Marking a major investment milestone, the Federal Government’s Northern Australia Infrastructure Facility (NAIF) has invested more than $2 billion in infrastructure projects.
Loans facilitated by the NAIF are bringing benefits to communities in the north, creating jobs, unlocking economic opportunities in regional areas, and driving the nation’s transition towards a net zero economy.
Data from NAIF shows project proponents are on track to create 7,638 jobs in Queensland, 6,806 jobs in Western Australia and 3,946 in the Northern Territory.
NAIF is also supporting opportunities for small-scale projects by teaming up with the Northern Territory Government to provide $66.7 million through the Local Jobs Fund.
Loans of up to $10 million are available for projects that support the development of economic infrastructure, employment and regional growth in the Northern Territory.
NAIF is working closely with the Queensland and Western Australian governments to establish similar programs.
NAIF is supporting a wide range of projects across the north including in the resources industry, agriculture, the universities sector, aquaculture and transport.
NAIF has now committed a total of $4.4 billion to 33 projects, with this investment to create more than 18,000 jobs across the country.
NAIF is also supporting six critical minerals projects and three renewable energy projects to bolster the energy transition.
These projects include the Alpha HPA First Project in Gladstone, Arafura Rare Earths’ Nolans project near Alice Springs, and the expansion of Pilbara Minerals’ Pilgangoora operation near Port Hedland.
With a strong pipeline of prospective investments, the drawdown rate is expected to accelerate as existing commitments move toward construction and completion.
Federal Minister for Northern Australia, Madeleine King, said that Australia’s economy was being supercharged by important projects and industry in the north.
“A strong north means a strong Australia,” Minister King said.
“Through NAIF the Federal Government is creating jobs and supporting the economy in northern Australia.
“Initiatives facilitated by the NAIF also offer opportunities for Indigenous employment and contribute to economic diversification across northern Australia.”
Minister King said that the $2 billion drawdown milestone underscored the value of updating the NAIF’s investment mandate earlier in 2024.
The revised mandate ensures the NAIF is working to meet national priorities and will deliver more economic and community benefits to northern Australia.
In 2023 the Federal Government committed an additional $2 billion to the facility, taking the total financing available to $7 billion, and updated the definition of northern Australia to include Christmas Island and the Cocos (Keeling) Islands.
The NAIF is a corporate federal entity that provides concessional finance to construct infrastructure to benefit northern Australia.
Image: ChameleonsEye/shutterstock.com
