Prime Minister Anthony Albanese has slammed the coalition for opposing a fund designed to boost local manufacturing in Australia.
Labor took to the 2022 election a plan to set up a $15 billion National Reconstruction Fund to provide loans, guarantees and equity to support major projects in areas such as agriculture, mining, energy and medical science.
Laws to set up the fund are due to be introduced to parliament on Wednesday.
Labor says partnering with business could lead to a further $15 billion in investment being unlocked, taking the total benefit to $30 billion.
The coalition party room has voted to oppose the bill.
"The National Reconstruction Fund is about making more things here. It is that simple," Mr Albanese said.
"They can't say we didn't have a mandate for it."
Industry Minister Ed Husic said the COVID-19 pandemic showed the country did not have what it needed during the most crucial times.
He told parliament the fund would look at priority areas including low-emissions technologies, transport, and medical sciences and sledged the opposition as the "no-alition" for not backing it.
Opposition industry spokeswoman Sussan Ley said the fund was bad for taxpayers, businesses, manufacturers and the economy.
"The government is once again rushing through flawed legislation and trying to side-step parliamentary scrutiny," she said.
"This is not an appropriate way to establish a $15 billion government investment body."
One key concern is that the fund will not address immediate issues facing the economy, as it will take some time to establish.
A further problem is that while the initial $5 billion is covered in draft laws, the timing of the remaining $10 billion will not be subject to further parliamentary approval.
The coalition is also concerned it gives too much discretion to the minister to make board appointments and says the funding model could distort the investment market.
