The NAIF is established by the under the provisions of the Northern Australian Infrastructure Facility Act 2016 (NAIF Act) and is a corporate Commonwealth entity under the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The PGPA Act sets out the requirements for NAIF in relation to corporate governance, reporting and accountability which are in addition to those in the NAIF Act.
Ministerial responsibility for the NAIF lies with the Hon Barnaby Joyce, Deputy Prime Minister, Minister for Agriculture and Water Resources, Minister for Resources and Northern Australia. The responsible Minister is responsible for the appointment of the Board Members and issuing the NAIF Investment Mandate, as well as having accountability to the Australian Parliament.
The NAIF Board is responsible for deciding within, the scope of the Investment Mandate, the strategies and policies to be followed by the NAIF and to ensure the proper, efficient and effective performance of the NAIF’s functions.
The Chief Executive Officer (CEO) of the NAIF, is responsible for the day-to-day administration of the NAIF, subject to (and in accordance with policies determined by) the NAIF Board. The CEO is supported by a dedicated team of its own staff and has entered into a Service Level Agreement (SLA) with the Export Finance and Insurance Corporate (Efic) for the provision of additional support services.
The Queensland, Northern Territory and Western Australian Governments will work with the NAIF through the on lending of NAIF investments to project proponents. The involvement of the states and territory will help to maximise the gains from infrastructure investment in northern Australia.
NAIF Board Charters
NAIF Governance Policies
The NAIF Budget Statements for the period 2017-2018 are published in the Portfolio Budget Statements 2017-18 under the Industry, Innovation and Science Portfolio and can be accessed here.
Corporate Plan 2016-17
The NAIF’s purpose is to enable transformational growth in the economies and population in northern Australia by facilitating investment in economic or social infrastructure with financing delivered through the Queensland, Western Australian and Northern Territory Governments.
The NAIF offers up to $5 billion in debt or alternative financing mechanisms, which may be on concessional terms to encourage and complement, where possible, private sector investment in infrastructure that benefits northern Australia. The NAIF is designed to help transform northern Australia through the construction of infrastructure. This includes airports, pipelines, ports and roads, as well as communication, energy, rail and water infrastructure. The NAIF’s investments will support growth in sectors across the north, such as agribusiness, tourism, energy and resources.
The NAIF’s operations are governed by Commonwealth legislation and overseen by an independent commercial Board. The NAIF came into effect on 1 July 2016 as a corporate Commonwealth entity under the Northern Australia Infrastructure Facility Act 2016 (NAIF Act).
The NAIF is a major long-term initiative of the Australian Government’s Our North, Our Future: White Paper on Developing Northern Australia. Policy responsibility for the NAIF sits with the Department of Industry, Innovation and Science.
2016-17 Executive Remuneration Report
The NAIF is committed to provide transparency of our remuneration for executive and other highly paid staff. To this end, the NAIF (together with other Australian Public Service entities) has decided to disclose the remuneration of our executives and other highly paid staff, starting from the 2016-17 reporting period.
For the purposes of the reporting executives are defined as:
- Chief executive officers and equivalents
- Employees of an entity or company who:
- make, or participate in making, decisions that affect the whole, or a substantial part, of the operations of the entity or company; or
- have the capacity to affect significantly the entity’s or company’s financial standing or performance in achieving its purposes (as defined by section 8 of the PGPA 2013); or
- perform functions controlling operational activities, which directly impact the economic function and viability of the entity or company; and
- have employment conditions equivalent to Senior Executive Service employment conditions of service.
NAIF’s report for 2016-17 is available here.