The NRF's investment returns are almost as good as your super fund's*

Australia’s National Reconstruction Fund (NRF) said it delivered a 7.7% return in 2025/26, beating expectations in its second year, after trimming a lithium position tied to Liontown. The Labor-backed fund, which provides loans and invests in strategic sectors including shipbuilding and artificial intelligence, booked its result ahead of schedule. A key driver was a one-off sale of Liontown shares after lithium prices surged: the NRF made a $50 million equity investment in August 2025 at 73 cents per share, and the stock more than tripled by early 2026 before slipping to around 69 cents. The NRF said for each dollar invested it drew $2.61 in private capital, while backing AI and quantum bets.