The government's $15 billion National Reconstruction Fund is set to pass the Senate after four crossbenchers agreed to support it.
Industry and Science Minister Ed Husic on Tuesday announced he had reached agreements with Jacqui Lambie, David Pocock, Lidia Thorpe, and Tammy Tyrrell.
The $15 billion National Reconstruction Fund will aim to finance areas such as technology, transport and renewables, to boost manufacturing capabilities in Australia.
Senator Pocock welcomed commitments by the government to explore policy to fund startups as they commercialise.
"This commitment will help address one of the biggest challenges local firms raise with me around the need for more of that early capital to get them through the valley of death," he said.
The government also committed to establishing a presence for the National Reconstruction Fund Corporation in Canberra.
"The NRF will reach across so many sectors of our economy so it's vital that there is good engagement with other government agencies and departments as we can't afford to operate in silos."
It comes after the government secured a deal with the Greens and senator Pocock to support its signature climate policy, the Safeguard Mechanism revamp.
A review of the fund will also be brought forward from five years after its passage, to three, as part of Senator Pocock's agreement, and the terms of board appointees will also be shortened.
The Greens earlier agreed to support the fund following assurances that it would not go towards coal or gas projects, or logging native forests.
"I look forward to the jobs and investment the NRF will help generate and the capability it will help rebuild here in Australia," Senator Pocock said.
"Currently, Australia ranks below the OECD average of total government support to business R&D spend as a percentage of GDP.
We need to turn that around if Australia is to retain the talent we need to develop solutions that can turn the challenges we face into opportunities."
