. He discusses the critical need to boost manufacturing capabilities post-COVID and the role of the NRF in attracting private investment. Through examples like Harrison AI, he illustrates how patient capital can stimulate innovation while balancing risk. Gall emphasizes the importance of establishing well-paying jobs and regional investments as measurable impacts, all while remaining committed to Australia’s economic resilience.
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Sovereign Investor For Manufacturing
- The National Reconstruction Fund (NRF) acts as a sovereign investor focused on manufacturing capability rather than a sovereign wealth fund.
- It targets areas where Australia has comparative advantage, from resources value-add to medical science commercialisation.
Crowding In Private Capital
- The NRF aims to crowd in private capital, targeting about $3 of private investment for every $1 it invests.
- Acting as a patient, lower-return investor opens funding that other financiers then follow into high-impact projects.
Harrison AI Follow-On Funding Win
- NRF invested $32 million in Harrison AI's Series C, which helped the company complete a $140 million round.
- That funding allowed Harrison AI to continue developing in Australia rather than relocating offshore.