NAIF funds overhaul a good move
AN OVERHAUL of the Government’s key funding agency for development in Northern Australia has been welcomed by Townsville business representatives.
Townsville Enterprise chief executive Patricia O’Callaghan said steps to improve the flexibility of the Northern Australia Infrastructure Facility showed the Federal Government had listened to regional businesses.
“While there is potential in North Queensland for various infrastructure projects to receive a loan, across the past two years since the NAIF’s inception, some of the feedback has been that the framework was challenging and limiting,” she said.
“Of course we look forward to engaging on the detail, but any steps to make programs like this more flexible and that better assist North Queensland investment and jobs is welcome.”
Ms O’Callaghan said the changes were “consistent” with feedback given by Townsville Enterprise.
“( They) will provide North Queensland projects better and more flexible access to a concessional loan, allowing major infrastructure projects to get off the ground quicker in our region,” she said.
Labor’s Northern Australia spokesman Jason Clare >> Removal of the 50 per cent cap ( NAIF will now finance the full cost of a project) >> Expanding the definition of infrastructure to better reflect the needs of regional areas >> Establishing regional development hubs to support projects in the latter stages of financing >> Loosening the gap test which included mandatory criteria that financial assistance is only provided if it is necessary to enable the project to proceed. said the changes announced by the Federal Government were “long overdue”.
“The Government announced NAIF three years ago, and over the last three years they haven’t invested one cent from the $ 5 billion fund in North Queensland,” he said.
“That fund hasn’t created one job in Townsville.”
Mr Clare said Townsville was an ideal candidate to be a regional hub for NAIF
“It’s the biggest city north of Brisbane and so one of the recommendations here is use the money for places like Townsville,” he said.
Northern Australia Minister Matt Canavan said the Government was committed to developing industry and job opportunities in the regions.
“The Government’s amendments will increase its flexibility and improve its potential to support projects in partnership with the private sector and northern jurisdictions,” he said.
Mr Canavan said he was working to “identify and exploit” mutually beneficial opportunities to link other agencies with NAIF.
“The Government will work to link existing processes with the NAIF, particularly our Cities agenda and the Major Project Approvals Agency,” he said.
WHAT’S CHANGING WITH NAIF
BILL Shorten has reiterated his commitment to providing water security for Townsville as part of his latest regional Queensland blitz.
The Opposition Leader was in Townsville yesterday to call on the Federal Government to match Labor’s $ 100 million commitment to water security.
“The dams have got some water in them but I know that Townsville cannot rely on the vagaries of when it rains to guarantee water in the future,” he said.
“I understand that if we can actually solve the issue of water from the Burdekin to Townsville ... it will provide a 50- year solution and it will set Townsville up for a very bright future.”
Mr Shorten said he did not believe water security needed to be a “partisan issue”.
“I’ll be examining the Coalition Budget on Budget night to see whether or not it provides water security for Townsville and if it does I’ll be the first person to say ‘ well done’,” he said.
Mr Shorten said if elected Labor would look at providing a competitive proposition around water security.
“I’m very interested in the Clare to Haughton channel pipeline and solar power plant,” he said.