The Federal Government has updated the Northern Australia Infrastructure Facility’s (NAIF) investment mandate to help deliver more national critical minerals priorities.
Under the new investment mandate, when making investment decisions the NAIF must be satisfied that projects align with one or more of Australian Government policy priorities:
- 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
This will also formally align NAIF investments with the objectives of the Critical Minerals Strategy 2023-2030.
To date, the NAIF has approved nearly $655 million for critical minerals and rare-earth projects forecast to deliver $5.5 billion to the economy and 2500 jobs.
“Amendments to the investment mandate strengthen the expectation the NAIF will consult and collaborate with other Australian Government entities, including to support the Net Zero Economy Agency’s role in the transition to net-zero emissions,” Federal Minister for Finance Katy Gallagher said.
“These changes empower NAIF to continue to leverage and align with national priorities and programs to crowd in investment in the north.”
Member for Solomon Luke Gosling said the NAIF will continue to provide the economic infrastructure needed to support the journey to net-zero.
“The NAIF has already supported a portfolio of ambitious and transformational projects that will grow our local economy for decades to come,” he said.
“The Australian Government will continue to work with the NAIF to ensure its investment benefits the local community and leads to the creation of new local jobs.”
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