NAIF now on the hunt for new boss

THE CEO of the federal Northern Australia Infrastructure Facility, Chris Wade, has resigned unexpectedly.

The resignation came the day before Mr Wade was due to appear at a Senate estimates hearing in Canberra.

Mr Wade started at the NAIF in January 2020, having previously worked as executive director at the Clean Energy Finance Corporation and on the board of Infrastructure Association of Queensland.

It is understood he informed staff of his decision by email on Wednesday night.

Agriculture and Northern Australia Minister David

Littleproud said the NAIF board had informed him of Mr Wade’s resignation.

“I wish him all the best for the future,” he said.

A NAIF spokesman confirmed Mr Wade had quit and said Amanda Copping had been appointed acting CEO.

“An experienced finance professional and the chief investment officer, Ms Copping has been with the NAIF since inception,” the spokesman said.

NAIF chair Tracey Hayes said the board thanked Mr Wade for his service and acknowledged his “ongoing dedication and commitment of all NAIF staff to achieving the NAIF’s mission”.

Opposition spokesman for

Northern Australia Senator Murray Watt said the resignation was a “worrying blow to Scott Morrison’s failed NAIF”.

“The fund now has no actual person in charge,” he said. “Northern Australia deserves more announcements that never get delivered.”

The NAIF has had a troubled run since it was launched in August 2016, well before Mr Wade’s appointment.

The entity is intended to offer concessional loans to large projects but has relaxed eligibility rules several times.

It is forecast to have just $796m of its $5bn funding drawn down by June next year, though it has committed $3.1bn to 27 different projects.