The Coalition Government is continuing to bolster local industry with the financial close of a $24 million Northern Australia Infrastructure Facility (NAIF) loan to Signature Onfarm that will secure the expansion of the beef industry in central Queensland.
Minister for Resources, Water and Northern Australia Keith Pitt said this NAIF loan, which has already begun to be drawn down, will enable Signature Onfarm to build beef processing facilities and on-site employee accommodation near Clermont in Queensland.
"The expansion of these facilities will benefit the central Queensland cattle industry, and will create much needed jobs in the region as Australia recovers from the COVID-19 pandemic," he said.
"The Signature Onfarm beef project will create around 200 construction jobs and 70 ongoing jobs once the project is completed.
"The project is being developed by the Angus family who are industry leaders, and will mean local producers have access to an abattoir closer to their farms.
"Central Queensland is known for its premium beef brand and this NAIF milestone will help to not only re-enforce that brand but continue its growth."
Assistant Minister for Northern Australia Michelle Landry said the project was a great example of how NAIF continued to support jobs and economic growth in Northern Australia.
She said financial close means the project is now drawing on NAIF's funding.
"I congratulate the Angus family for their project, which will create jobs and opportunities in central Queensland, while continuing to support a strong vibrant cattle industry," Assistant Minister Landry said.
Signature Onfarm Beef was established by Central Queensland pastoralists Josie and Blair Angus who say the cattle industry is a key economic driver for Northern Australia and access to local processing has been in decline.
"The loan from the Government's NAIF alongside our existing financiers ANZ has allowed us to undertake this ambitious project to build a state of the art facility focussing on high quality beef output and maximising farm gate returns," Mrs Angus said.
"We welcome the work put in by Minister Keith Pitt and Assistant Minister Michelle Landry in continuing to seek improvement in the NAIF to allow more projects across the North to access the facility.
"The beauty of this fund is that the money can keep recycling to generate vital growth in the North.
"We believe funds like the NAIF are vital to support lending in areas that have often been seen as higher risk," Mrs Angus said.
