Federal Member for Flynn, Colin Boyce has announced a ground-breaking Regional Australia Future Fund, to deliver a guaranteed annual funding stream in perpetuity for regional, rural and remote Australia.
Mr Boyce said the Fund is in recognition of the contribution regional Australians make in growing our national economy and the unique challenges faced now and into the future.
A Coalition Government will preserve a portion of commodity windfall receipts towards the establishment of Regional Australia Future Fund to grow this Fund to $20 billion.
"This is about putting regional people in Flynn first and leaving a legacy for future generations," Mr Boyce said.
"Once established the Fund will invest a fair share of the profits created through the hard work of regional Australians back into Flynn. It means we don't have to fight for funding shortfalls to provide infrastructure in regional areas.
"The Fund will deliver secure and sustainable long-term funding to tackle challenges that hold back regional communities and invest in building the long-term economic foundations of regional Australia to address future challenges."
The Fund will be legislated in perpetuity, to establish a fiscally responsible way to invest in the future generations of regional Australians.
"It will have clear investment principles and will sit under the Future Fund structure and grow through their proven investment strategy.
"The Fund will be transparent and benchmarked with a legislated State of the Regions review by an independent committee, which will inform each four-year investment plan."
Following extensive consultations with local communities, the Coalition have identified initial key priorities of the Regional Australia Future Fund, which include:
- Fixing local road and transport networks to save country lives and drive economic productivity.
- Growing the regional health workforce so families can access health and aged care - local and affordable.
- Developing regional industries to drive economic growth and create secure jobs.
- Delivering flexible childcare solutions for families in regional, rural and remote areas.
- Growing tourism industry opportunities for regional communities and economies.
- Supporting regional businesses to market and export their product to new and expanded markets.
- Improvingregional mobile and internet services for country communities.
- Building and upgrading economic and community infrastructure, facilities and services.
The funding stream will supplement - not replace - normal government funding across these critical areas where regional Australia faces unique challenges.
"This is an historic moment for the one third of Australians who live outside the big capital cities - a perpetual fund to future-proof regional Australia against short-termism and governments who leave regions behind.
"This will give confidence to regional communities, by investing in their economic future over coming decades, not just each electoral cycle.
"Geography should not be a determinant of success. Families and businesses in Flynn significantly to our national story and economy. This Fund will ensure Flynn can take advantage of opportunities and overcome the challenges that the coming decades bring."
