Hon. Keith Pitt, M.P., Minister for Resources, Water and Northern Australia, Joint media release with Assistant Minister for Northern Australia Michelle Landry, 13 May 2021
A Bill to implement a series of important Coalition Government reforms to the Northern Australia Infrastructure Facility (NAIF) has passed through Parliament paving the way for new wave of job-creating investment in the north.
Minister for Resources, Water and Northern Australia, Keith Pitt, said the Bill means the NAIF will now be extended for a further five years to 2026.
“The reforms followed a statutory review of the NAIF and wide consultation with stakeholders throughout northern Australia, and the Coalition Government has listened,” Minister Pitt said.
“We’ve said we want to make the NAIF more nimble and flexible and we are delivering for the people of northern Australia.
“The NAIF has already committed $2.9 billion to projects across the north that will support around 9,000 jobs. Our changes will increase its ability to back even more projects.
“The Government’s reforms will ensure the NAIF can play a key role in the continuing COVID economic recovery in northern Australia, driving more jobs and economic opportunities” Minister Pitt said.
Among the changes, the NAIF will have the capacity to;
- Significantly broaden the scope of projects it can support
- Provide smaller loans to projects that create jobs in partnership with other lenders
- Provide up to 50 per cent equity investment in projects in specific circumstances
Assistant Minister for Northern Australia, Michelle Landry, said the reforms will speed up the delivery of projects across the north.
“These changes will transform the NAIF to make it a more proactive investor in projects that will generate economic activity and job creation,” Assistant Minister Landry said.
“NAIF has supported projects across a wide range of industries from agriculture, aquaculture, energy and resources, and these changes mean even more industries throughout northern Australia can apply for loans, which means even more jobs.”