Barnaby Joyce
June 22, 2016
The Federal Coalition has promised to establish a Regional Investment Corporation to fast-track the delivery of $4.5 billion in drought and water infrastructure loans if re-elected at the July poll.
Deputy Prime Minister and Agriculture Minister, Barnaby Joyce, speaking at the National Press Club on Wednesday, said the Coalition was committed to streamlining Commonwealth financing and concessional loan processing to enable new dams to be financed quickly and ensure drought loans were speedily approved to help farmers in need.
“The Regional Investment Corporation will be established as the single administrator for the $4.5 billion in Agriculture and Water Resources portfolio financing and concessional loans initiatives,” Mr Joyce said.
“No longer will the Commonwealth have to barter with State governments to process drought and dairy concessional loans to help farmers.
“Under a re-elected Coalition Government we will be able to deliver this support direct to farmers in need.
“There is a clear need for such an institution, as we have seen over the past few weeks where the Victorian Labor Government delayed delivery of dairy recovery concessional loans by playing crude political games.”
Mr Joyce said the Corporation would administer funds relating to drought concessional loans, the $2 billion National Water Infrastructure Loan Facility and loans already delivered under the drought, drought recovery and farm finance concessional loans schemes.
“The Corporation will be fully funded from interest payments on Commonwealth loans schemes,” he said.
“By cutting out the middlemen and avoiding the need to pay administration funding to the states, the new Regional Investment Corporation should be able to deliver cheaper finance options to farmers.”
