Nita Green (Queensland, Australian Labor Party, Assistant Minister for Tourism) Share this | Hansard source

I move:

That the Senate take note of the document.

Today, I rise to take note of the 2024 independent review of the Northern Australia Infrastructure Facility Act 2016. When it comes to unlocking the massive potential of northern Australia, there has been no greater enabler than the NAIF. Thanks to the Commonwealth's $7 billion investment, we are developing projects that deliver the jobs and build the services that Australians in the north rely on. The NAIF was established off the back of a white paper on developing northern Australia. That report spelled out what everyone who lives in the north already knew: that northern communities face daily challenges that Australians in Melbourne and Sydney just don't face.

The NAIF was designed to overcome some of the biggest roadblocks to getting investment on the ground in the north. Distances are vast, the weather is unforgiving, and supporting infrastructure and supply chains are more limited. It's just a fact that the north brings higher risks for private investment. The NAIF fills that gap and in doing so encourages additional private investment to enter northern communities. After 10 years of operation, the NAIF is now considered an expert when it comes to providing concessional loans to help complex projects get off the ground.

It's really hard to overstate the kind of impact that these investments have had. Current investments alone are already forecast to generate more than $33 billion in public benefit for northern Australia. It's kickstarting new industries, delivering more housing and unlocking the potential of our critical minerals and energy sectors. It isn't just good for the north; it's about building the industries that will drive the future prosperity of our nation. Importantly, it's also contributing to better outcomes for First Nations people through project-specific Indigenous engagement strategies. And for everyone who calls the north home it means thousands of new jobs. The challenges come from distance, isolation and lack of investment for the people of the north, but the NAIF is bringing change.

As a senator from the regions, I know Queensland's airports well. Every week—almost every day in some weeks—I'm passing through a different terminal in regional Queensland. And I know firsthand how important these hubs are to businesses and communities and to connecting families. For many, they are a lifeline enabling commerce and travel to remote regions. Right now, thanks to NAIF, real investment is happening to upgrade these regional airport hubs and ensure they're fit to service these communities as demand grows. Every time I fly into and out of a regional airport up north in Cairns, Mackay or Townsville, I see the changes that are going on: upgrades that will better connect our regions to the rest of Australia and the world that wouldn't be happening without NAIF's support.

Just last week I was lucky enough to get a sneak peek of the first major international terminal upgrade Cairns Airport has received in almost 30 years. This is thanks to a $155 million loan from NAIF. Work is well underway to enhance the international terminal's departure lounge and baggage claim area. Airports like these are lifelines for regional communities. The funding will also replace ageing taxiways, boosting capacity and enabling the airport to keep up with the expected demand in traffic over the next 15 to 20 years. The funding is also going to build a new eastern aviation precinct, which will provide more stands for domestic flights, not to mention a heliport, commercial lots and a general aviation hub. The same loan is also going to fund new runway and taxiway surface upgrades at Mackay Airport that I will get the chance to see in a couple of weeks. For the people of North Queensland, this will mean faster and easier travel, connecting families and businesses to the rest of the state, Australia and the world. That $155 million investment from NAIF is expected to generate $1.4 billion in public benefit, during construction and operation.

Last week the Minister for Resources and Minister for Northern Australia, Madeleine King, tabled the review prepared by the independent expert panel chaired by the Hon. Warren Snowdon, alongside Dr Lisa Caffery and Professor Peter Yu. I want to thank them all for their work. Thank you, too, to the soon-to-be-retired CEO, Craig Doyle, and his hardworking team for their solid contribution to the lasting impacts that NAIF is delivering across northern Australia.

The Albanese Labor government is backing the north. We are proud to be backing the NAIF and very much looking forward to breaking ground on the next wave of projects in the investment pipeline.

Question agreed to.