David Littleproud (Maranoa, National Party, Shadow Minister for Agriculture) Share this | Link to this | Hansard source

I'm pleased to rise and deliver this response on behalf of the federal coalition to affirm our support for the Northern Australia Infrastructure Facility Amendment Bill 2026, extending the NAIF for a further 10 years, from 30 June 2026 to 30 June 2036. This is a bill which stems from the independent review into the NAIF chaired by the Hon. Warren Snowdon and assisted by Professor Peter Yu and Dr Lisa Caffery and tabled in parliament on 27 August last year. Just as the federal coalition recognised the significant economic contribution of northern Australia to our nation when we first established the NAIF in 2016, so too did this independent review panel. The panel concluded that northern Australia, which is home to just 5.1 per cent of Australia's population and comprises more than half its total landmass, produces a gross regional product that is significantly above per capita rates for the rest of the country.

The panel acknowledged that since 2016, when the former coalition government initially set up the NAIF, it was provided crucial financial assistance, which has bridged gaps in commercial financing to build infrastructure across the North which supports sustainable economic and social outcomes. Importantly, on the extensive consultations with stakeholders that were undertaken across northern Australia, the review panel reported that the NAIF was a known and trusted entity in supporting development and is seen as a key part of northern Australia's economy. Significantly, the review determined that stakeholders see the NAIF as part of the northern Australia ecosystem.

Given the laudatory feedback received from stakeholders, the review panel assessed the NAIF's current legislative time limit, with the window for making investment decisions ending on 30 June 2026. On this point, the panel's very first recommendation to government was that the government remove the existing time limit to allow the Northern Australia Infrastructure Facility to make investment decisions in perpetuity.

The federal coalition has always recognised the unlimited potential of providing sustainable and resilient economic development in the North. The NAIF has financed projects in the sectors of agriculture, water, energy, resources, social, infrastructure and transport, and logistics across Queensland, Western Australia and the Northern Territory. It's delivered enormous public benefit through new employment opportunities, regional economic wealth and population growth and has contributed to an overall confidence across half of our country, which delivers boundless economic results for all Australians.

We recognise how the NAIF alleviates economic and social disadvantage and improves the lives of Indigenous people and communities. The NAIF implements key infrastructure projects and contributes to realising the Critical Minerals Strategy for 2023 to 2030. Proudly, the NAIF has a track record of delivering tremendous outcomes which have made a real and enduring difference on the ground. Since the former coalition government established the NAIF in 2016, as of December 2025 it has supported 33 projects. This is underpinned by $4.3 billion worth of commitments, with the ultimate public benefit to northern Australia forecast to be $33 billion, or $7.60 in forecast public benefit for every dollar of the NAIF finance. Crucially, the NAIF also supports over 18,000 jobs across the North.

Northern Australia has always been an exciting and challenging frontier, with incredible and immense opportunities. On this front, the NAIF is perfectly poised to encourage and support investors in converting risk and opportunity into jobs, fostering sustainable communities, delivering transformational infrastructure and helping to secure a strong and more robust overall economy for both the North and the whole of Australia. We should all continue to support the vital work of the NAIF. That's why the federal coalition will be supporting this legislation. I thank the House.

Debate adjourned.