The Albanese Government is updating the Northern Australia Infrastructure Facility's (NAIF) investment mandate to better align national priorities to projects that deliver economic, social and community outcomes for northern communities.
Under the new investment mandate, tabled in Parliament this week, the NAIF must be satisfied when making investment decisions that potential projects align with one or more of Australian Government policy priorities including:
- economic development in the north
- alleviating social or economic disadvantage in Northern Australian communities, including the development of social infrastructure
- achieving Australia's net zero and energy transition goals
- improving First Nations outcomes and contributing to Closing the Gap.
The changes will also formally align NAIF investments with the objectives of the Critical Minerals Strategy 2023-2030, following the Government's $500 million commitment under the NAIF for critical minerals projects.
Growing the critical minerals sector will contribute to broader national and economic security, emissions reduction, green trade, investment and industry growth.
To date, NAIF has approved nearly $4 billion in loan investments across a range of sectors including critical minerals, energy, agriculture, student accommodation, health, aquaculture, universities, and airports.
This includes $655 million for critical minerals and rare-earth projects forecast to deliver $5.5 billion to the economy and 2,500 jobs.
In 2022-23 alone, NAIF approved $491 million in new loans, supporting over 1,000 new jobs in the north.
