The Australian Government is undertaking an independent review of the Northern Australia Infrastructure Facility Act 2016 (the Independent Review), which commenced in August 2024.
The Independent Review will make recommendations as to whether the Northern Australia Infrastructure Facility’s (NAIF) investment window should be extended beyond 30 June 2026 and appropriate governance requirements after this date. An Independent Expert Panel has been appointed to undertake the Review, chaired by the Honourable Warren Snowdon alongside Dr Lisa Caffery and Professor Peter Yu as members. This panel provides an appropriate balance of skills, experience and geographical representation, with each panel member having distinct connections with northern Australia.
The NAIF was established as a core policy lever to achieve the objectives of the 2015 Our North, Our Future: White Paper on Developing Northern Australia. The Independent Review will closely align with ongoing work as part of the Northern Australia Action Plan, which seeks to reaffirm the Government’s commitment to the north and set the strategic direction for investment and growth in the region.
As at 31 July 2024, NAIF has a portfolio of 32 projects, ranging from large-scale critical minerals and energy developments to social infrastructure – including universities – to airport upgrades, health infrastructure, agriculture and aquaculture. This has resulted in a commitment of around $4.4 billion, forecast to generate more than $33 billion in economic impact and more than 18,000 jobs across northern Australia. NAIF’s pre-investment pipeline represents $3.1 billion in potential future loans and demonstrates interest in NAIF finance remains strong.
The Independent Review is expected to be finalised in late 2024.
The Independent Panel are now inviting public submissions to inform the Review. You can view the Discussion Paper and provide a submission at: Have Your Say - 2024 Review of the Northern Australia Infrastructure Facility Act 2016.