John McVeigh

Federal Member for Groom
Minister for Regional Development, Territories and Local Government

John McVeigh MP

Community

FAQ - Northern Australia Infrastructure Facility

Wednesday, 1 November 2017

The first meeting of the Northern Australia Advisory Council (NAAC) was held in Townsville on 20 July, 2017.

The NAAC will advise the Minister responsible for northern Australia on issues including industry development, Indigenous employment, infrastructure and long-term planning.

The $5 billion Northern Australia Infrastructure Facility (NAIF) is a major long term initiative of the Australian Government’s White Paper on Developing Northern Australia. It may offer concessional loans to encourage and complement private sector investment in infrastructure that benefit the development of northern Australia.

Investment decisions for the NAIF are a matter for its skills-based independent board. Applications will be assessed against merit criteria set out under the NAIF’s investment mandate.

At the end of 2017, the Queensland Government provided notification that no NAIF finance should be provided to Adani for the North Galliee Basin Rail (NGBR).

This effectively exercises the State’s veto over the project, and means the NAIF will no longer consider providing financial assistance to the NGBR.

Both the NAIF and the government sought clarification from the Queensland Government on whether they would veto NAIF finance sought for similar projects.

The Queensland Government responded to the NAIF on January 19, 2018, noting that support for any future NAIF supported projects in the Galilee Basin will require consideration by Cabinet.

Further information on the investment mandate and eligibility criteria for the NAIF can be found at www.legislation.gov.au/Details/F2016L00654

 


© John McVeigh MP 2016 | Authorised By John McVeigh MP, Liberal National Party (LNP), 216 Margaret Street, Toowoomba, Queensland, 4350.
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