Amendments to the Northern Australia Infrastructure Facility were passed by the Federal Parliament on Thursday.

The $ 5 billion federal loan program critical for years for delaying in remitting money to approved projects.

The recent amendments broaden the scope of projects eligible for funding; allow the NAIF to make loans to entities other than states and territories, and determine the terms of such loans; and allow a total equity investment of $ 500 million, capped at $ 50 million or 50 percent of any particular project.

As the program was due to expire at the end of this fiscal year, it was extended for five years.

North Australian Minister Keith Pitt said the bill would make the NAIF “nimble and flexible”.

“The NAIF has already committed $ 2.9 billion in projects across the north that will support approximately 9,000 jobs,†he said.

“Our changes will increase its ability to support even more projects.

“Government reforms will ensure that the NAIF can play a key role in the continued economic recovery from COVID in North Australia, generating more jobs and economic opportunities.â€

Northern Australia’s deputy minister and Capricornia member Michelle Landry said the reforms would speed up infrastructure projects in the north.

“These changes will transform the NAIF into a more proactive investor in projects that will generate economic activity and job creation,†she said.

“The NAIF has supported projects across a wide range of industries such as agriculture, aquaculture, energy and resources, and these changes mean more industries in northern Australia can apply for loans, which means even more jobs. â€

Queensland Labor Senator Murray Watt said the NAIF “must stop being the No-Real Infrastructure Fund and start delivering to northern Australia”.

“In 2016, the Abbott government of the day created the NAIF, pledging to provide $ 5 billion in funding over five years to projects in North Queensland, North Western Australia and the Northern Territory. “, did he declare.

“However, at his five-year deadline, he only got 6% of his budget.

With the changes, Labor also wanted to include encouraging the NAIF to invest in projects that contribute to net zero carbon emissions by 2050, removing the veto power of the Minister of North Australia and presenting a representative of the First Nations. Nations on the NAIF board, but these suggestions were offensive to other parties.

“Last week Minister Keith Pitt veto a $ 280 million loan from the NAIF to a wind farm project in North Queensland that would have created 250 jobs and reduced electricity prices because it was ‘incompatible’ with government goals and policies, †Mr. Watt said.

“The government assures us that these changes are what needs to happen, and we will be watching like a hawk to make sure they finally reach our North.”

Originally published as NAIF amended to streamline slow cash flow