A Northern Australia Infrastructure Facility (NAIF) loan to one of Australia’s most successful barramundi farms is set to deliver a major economic and jobs boost to Northern Territory local economy.
Minister for Resources, Water and Northern Australia Keith Pitt said the NAIF funding will support the expansion of Humpty Doo Barramundi.
“It’s great to be making this announcement on National Barramundi Day with the $24.2 million NAIF loan supporting this 100% Australian-owned business to expand to meet growing domestic and international demand,” Minister Pitt said.
“The NAIF loan, alongside private bank co-funding, will support the construction of a purpose built hatchery for saltwater barramundi that will provide a significant boost to the Northern Territory’s aquaculture industry and generate economic activity in the Territory as we recover from the COVID-19 pandemic.
“The new funding will support around 110 jobs during construction, and a further 160 jobs when the new hatchery is up and running.
“NAIF support will ensure Australian-farmed barramundi will be available in restaurants at home, and around the world,” Minister Pitt said.
Assistant Minister for Northern Australia Michelle Landry said the loan was NAIF’s second investment in Humpty Doo Barramundi, following a $7.18 million loan for the pond and nursery facilities which were completed last year.
“NAIF has committed more than $2.4 billion to projects in northern Australia, including almost $860 million for projects in the Northern Territory which support a forecast 3,000 jobs,” Assistant Minister Landry said.
“This latest project will ensure Humpty Doo Barramundi can keep up with demand for Australian seafood while boosting opportunities for jobs in the Territory, including for Indigenous communities.
“The Government is committed to expanding economic opportunities in northern Australia and has announced a series of reforms to NAIF which will speed up approvals and make it easier for projects to qualify for funding.
“The government has also extended the $5 billion facility to continue operations for a further five years until mid-2026.”
Northern Territory Senator Dr Sam McMahon said the NAIF loan is the perfect way to celebrate National Barramundi Day.
“The barramundi industry is synonymous with the Northern Territory and this NAIF loan will mean more jobs at a time when we most need them,” Senator McMahon said.
“The NAIF is a fantastic contributor to the Territory’s economic recovery and it’s great to see a home-grown business like Humpty Doo Barramundi making the most of this opportunity to continue its growth.”
Humpty Doo Barramundi Chief Executive Officer Dan Richards said the NAIF and ANZ financing was a major boost for the company.
“We are pleased to be able to make this further investment towards making Australia self-sufficient in producing Australia’s iconic salt water barramundi, while creating new opportunities for our fellow Territorians,” Mr Richards said.
“We would like to acknowledge the great work of the teams at NAIF, the ANZ and Humpty Doo Barramundi to make this happen.”