Northern Australia Infrastructure Facility

Treasurer and Minister for Trade and Investment, Curtis Pitt, says Queensland continues to support the Northern Australia policy and NAIF which have the potential to develop new industries and new jobs in our state.

“The Northern Australia Infrastructure Facility (NAIF) is a concessional loans scheme,” Mr Pitt said.

“NAIF was established by the Federal Government and any project financing approved by the independent NAIF board will flow between the Federal Government and a project proponent.

“We will not stand in the way of those arrangements. In the case of the Carmichael Mine, any funds will pass directly from the Federal Government to Adani.

“We will fulfil our obligations in line with the Master Facility Agreement agreed with the Federal Government.

“It should be noted that the NAIF has not lent any funding since it was announced two years ago, and I would encourage the Turnbull Government to actually start using the available funds.

“We promised that Queensland taxpayer funds would not subsidise the Carmichael rail line and we are keeping that promise.

“Our new resources framework puts an end to ad hoc deals and encourages job-creating investment in the Galilee and Surat Basins and the North West minerals province.

“It is a transparent policy framework that will apply equally to project proponents looking to invest in these under-developed resource regions.

“Adani will not be required to secure funding through the NAIF in order to access the Queensland Government’s new resources framework.

“They now have as much certainty as can be provided by the state government in terms of approvals, environmental conditions and our position on a royalties framework.

“Under our resources framework, the Carmichael mine will pay every cent of royalties owed to the state – there will be no royalty holiday.

“All royalties will be paid, and if they are deferred, they will be paid with interest and with security of payment in place.

“That’s more money for our state to spend on infrastructure, renewables, health and education,” Mr Pitt said.