Russell Mineral Equipment (RME), a mining equipment company based in Queensland, has become the first company to receive taxpayer funding, as part of an Albanese government's election pledge.

The business has obtained AU$40 million from the National Reconstruction Fund (NRF), guaranteeing that it would continue to be owned by Australians, ABC reported.

Industry Minister Ed Husic said, "What we don't want to see is Australian firms leaving........

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