Canavan defends record of NAIF loans

NORTHERN Australia Minister Matt Canavan has defended progress made by the Federal Government’s key regional development agency after it missed self- imposed funding targets.

Senator Canavan was in Townsville yesterday to announce the Northern Australia Infrastructure Facility had approved a $ 96 million loan to James Cook University for a Technology Innovation Complex at its Townsville campus.

The project was the first in Queensland to receive funds from the NAIF, which underwent a major overhaul in March in an effort to increase access to loans for different projects.

Even with the loan approval Senator Canavan admitted the NAIF had failed to meet its self- imposed target to fund between $ 300 million and $ 1 billion worth of projects before June 30.

“They have not quite achieved that, it’s important to set targets in life ( but) they’re not always reached,” he said.

“( NAIF) are getting very close now. This is the third loan that’s been approved. I know there are some others that are very close as well.”

Senator Canavan said he believed the NAIF would get over the $ 300 million threshold in the coming months.

“While I think it’s important for the NAIF to set strong and difficult targets to meet, I’m more interested in the actual results,” he said.

Senator Canavan said the Government made “no apologies” for having to make changes to the controversial $ 5 billion NAIF after it only approved a single loan in its first two years.

“I understand why some of the first changes were made. The first attempts at this have required some modification to get it right. When you’ve got a problem in life you look at it, you fix it, you move on,” he said.

“I certainly think the level of finalisation of projects has quickened.”

Senator Canavan said it was unlikely the JCU project would ever have been funded under the old NAIF requirements.