Northern Australia loan funds scheme extended for five more years

Northern Australia Minister Keith Pitt said as part of its current statutory review, NAIF will now continue to fund infrastructure projects in northern Australia until June 2026, extending out from its original expiration date of 2021.

"This extension is the first step under the statutory review of the NAIF that aims to implement changes to enable a more flexible and faster approval process for proponents looking to access the facility," Minister Pitt said.

"Key to economic growth in the north will be capitalising on its comparative advantages in gas, critical minerals and renewable energy sources to support manufacturing and industry growth, and maximising the potential of the NAIF will be crucial in financing these economy revitalising projects.

"The statutory review, which I will finalise in coming months, provides a good opportunity to find ways the NAIF can be delivered so it can provide further benefits to the north," Mr Pitt said.

Assistant Minister for Northern Australia Michelle Landry said NAIF is already playing an important role in promoting economic development.

"To date, NAIF has approved $2 billion in loans for projects in northern Australia, with over half of that provided over the past year," Ms Landry said.

"It is supporting an estimated 5200 jobs in sectors including education, resources, energy, agriculture and aquaculture.

"Locally, NAIF have previously announced it reached the contractual close stage for a $24 million loan for Signature Onfarm's specialist beef processing facility in Clermont which stands to create 200 construction jobs and up to 70 ongoing jobs, allowing the transport and sale of central Queensland premium beef to both domestic and overseas markets.

"It's a good example of a good business with a good plan that creates regional jobs," Ms Landry said.

Mr Pitt said he expected to see these benefits continue as the NAIF delivers the remaining $3 billion investment.

"The NAIF will also play a critical role in supporting the recovery of northern Australia from the impacts of the COVID-19 pandemic," Mr Pitt said.

"NAIF support can be crucial in catalysing private investment in the north during this important period of economic recovery when the private sector might be reluctant, or lack the resources, to invest."