The Australian Government's Northern Australia Infrastructure Facility's (NAIF) has reached a significant investment milestone, with $2 billion invested in infrastructure projects across northern Australia.
Loans facilitated by the NAIF are bringing transformational benefits to communities in the north, creating jobs, unlocking economic opportunities in regional areas, and driving the nation's transition towards a net zero economy.
Data from NAIF shows project proponents are on track to create 7,638 jobs in Queensland, 6,806 jobs in WA and 3,946 in the Northern Territory.
NAIF is also supporting opportunities for small-scale projects by teaming up with the Northern Territory Government to provide $66.7 million through the Local Jobs Fund.
Loans of up to $10 million are available for projects that support the development of economic infrastructure, employment and regional growth in the Northern Territory.
NAIF is working closely with the Queensland and Western Australian governments to establish similar programs.
NAIF is supporting a wide range of projects across the north including in the resources industry, agriculture, the universities sector, aquaculture and transport.
NAIF has now committed a total of $4.4 billion to 33 projects, with this investment to create more than 18,000 jobs across the country.
NAIF is also supporting six critical minerals projects and three renewable energy projects to support the energy transition.
These projects include the Alpha HPA First Project in Gladstone, Arafura Rare Earths' Nolans project near Alice Springs, and the expansion of Pilbara Minerals' Pilgangoora operation near Port Hedland.
With a strong pipeline of prospective investments, the drawdown rate will accelerate as existing commitments move toward construction and completion.
Federal Minister for Northern Australia Madeleine King said Australia's economy was being supercharged by important projects and industry in the North.
"A strong north means a strong Australia," Minister King said.
"Through NAIF the Albanese Government is creating jobs and supporting the economy in northern Australia," Minister King said.
"Initiatives facilitated by the NAIF also offer opportunities for Indigenous employment and contribute to economic diversification across northern Australia."
Minister King said the $2 billion drawdown milestone underscored the value of updating the NAIF's investment mandate earlier this year.
The revised mandate ensures the NAIF is working to meet national priorities and will deliver more economic and community benefits to northern Australia.
Last year the Australian Government committed an additional $2 billion to the Facility, taking the total financing available to $7 billion, and updated the definition of Northern Australia to include Christmas Island and the Cocos (Keeling) Islands.
The NAIF is a corporate Commonwealth entity that provides concessional finance to construct infrastructure to benefit northern Australia and has a pivotal role in driving northern Australia's infrastructure growth.
To see more about projects facilitated by the NAIF, see here.
