Phillip Thompson (Herbert, Liberal National Party) Share this | Hansard source

I'm very glad to support the Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Bill 2021 because it will mean great things for North Queensland and particularly the people of Townsville, who I have the privilege of representing in this place. The Northern Australia Infrastructure Facility has already had a major impact in Herbert, and these changes will only make it easier for it to have an even greater impact. So far, it's made funding commitments of $2.8 billion to projects that are forecast to generate at least $6.6 billion in economic impact. This is why we're asking the sector what they want and providing the means by which they can do it, in the form of these government backed loans.

We in Townsville are lucky to be reaping the benefits of a large number of NAIF projects that have been backed by the Northern Australia Infrastructure Facility. Not only is this a show of confidence in our region; it's an opportunity for us to capitalise on the employment and economic flow-on effects. In Townsville, we have the new car park at the Mater Hospital, which is worth $20 million. There's also $50 million that has been approved for the Townsville Airport redevelopment, although those plans are currently on hold as we see what happens in the aviation sector post COVID.

We've also supported two projects at James Cook University—$96 million for the technology innovation complex and $46 million for student accommodation—both of which are now under construction. In 2018—it's disappointing that the member for Blair has left—I was with the then minister and we announced this $46 million for student accommodation. Fast-forward a year and a half and I'm the member and I go back and do the same announcement. It has taken so long for this project to get up. The failure and the let-down was with the Treasurer of the Queensland Labor state government. The Treasurer at the time just put it at the bottom of the pile and didn't want to sign off on the project. The amendments to the bill will allow us to streamline this process and remove the blockage that is the Queensland Labor state government, which I'm looking forward to because we'll be able to get more projects underway in Townsville.

These great projects for our community are backed by public investment. There's one project that I want to talk about in more detail, and that's the $35 million investment in the Cowboys' brand-new HQ and Community, Training and High Performance Centre. It supports 271 jobs. The staff started to move in last month and it's an absolutely incredible project. The Cowboys' new home is positioned right next to the brand-new Queensland Country Bank Stadium and is able to take full advantage of its position. Of that $35 million federal government investment, $25 million was a loan from the NAIF. This has pretty much covered the entire cost and it has allowed this amazing project to go ahead. It has an indoor kicking area. I had a tour a couple of weeks ago and it was an honour to walk through it. It is a great place. I saw the local players get ready and train. I'm expecting big things from the Cowboys because of this facility. It has recovery pools inside. It has chilled and heated pools for their rest and recovery. It has a lecture theatre and study areas and a public coffee shop where anybody can come for a coffee and have a chance to spot a player and get a photo. There are a few new jobs there in the cafe, which adds to the construction jobs; there were 213 during the construction and 58 have been supported through the operational phase and as a result of the expansion. That's a project that has already been delivered, and there are other ones that are getting started or are halfway through. So we're seeing that the NAIF is working. It's providing finance for massive projects to get over the line and creating much needed infrastructure as well as jobs at the same time.

So why are we here today? Why are we wanting to make changes to the way NAIF works? The main thing is that we want to get those small businesses and organisations, as well as the big ones, over the line. There are so many great projects out there that haven't qualified because they're not large enough on the scale that the NAIF currently demands, but they would still create dozens if not hundreds of jobs either in the construction phase or ongoing, which is good for our economy. So we are allowing the NAIF to be a proactive financier. That means not just offering a loan that has to be paid back but actually making equity investments. This will open up more opportunities for small and medium-sized businesses.

This decision was made in response to the feedback that we needed to see faster approval times, to see more focus on smaller projects and remove the restriction that NAIF funding was for physical infrastructure only. That means that, with this bill, the NAIF will be opened up to finance not only capital infrastructure but also other elements of successful projects, such as equipment purchase or leasing, training and the expansion of business operations. There will be a cap on the $5 billion amount that can be used for equity investments; that will be $500 million. We'll see the NAIF in partnerships with local financiers. NAIF finance could be as simple as heading down to the local bank.

I'm really excited to see what businesses and entrepreneurs in our region will achieve with these new financing options. I think this will be a game changer, helping those small operators take on bigger projects which stand to benefit us all and, I know, will benefit the region, especially in Townsville. I commend this bill to the House.

See this speech in context