Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Cairns to host Northern Australia Infrastructure Facility



Download PDFDownload PDF

THE HON JOSH FRYDENBERG MP Minister for Resources, Energy and Northern Australia

SENATOR THE HON MATTHEW CANAVAN Minister for Northern Australia

THE HON WARREN ENTSCH MP Member for Leichhardt

JOINT MEDIA RELEASE

23 March 2016

CAIRNS TO HOST NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY

The Government has reached another milestone in the establishment of the Northern Australia Infrastructure Facility (NAIF) by announcing that Cairns, Queensland, will host its headquarters. A

mong Cairns’ many strengths is its undisputed connectivity to Asian markets, including Singapore, Hong Kong and Japan and strong domestic connectivity.

F

urther, from today, project proponents and financiers will have access to expert advice from the Government’s export credit agency, the Export Finance and Insurance Corporation (EFIC), to help ensure projects are ready for the NAIF’s formal launch.

Minister Frydenberg said the decision to headquarter the NAIF in Cairns was an essential step towards implementing the $5 billion facility, proposed in the Government’s White Paper on Developing Nor

thern Australia.

“We are implementing our plan to unlock the huge economic potential of northern Australia and the NAIF is a centrepiece of this plan. It will help deliver the infrastructure projects needed to drive

ec

onomic and population growth in our north”, Mr Frydenberg said.

“The Government has now introduced the legislation to establish the facility in the Parliament, released its Investment Mandate for public consultation, and announced the location of its headquarters. It is f

ull steam ahead to get this infrastructure moving”, he said.

M

inister Canavan said the announcement that Cairns would host the NAIF headquarters was great ne ws for northern Australia and North Queensland.

“Northern Australia punches well above its weight in terms of economic growth. It is home to just six per cent of our population, but produces 11 per cent of our GDP. Locating a facility charged with developing this vital part of Australia in the north underscores our ongoing and genuine commitment to

the region’s long term development.”

As the Federal Member for Leichhardt, the electorate where Cairns is located, Mr Entsch noted the important contribution this will make to highlight the strengths and capabilities of northern Australia.

“Loca

ting the office in Cairns makes absolute sense,” he said. “Our region is a hub for agriculture, tourism, education and energy resources, coupled with a sizeable population base. We also have outstanding connectivity - Cairns International Airport recently rated 13th in the world’s top 20 be st-performing small airports and we have direct flights to almost every capital city in Australia as well as excellent connections internationally.”

“Cairns also sits at the intersection of the two great regions of global economic and population growth - Asia and the tropics - and, like much of northern Australia, is a gateway to Asia. I’m certainly looking forward to the establishment of the office of the NAIF here in Cairns”, he said.

Project financiers and proponents will now also benefit from the expert assistance of EFIC in de veloping their projects. As Australia’s export credit agency with experience in supporting companies

to reach new markets and partnering with the financial sector, EFIC will be able to provide practical assistance in assessing projects, negotiating with project proponents, and administering financial facilities. This will help ensure the NAIF hits the ground running, and that decisions on projects can be made as soon as the facility is established.

For more information, visit: http://www.industry.gov.au/industry/Northern-Australia-Infrastructure- Facility.

Ends

Media Contact

Minister Frydenberg: Dan Cronin - 02 6277 7180 Mi nister Canavan: Martin Bowerman - 0428 303 189

Mr E

ntsch: Heather Beck - 0427 585 668