Christmas Island and the Cocos (Keeling) Islands will get more support for infrastructure following the successful passage of legislation to expand the Northern Australia Infrastructure Facility (NAIF).
The Australian Government will provide an additional $2 billion to the facility, taking the total financing available to $7 billion, and has updated the definition of Northern Australia to include Christmas Island and the Cocos (Keeling) Islands.
Minister for Resources and Northern Australia, Madeleine King said that adding the Indian Ocean Territories to the NAIF would drive economic growth in the region.
Christmas Island and the Cocos (Keeling) Islands play a critical role in the sustainability and prosperity of Australia," Minister King said.
"The expansion of the NAIF and will allow businesses and communities in the Indian Ocean Territories to benefit from financial assistance provided by the NAIF."
Minister for Regional Development, Local Government and Territories, Kristy McBain said the Albanese Government was ensuring Australia's External Territories could access financial assistance to progress their economic growth.
"This expansion will speed up the delivery of local infrastructure projects in the Indian Ocean Territories which will drive economic activity, create employment opportunities, and attract new people to live in and visit this beautiful region," Minister McBain said.
"This recognises our commitment to supporting businesses in our External Territories access financial assistance so that they can improve local infrastructure and invest in innovative solutions that maximise resources and address significant challenges."
Following passage of the laws, NAIF representatives will visit the IOT in the near future to engage with business and community leaders on the potential opportunities from the changes.
Examples of sectors that NAIF can support include resources, airports, ports and rail, agriculture, water, energy, social infrastructure (including property, tourism, education and health), manufacturing and telecommunications.
