PERTH (miningweekly.com) – Reforms to the Northern Australian Infrastructure Facility (NAIF) have passed through the House of Representatives, Resources Minister Keith Pitt announced this week.
The Bill would now head to the Senate.
“Our reforms follow extensive consultation with stakeholders throughout northern Australia and the government has listened,” Pitt said.
“We will ensure NAIF has the flexibility it needs to further drive economic activity, create jobs, drive population growth and open up new opportunities for people across northern Australia.
The reforms will extend the operations of the government’s A$5-billion NAIF for a further five years until the end of June 2026, and will strengthen NAIF’s governance, allowing the NAIF to make strategic equity investments in some projects, and expanding the scope of projects which will be able to apply for NAIF funding.
“NAIF supports a wide range of industries and I look forward to the Bill passing through the Senate so we can deliver new projects for the north as soon as possible,” Pitt said.
Assistant Minister for Northern Australia, Michelle Landry, said the NAIF had already had a significant positive impact on development in the north.
“Our reforms will help NAIF play an even more crucial role at a time when the government is committed to driving opportunities as part of the national economic recovery from the Covid recession,” Landry said.
“NAIF investments in health, education, resources, energy and agriculture projects, will support more than 7 200 jobs in Australia’s north and generate billions in economic activity.”