NAIF Act Reforms & Reviews

2024 Independent Review of the NAIF Act 2016

The NAIF Act requires that a review of the operation of the Act is conducted as soon as possible after 30 June 2024.

An independent review of the Northern Australia Infrastructure Facility Act 2016 (NAIF Act) was tabled in Parliament on 27 August 2025.

An Independent Expert Panel (the Panel) undertook the statutory review, chaired by the Honourable Warren Snowdon alongside Dr Lisa Caffery and Professor Peter Yu as members.

The review assessed whether the NAIF’s time limit of 30 June 2026 for making investment decisions should be extended, and the appropriate governance arrangements after this date. 

The Panel undertook significant research consultation across northern Australia, including 85 meetings and six site visits to inform their review. Meetings were held with all levels of government and various industry sectors – including First Nations organisations, regionally based economic development organisations, individuals, and research bodies. The review received 40 submissions in response to the discussion paper.

The Panel provided the 2024 Independent Review of the Northern Australia Infrastructure Facility Act 2016 to the Hon Madeleine King MP, Minister for Northern Australia, on 12 February 2025.

On 24 November 2025, the Minister for Resources and Northern Australia Madeleine King announced plans in the Annual Statement on Northern Australia 2025 to extend the operations of NAIF for a further 10 years, to 2036, with a review of operations every five years.

The Northern Australia Infrastructure Facility Amendment Bill 2026 was introduced to Parliament on 4 March 2026. The Bill amends the Northern Australia Infrastructure Facility Act 2016 to:

• extend by 10 years to 30 June 2036 the period within which the Northern Australia Infrastructure Facility (NAIF) may decide to provide financial assistance;
• insert certain provisions relating to compliance with the NAIF Investment Mandate;
• ensure that certain administrative arrangements are the joint responsibility of the responsible ministers;
• and provide for reviews of the operation of the Act after 30 June 2029 and 30 June 2034.

2023 Reforms

The Northern Australia Infrastructure Facility Amendment (Miscellaneous Measures) Bill 2023, was passed by the Australian Parliament in June 2023. The amendment provided NAIF with an additional $2 billion allocation, taking the total financing available for infrastructure projects to $7 billion.

It also enabled us to support economic development in the Indian Ocean Territories communities of Christmas Island and the Cocos (Keeling) Islands.

2021 Reforms

The Northern Australia Infrastructure Facility Amendment (Extension and Other Measures) Act 2021 was passed in May 2021. NAIF was extended for a further five years to 30 June 2026. A new Investment Mandate was also issued.

Some of the key reforms to NAIF included:

• An expanded definition of infrastructure and focus on financing development rather than just construction.
• Expanded geography to include the Shire of Ngaanyatjarraku in Western Australia
• A broader definition of public benefit.
• Expanded debt tools, including the ability to provide letters of credit, guarantees and lend in foreign currency.
• Ability to provide finance for smaller loans, through working with financing partnerships.
• Ability to provide equity finance, subject to a cap of $50m per investment and being non-controlling stakes.
• Ability to provide financing directly to proponents rather than via the States or Northern Territory, under certain circumstances.

2020 Independent Review of the NAIF Act 2016

In accordance with Section 43(1) of the NAIF Act, the Minister for Northern Australia instructed the Department of Industry, Science, Energy and Resources to undertake a statutory review of the NAIF Act. 

Under the terms of reference, the Review was asked to consider:

• whether the limit of 30 June 2021 set out in section 8 of the NAIF Act for making decisions to provide financial assistance should be extended
• the appropriate governance arrangements for the NAIF after that date 
• if the NAIF’s framework best supports economic development in northern Australia, and other issues considered relevant to the operation of the NAIF Act. 

The Review contains findings and recommendations on the operation of the NAIF Act, and its effectiveness and implementation, and has been provided to the Minister in accordance with section 43(3) of the NAIF Act. 

The findings and recommendations of the Review also consider the NAIF’s potential to support the Government’s economic stimulus and recovery response to the challenges of the COVID-19 pandemic.

The recommendations include:

• extending the NAIF’s operations for five years until 30 June 2026
• accelerating its lending rate
• expanding the scope of projects eligible for NAIF funding
• increasing the NAIF’s risk appetite
• strengthening the NAIF’s governance framework

Statutory review of the Northern Australia Infrastructure Facility 2020

2019 Australian National Audit Office report on Governance and Integrity of the Northern Australia Infrastructure Facility

The Australian National Audit Office carried out a performance audit of the Northern Australia Infrastructure Facility (NAIF). The final report was presented in April 2019.

The Auditor-General Auditor-General Report No.33 2018–19 Performance Audit

2017 Senate Inquiry into the Governance and Operation of the NAIF

NAIF’s Opening Statement to the Senate Inquiry into the Governance and Operation of the NAIF 11 August 2017

Submission to the Senate Inquiry into the Governance and Operation of the NAIF 4 August 2017