Ms MADELEINE KING (Brand—Minister for Resources and Minister for Northern Australia) (12:05): by leave—Today I am pleased to table the 2024 Independent review of the Northern Australia Infrastructure Facility Act 2016. I would like to acknowledge the traditional owners of this meeting place, the Ngunnawal and Ngambri people. I pay respect to First Nations elders, customs and connections to country and I extend this respect to all traditional owners across Australia—and particularly across northern Australia where the Northern Australia Infrastructure Facility operates. The NAIF is a $7 billion Commonwealth government financier that provides concessional loans to help deliver economic development, jobs and opportunities across northern Australia. NAIF was designed to address a lack of private investment in economic infrastructure in the north, caused by the higher risks associated with investing in northern Australia due to issues such as distance, remoteness, climate, and the vagaries of tropical weather systems. Since it was set up, the NAIF has gained valuable insight into the north's vibrant and growing financial ecosystem. It has become an established expert in concessional loan financing that supports complex projects from the start to full implementation. Northern Australia is the engine room of the nation's economy. A strong north means a strong Australia. Our biggest industries like resources, agriculture, tourism and increasingly emerging technologies—are based in the north or have significant links to the north. And that's why I'm very proud to be part of an Albanese Labor government that is committed to working with northern Australia to ensure it is prosperous for all those who choose to call it home. Last year, I released the Northern Australia Action Plan 2024-2029 which sets out a refreshed policy for northern Australia. The Northern Australia Infrastructure Facility is the centrepiece of our northern Australia agenda. In this government's first budget in October 2022, I was proud to reinvigorate the NAIF with an extra $2 billion of funding. And since we came to office, the NAIF has ramped up its activities. It has committed more than $4.3 billion to support 32 projects across northern Australia. This includes: 14 projects in Queensland, with loans of around $1.7 billion. 10 in Western Australia, with loans of around $1.7 billion; and 8 in the Northern Territory, with loans of around a billion dollars. These projects are forecast to generate more than $33 billion in public benefit and create more than 18,000 jobs. By any standards this is a mark of the great success of the NAIF. The projects it supports are providing real economic and social benefits in the regions. And NAIF's pre-investment pipeline demonstrates that interest in this finance remains strong. Currently, NAIF's pre-investment pipeline has a combined project value of around $6.6 billion and potential for NAIF lending of around $2.3 billion. They are projects that, if realised through to investment decisions, have the potential to unlock further economic and social benefits, create thousands more jobs across northern Australia and drive sustainable development of this most remarkable part of Australia. Last year I announced a statutory review to ensure NAIF is delivering for Australians as it was intended. An independent expert panel was appointed, chaired by the former member for Lingiari the Hon. Warren Snowdon, working alongside Dr Lisa Caffery and Professor Peter Yu. All of these are long-time champions of northern Australia. I want to thank the panel for their significant work and engagement during this review. The commitment they have given to the north across their careers was very well harnessed in this review. The panel received more than 40 written submissions and held 85 meetings with stakeholders from all levels of government, industry, First Nations organisations, research groups and regional development bodies. It also included consultation with members of this House. The panel attended six site visits across Western Australia, the Northern Territory and Queensland to consider NAIF investments. From the review, the panel's unanimous view is that the NAIF has overwhelming support from all levels of government, industry and the public. The report that has been tabled makes 21 recommendations around the future of the facility, and how it can be improved. High among those recommendations are proposals to strengthen First Nations empowerment and NAIF investment in First Nations projects. The government is examining the report and the recommendations, and we will respond to them in coming months. I am proud that the NAIF has achieved real, tangible benefits for the people of northern Australia and provided meaningful change to local communities. It has built an impressive portfolio of investments, helped crowd in private investment, fostered infrastructure development and contributed to better outcomes for First Nations people. Housing and social infrastructure has been an important focus for the NAIF. The Albanese government understands that housing supply issues are not just a problem for the big cities in the south. The north, if it is to grow and to prosper, needs investment in housing and community infrastructure if it is to attract workers and capital. Last year in Cairns, the Prime Minister, the Minister for Housing and the now member for Leichardt and I announced funding for the Cairns Community Senior Housing project with a loan of up to $140 million, in partnership with Housing Australia and Queensland's Housing Investment Fund. This is Queensland's biggest social and affordable housing project and will deliver 490 homes in Woree, a suburb to the south of Cairns. Thanks to innovative construction methods, more than 20 housing modules have already been installed at the site, and it is currently on track for construction to be completed by the end of 2026. This project is a great example of how the NAIF can boost social infrastructure and genuinely make lives better for people living in the north. And this project is very special because it addresses the housing challenges faced by senior members of the Cairns community, who can be vulnerable to risks of homelessness. The NAIF continues to invest in key resource projects to create jobs and to build Australia's sovereign capacity. Northern Australia has a rich endowment of the critical minerals and rare earths the world needs for decarbonisation technology and for significant defence applications. NAIF is supporting five critical minerals projects to unlock their potential and ensure northern Australia remains a key link in global supply chains. These projects include the Arafura Rare Earths' Nolans project near Alice Springs, the Alpha High Purity Alumina First Project in Gladstone, the expansion of Pilbara Minerals' Pilgangoora operation near Port Hedland, the Butcherbird Manganese Project in the Pilbara, and the Thunderbird Mineral Sand Project located midway between Broome and Derby. The strength of the NAIF is backing projects that will help build entirely new industries in northern Australia. Whether it be cotton or salt, the NAIF is adept at identifying opportunities to create new jobs in new fields. Just two weeks ago I was thrilled to officially open the Kimberley Cotton Gin processing plant in Kununurra, Western Australia. The NAIF supported this project through a $34 million loan, which is forecast to return a public benefit of almost $250 million back into the region and establish the Ord River Irrigation Area as a new cotton region. The Kimberley Cotton Gin will kickstart a new industry, create jobs, support First Nations employment, and generate opportunities for the Kimberley region and the Northern Territory. This cotton gin project builds on decades of work and dedication by many, many people who, when I was among them, could hardly believe that this day had arrived—when cotton grown in the Ord Valley, thanks to the pristine endless waters of Lake Argyle, could be processed in the Ord Valley. People travelled from around the country to be at the opening of the Kununurra Cotton Gin. It was a remarkable event. And while the $34 million contributed by a loan from the NAIF is far from the NAIF's biggest loan, it is surely among its most impactful. Last year I attended also the official opening of the Mardie Salt Project, which will produce a key input for clean technologies such as batteries and solar panels. This exciting $1.4 billion operation is expected to employ nearly 1,000 people in the Pilbara region. The BCI Minerals project is the first major salt project in the nation in 20 years and is a reality thanks to a $490 million NAIF loan. Finally, I'd like to pay tribute to the outgoing CEO of the NAIF, Craig Doyle, who is soon to retire. Craig has done an incredible job in leading NAIF over the last three years and in building the organisation into what it is today. We owe him a great deal and Craig will leave a great legacy in the north. I want to thank all the NAIF staff around the country and, of course, those in the head office in Cairns. The Albanese government is backing northern Australia. Through the NAIF, we are delivering on our support for northern Australia. We are determined to ensure NAIF unlocks the immense potential of northern Australia, working in partnership with pioneering communities to build a sustainable, thriving and vibrant region. Thank you.