Northern Australia Infrastructure Facility (NAIF) to be extended out to 2026 following review

THE multibillion-dollar federal government loan program designed to spur infrastructure development in Northern Australia will be extended for an extra five years.

THE multibillion-dollar federal government loan program designed to spur infrastructure development in Northern Australia will be extended for an extra five years.

The NT News can reveal Northern Australia and Resources Minister Keith Pitt will today announce a major five year extension for the $5 billion Northern Australia Infrastructure Facility (NAIF).

Mr Pitt, due to make the announcement in Darwin today, also flagged “economy revitalising projects” involving gas, minerals and renewables as being “crucial” to Northern Australia’s post-pandemic recovery.

Northern Australia and Resources Minister Keith Pitt. Picture: News Regional Media

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The NAIF was set up in 2016 under the Abbott government to provide low-cost loans for infrastructure projects across northern Queensland, Western Australia and the Northern Territory.

Due to expire in June 2021, only $2 billion of the NAIF has been allocated to projects so far and even less money has flowed out of the purse.

It was revealed in March this year that 1.7 per cent, or $88.5 million, of the NAIF’s $5 billion bucket had flowed to projects in North Australia.

Mr Pitt said the decision to extend the NAIF out to 2026 came as part of an ongoing statutory review.

“This extension is the first step under the statutory review of the NAIF that aims to implement changes to enable a more flexible and faster approval process for proponents looking to access the facility,” Mr Pitt said.

“Key to economic growth in the North will be capitalising on its comparative advantages in gas, critical minerals and renewable energy sources to support manufacturing and industry growth,” he said.

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The NAIF has approved or conditionally approved loans to six projects in the Territory, including the NT government’s Darwin shiplift project ($300 million), Charles Darwin University CBD campus build ($150 million), NT Airports upgrade ($150 million), and $7.18 million for an expansion of the highly successful Humpty Doo Barramundi Farm.