Turbocharge fund fails QLD: Senator

A PROGRAM designed to create jobs and turbocharge infrastructure in northern Australian has been slammed as a failure after new statistics show more was spent on administration than handed out in Queensland.

Senator Murray Watt said the $5 billion Northern Australia Infrastructure Facility (NAIF) scheme had not delivered what was promised, leaving the people of Northern Australia behind.

New figures released at Senate Estimates show less than 5 per cent of its entire purse had been released since the scheme was five years ago.

Since 2015, $218 million (4.4 per cent) has flowed with just $10 million released in Queensland.

In the same time period, Mr Watt said more than $31 million had been dropped on admin and staff bonuses.

“When the $5 billion NAIF was announced five years ago, the government promised it would turbocharge growth and job opportunities,” Mr Watt said.

“As things stand, it will take 116 years for the government to release the total NAIF funds.

“The government says the announced

NAIF is a ‘patient lender’. Northern Australians should not have to be patient for 116 years.”

Northern Australia Minister Keith Pitt has hit back at claims the scheme is a failure.

He said $2.4 billion worth of loans had been approved, making nearly 8000 jobs.

Mr Pitt said 10 of the 23 projects were in Queensland and had a total value of $1 billion.

“As is the case in any loan arrangement to a private venture, the business will draw down on the funds as the project proceeds,” he said.

“It does not take the whole loan in one hit.”

The NAIF annual report revealed that in total, there were $913m worth of projects approved in Queensland, with six loans approved in 2019-20.

The state is the largest beneficiary of NAIF approval loans.

In September, it was announced the NAIF scheme would be reformed making it more flexible and able to take on riskier projects

In the 2019-20 financial year, three Townsville-based projects were approved, including the Mater Health upgrades, James Cook University student accommodation and the Cowboys Community High Performance Centre.