In a joint media release with Minister for Finance Senator the Hon Katy Gallagher and Member for Solomon Luke Gosling, the Australian Government announced updates to the Northern Australia Infrastructure Facility’s (NAIF) investment mandate.
The aim is to better align national priorities with projects that yield economic, social, and community benefits for northern communities.
The newly tabled investment mandate requires NAIF to ensure potential projects align with Australian Government policy priorities, including economic development in the north, addressing social or economic disadvantage, advancing Australia’s net zero and energy transition goals, and improving outcomes for First Nations communities.
Additionally, investments will be formally aligned with the objectives of the Critical Minerals Strategy 2023-2030, following the Government’s $500 million commitment under NAIF for critical minerals projects.
Federal Minister for Northern Australia Madeleine King emphasised the crucial role of the Northern Australia Infrastructure Facility in advancing the Australian Government’s northern Australia agenda.
“Under the new investment mandate, the Albanese Government has instructed NAIF to deepen its investment in social infrastructure, including in remote and regional housing”
“I want to see NAIF invest further in remote and regional housing, particularly in projects that benefit First Nations communities,” she explained.
Federal Minister for Finance Katy Gallagher underscored that the updated investment mandate maintains NAIF’s high standards for risk and financial management.
She explained that the amendments strengthen expectations for NAIF to engage in consultation and collaboration with other Australian Government entities, particularly in supporting the Net Zero Economy Agency’s role in transitioning to net zero emissions.
“These changes empower NAIF to continue to leverage and align with national priorities and programs to crowd in investment in the north,” Minister Gallagher noted.
According to the government, the expansion of the critical minerals sector is expected to bolster national and economic security while contributing to emissions reduction, green trade, investment, and industry growth.
NAIF has already approved nearly $4 billion in loan investments spanning various sectors such as critical minerals, energy, agriculture, student accommodation, health, aquaculture, universities, and airports.
Notably, $655 million has been allocated for critical minerals and rare-earth projects, forecasted to inject $5.5 billion into the economy and create 2,500 jobs.
In the fiscal year 2022-23 alone, NAIF sanctioned $491 million in new loans, facilitating over 1,000 new jobs in northern Australia.
For further information, visit www.naif.gov.au.
