The Federal Government’s new Northern Australia Infrastructure Facility (NAIF) is open for business and starting the important work of building investment and creating jobs across the nation’s north.
Minister for Resources and Northern Australia Matt Canavan launched the headquarters of the NAIF in Cairns last Thursday.
Senator Canavan said the $5 billion initiative would help finance the transport, energy, water and communications infrastructure needed to unlock the potential of the nation’s north.
“The Government’s plan for the north is about making sure the region realises its enormous economic potential,” Senator Canavan said.
“Northern Australia already makes a significant contribution to the national economy.
“It accounts for over 11 per cent of Australia’s GDP–even though it boasts just five per cent of the population.
“We have this huge land mass – 40 per cent of Australia’s land area – with lots of untapped natural resources.
“Imagine how much of a contribution our region could make to the Australian economy if we could harness more of these resources for the production and export of food, energy and mineral commodities and tourism.
“The right infrastructure is a fundamental driver of economic change.
“It can stimulate productivity and growth, encourage further investment, increase accessibility to markets, especially for remote areas, and help attract and retain workers.”