The $5billion infrastructure loan fund, central to the implementation of the Northern Australia Whitepaper, will be ready to access from 1 July, 2016, after the legislation to establish the Northern Australia Infrastructure Facility was passed in the Senate last night.
Northern based LNP Senator Ian Macdonald welcomed the news, saying the NAIF was the cornerstone of the Coalition’s vision for the development of Northern Australia.
"The passage of the NAIF legislation is one of the most significant achievements to date in the Coalition’s $6.2billion Northern Australia Whitepaper," Senator Macdonald said.
"Unlike the Labor Party, who have no policy, no vision and frankly no interest in the North, the Coalition is investing over $22billion in direct infrastructure funding in Northern Australia, which is building the foundations to help transition the national economy from the mining boom."
Amendments proposed by the Greens, to restrict certain categories of projects from accessing the loan funds, were defeated.