The Australian Government is boosting the $5 billion Northern Australia Infrastructure Facility (NAIF) with an extra $2 billion, to finance critical infrastructure projects in the north.
Minister for Agriculture and Northern Australia David Littleproud said the funding increase to $7 billion means communities, businesses and industries will benefit from more infrastructure projects.
“To date, $3.2 billion of NAIF financing has been committed, this funding is expected to create up to 11,000 new jobs and inject almost $16 billion back into the economy.
“The demand for NAIF funding continues to grow and it is likely to fully commit its current funding in the next year,” Minister Littleproud said.
“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 will give certainty to investors to commit to doing business across the north.
“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.
“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”
NAIF Acting CEO Amanda Copping said the NAIF is investing for impact in northern Australia with more than $3.2 billion committed to job-creating projects and to unlock the potential of the region.