The Government is continuing to unlock northern Australia’s enormous economic potential by extending the Northern Australia Infrastructure Facility (NAIF) for five more years.

Businesses, communities and livelihoods in towns from Mackay to Broome and in between will be the beneficiaries of further investment in northern Australia.

People think of northern Australia for its tourist destinations, but its economic potential extends far beyond caravans and waterfalls.

The NAIF has unlocked that potential and the ongoing injection of money in northern Queensland is helping to create more jobs and generate greater prosperity. We have already seen an investment of $268 million and the creation of more than 1600 jobs for a range of projects including:

• $46 million for James Cook University student accommodation

• $96 million for JCU Technology Innovation Complex

• $19 million for the Mater Private Hospital in Townsville

• $50 million for the Townsville Airport upgrade

• $37 million for a specialist beef processing facility near Clermont

• $20 million for the Cowboys High Performance Centre

I know there is far more potential from a number of proponents who have ideas on the table to grow the north and I welcome the steps being taken to speed up the approvals process so we can see more players getting the go-ahead.

Minister for Resources, Water and Northern Australia Keith Pitt said the NAIF was currently undergoing a statutory review to ensure it can continue to support development and jobs across northern Australia.

“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 currently underway provides a good opportunity to find ways the NAIF can be delivered so it can provide further benefits to the north. I will finalise the statutory review of the NAIF in the coming months.”

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,” Assistant Minister Landry said.

“It is supporting an estimated 5,200 jobs in sectors including education, resources, energy, agriculture and aquaculture.”

NAIF will continue to fund vital infrastructure projects in northern Australia until 30 June 2026, extending out from its original expiration date of 2021.

Minister 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.

“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.”