Northern Australia Infrastructure Facility Bill 2016 Committee Report Released for CTH
Monday 18 April 2016 @ 2.31 p.m. | Legal Research
The Committee Report for the Northern Australia Infrastructure Facility Bill 2016 was released on 14 April 2016. The Bill recommends passing of the legislation in its report titled ‘Advisory Report on the Northern Australia Infrastructure Facility Bill 2016’.
Background to the Bill
As mentioned in our previous TimeBase article, the Northern Australia Infrastructure Facility Bill 2016 (the Bill) will establish the Northern Australia Infrastructure Facility (the Facility) to address gaps in the infrastructure financing market for northern Australia. The Bill will also establish a Board of the Facility (the Board) to make the investment decisions for the Facility.
The Northern Australia Infrastructure Facility (Consequential Amendments) Bill (the Bill) will amend the Export Finance and Insurance Corporation Act 1991 (Cth) to provide the Export Finance and Insurance Corporation (Efic) with the following functions:
- to assist the Northern Australia Infrastructure Facility (the Facility); and
- to assist, on agreement, the States and Territories.
These functions are in relation to grants of financial assistance and financial arrangements for the construction of northern Australia economic infrastructure. The Bill will also allow Efic to charge fees to the Facility and the States and Territories for the services it provides in performing its functions for the Facility and the States and Territories.
Both Bills were referred to Committee on 17 March 2016.
Terms of Reference for Inquiry
According to the report, in accordance with paragraph 4A of its resolution of appointment, on 17 March 2016, the Minister for Resources, Energy and Northern Australia referred the provisions of the Northern Australia Infrastructure Facility Bill 2016 to the Joint Select Committee on Northern Australia (the Committee) for inquiry and report by Friday, 22 April 2016.
"(4A) following presentation of its [first] report, the Committee:
(a) Monitor issues relevant to the development and implementation of the government’s white paper;
(b) Consider any relevant issues as may be referred to it by either House of the Parliament or a Minister;
(c) Report from time to time; and
(d) Continue its work until the House of Representatives is dissolved or expires by effluxion or time;"
Results of the Committee Inquiry
The Committee only has one recommendation in the passage of the inquiry - "that the Northern Australia Infrastructure Facility Bill 2016 be passed by the Parliament."
The Committee Chair, the Hon Warren Entsch MP, said:
"The Northern Australia Infrastructure Facility will provide up to $5 billion in concessional loans, but by leveraging private sector capital, the value of the infrastructure projects it supports will be far greater than $5 billion. The Facility will accelerate the development of an infrastructure base that can underpin the long-term growth needed to unlock the economic and social potential of Northern Australia."
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Sources:
Northern Australia Infrastructure Facility Bill 2016 and accompanying consequential amendments bill and secondary materials, as published on TimeBase LawOne
Northern Australia Infrastructure Facility Bill 2016 Committee Homepage
House of Representatives Media Release - 14 April 2016
