Mr LITTLEPROUD (Maranoa—Leader of the Nationals) (12:15): I'm pleased to rise and respond to this ministerial statement on behalf of the federal coalition to accept the 2024 independent review of the Northern Australia Infrastructure Facility Act 2016. I want to acknowledge the independent expert panel for the review, including the Hon. Warren Snowdon as chair, Professor Peter Yu and Dr Lisa Caffery. All three of these prominent Australians are known for their intellect and integrity. Many in this place will recall the contribution of Warren Snowdon, who represented the Northern Territory and Lingiari between 1987 and 2022. From Broome in Western Australia, Professor Peter Yu AM is the Vice-President of the First Nations Portfolio at the Australian National University and was Chair of the Indigenous Reference Group to the ministerial forum on northern development during the last coalition government. Hailing from Central Queensland, Dr Lisa Caffery has a long history of community engagement and social research in rural, regional and remote communities. The independent expert panel has consulted widely, conducting 85 meetings with northern Australia stakeholders from all levels of government and various industry sectors, from the Tiwi Islands to Parliament House, and it has accepted 40 written submissions to inform the review of the NAIF. The review assessed whether the NAIF's 30 June 2026 investment decisions expiry date should be extended, as well as the appropriate governance arrangements after this date. The review panel heard overwhelming support for continuing the NAIF in permanence as a key part of the architecture of northern Australia, and its first recommendation was to remove the existing time limit to allow the Northern Australia Infrastructure Facility to make investment decisions in perpetuity. On behalf of the coalition, I welcome this recommendation and I am grateful for the recognition of the need for certainty and continuity extended to the NAIF and all northern communities who benefit from this investment, confidence and security. On that note, it's important to acknowledge that Senator Susan McDonald, as the coalition's shadow minister for northern Australia, announced in Cairns in January this year our policy to make the NAIF permanent. We in the coalition have always recognised the crucial role that northern Australia plays in the economic prosperity and social fabric of our nation. The coalition established the NAIF, we funded the NAIF and we legislated the NAIF. We have always been committed to boosting ongoing investment into northern Australia to ensure economic growth, to create jobs and to provide investment security. Our early call to make the NAIF permanent was an emphatic recognition of the great success of the NAIF to date, and it was a strong commitment to power up northern Australia's economy, giving private enterprise the certainty and confidence they need to make long-term investments in a strong and stable north. Significantly, in 2022 the former coalition government announced that we would increase the NAIF's appropriation from $5 billion to $7 billion, and we welcome and acknowledge the government's decision to honour this commitment. Since its inception, the NAIF has driven investment in northern manufacturing, airport upgrades, community housing, beef processing and steelmaking, creating more jobs, better jobs and higher paying jobs in the north. It has committed $4.3 billion to 32 projects since 2016. These projects, including 14 in Queensland, 10 in Western Australia and eight in the Northern Territory, are forecast to generate more than $33 billion in public benefit and more than 18,000 jobs across the north. Making the NAIF permanent contributes to the whole of Australia's national economic development, and we hope the government seizes on this opportunity. Over the years the NAIF has grown and developed as the north's gap financier. Importantly, its investment mandate has broadened a focus on the following key areas: sustainable and resilient economic development and the alleviation of economic or social disadvantage, working with the jurisdictions to deliver key infrastructure projects, realising the Critical Minerals Strategy 2023-2030 and materially improving the lives of Indigenous Australians. Northern Australia has long been a powerhouse, having proudly led and pioneered essential industries—such as agriculture, mining, tourism, biosecurity and defence—which benefit the entire country. Despite having more than 50 per cent of the total Australian land mass, the north is home to just five per cent of our people. Renowned for their ingenuity, determination and resilience, our fellow Australians who live across this vast region have always punched above their weight. Northern Australia contributes enormously to our nation's total economic output. It has more than 100,000 businesses which employ 64,000 individuals, and its gross regional product is significantly higher than the per capita rates for the rest of the country. Proudly, the coalition has always been deeply committed to the families, communities, industries, businesses, workers and incredible potential of the north. We have always honoured the importance of recognising its history and securing its future by proactively harnessing its economic development. A key factor to help us achieve this goal is making the Northern Australia Infrastructure Facility permanent, and I again acknowledge the independent review panel for prioritising this measure. We also recognise that, beyond this, other recommendations have been made to improve the flexibility and sustainability of the fund. This will be done through adjustments to portfolio management, additional levers to improve consistent operation within the commercial market, and a transfer of some authority and accountability from the department to the board level, which will reduce duplication and develop risk tolerance. These recommendations are consistent with the recommendations of the recent Review of the operation of the Regional Investment Corporation Act 2018, which included a recommendation that the RIC, rather than the department, manage its own balance sheet and portfolio of loans. The NAIF review made 21 recommendations, including recommendations to amend the legislative framework, to permit loans for general corporate purposes and to extend direct lending and equity investment. In summary, the independent review highlights the general and broad support and strong satisfaction with the NAIF, and it proactively recommends additional flexibility to further develop capacity and capability across the north. There will always be room for development and evolution, particularly when reviews are undertaken every five years. We all know the rapid pace of business, the constant change and the adaptation required. The coalition recognises the ongoing developments in the investment environment and the fluidity in geopolitics since the NAIF was first conceived, and we appreciate the considered recommendations to address, adjust, prepare and position the NAIF for a further five years. To conclude, I once again acknowledge the hard work of the independent review panel. I also recognise the board of the NAIF for its governance and solid investment decisions, and the outgoing CEO, Craig Doyle, and his team. Craig has led the NAIF since 2022, through the most rapid and expansive development of the fund. It's a legacy to be proud of, and, on behalf of the coalition, I wish him well and sincerely thank him for his enormous contribution to northern Australia. I'd also like to take this opportunity to recognise the honourable members elected to this federal parliament who represent our vast northern region. They are a small team who work tirelessly in advocating for their communities. I especially thank my coalition colleagues from the north—the members for Capricornia, Dawson, Durack, Flynn and Herbert—and the two northern senators from the other chamber, including Senator McDonald as our shadow minister for northern Australia. They all continue to provide a powerful voice to the people who live, work and invest in this special part of our nation. I'm pleased to affirm that the coalition supports this review, the report and the recommendations relating to the Northern Australia Infrastructure Facility Act 2016.