$15B National Reconstruction Fund returns 7.7% in bumper year
Australia's $15 billion National Reconstruction Fund delivered a 7.7 per cent return in its second year, well above its long-term target.
Labor's $15 billion National Reconstruction Fund made strong profits by selling shares in lithium company Liontown at the right time. The fund invested $50 million in Liontown at 73 cents a share in August 2025; the shares later tripled in price as lithium demand surged.
The NRF trimmed its holding and booked a sizeable profit. The fund's chief executive David Gall said the 7.7 per cent return came five years ahead of schedule.
Over the year, the NRF made or committed to 22 investments totalling $1.67 billion. For every dollar it invests, private capital adds $2.61 more alongside it.
- $15 billion
- Fund size
- 7.7%
- Return rate achieved
- 73 cents per share
- Liontown investment price
- $1.67 billion
- Total investments made
Why it mattersAustralia's sovereign wealth fund is already returning profits and crowding in private investment in strategic industries like batteries, AI and shipbuilding.
AustraliaThe fund backs Australian companies in energy, quantum computing and diagnostics, channelling capital into sectors the government sees as critical for long-term prosperity.
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