More money committed to Northern Australia development loan scheme

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The Federal Government has boosted the Northern Australia Infrastructure Facility (NAIF) by an extra $2-billion to $7-billion.

The program was given an overhaul in 2020 following criticism for acting slowly on loan approvals.

In the six years since its inception, a total of $3.2-billion has been committed by the NAIF.

It’s now supporting smaller projects, with $47.5-million approved for a new floating terminal at Metro Mining’s Skardon River bauxite mine on Cape York.

The Cairns CQUniversity Campus is also benefitting from some of $76-million allocated to preserve the institution’s capital expenditure program after international student numbers dropped due to COVID-19.

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Minister for Agriculture and Northern Australia David Littleproud said the funding increase means communities, businesses and industries will benefit from more projects.

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“An additional $2 billion will continue the prosperity to the north for generations to come and further delivers the Government’s commitment to create economic development and drive investment in northern Australia across all sectors, from mining and agriculture to renewable energy, education and tourism.”

Special Envoy for Northern Australia, Queensland Senator Susan McDonald said the extra funding also gives certainty to investors.

“We are getting private enterprises on board to invest in our north, because we know that public and private sectors working together will achieve sustainable and exponential growth,” she said.

“NAIF is a critical tool in helping to deliver real outcomes under the Regions of Growth Master Plans outlined in Our North, Our Future: 2021-2026”

However, Shadow Minister for Northern Australia, Senator Murray Watt, said just a tiny proportion of funds committed have actually been allocated.

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“It’s no wonder the NAIF is better known as the ‘No Actual Infrastructure Fund’ in the north.

“How can we believe the Government will spend $2 billion more, when it’s spent less than a quarter of that in seven years?”