Senate Inquiry into the Northern Australia Infrastructure Fund (NAIF)

Senate Inquiry into the Northern Australia Infrastructure Fund (NAIF)

In June, a Senate Inquiry into the Northern Australia Infrastructure Facility (NAIF) was launched after the #StopAdani alliance revealed the shady web of ties between the NAIF board and the coal industry.

The NAIF is a $5 billion fund established by the Federal Government in 2016 to provide financial assistance to infrastructure projects in northern Australia. Adani has requested $1 billion of public money from the NAIF to build a rail line that would cart coal all the way from the Galilee Basin to the Great Barrier Reef coast.

You can make a submission to the inquiry Submissions close 28 ...

In June, a Senate Inquiry into the Northern Australia Infrastructure Facility (NAIF) was launched after the #StopAdani alliance revealed the shady web of ties between the NAIF board and the coal industry.

The NAIF is a $5 billion fund established by the Federal Government in 2016 to provide financial assistance to infrastructure projects in northern Australia. Adani has requested $1 billion of public money from the NAIF to build a rail line that would cart coal all the way from the Galilee Basin to the Great Barrier Reef coast.

You can make a submission to the inquiry Submissions close 28 July. The Inquiry will be held in mid-August and public hearings are likely to be scheduled later that month. 

This is a critical opportunity to shine a light on NAIF and to question its Board members about why they are considering giving $1 billion to a dodgy company like Adani for a mega polluting coal mine.

Every unique public submission to the Inquiry helps to turn up the heat on NAIF and ramps up the pressure on our politicians to rule out public funding for Adani and invest in renewable energy instead.

There are no requirements on the style or content of submissions – they can be as long or as short as you’d like.

The most important things to remember are to write persuasively and in your own words. If you want to make your submission even more effective, you can find the government’s guidelines on writing submissions here. And read the Inquiry’s Terms of Reference here.

 

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Make a submission to the Senate Inquiry on NAIF

Let's make sure the government knows we won't stand for a billion dollars of our public money going to a dodgy coal mine with a dead end future!

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Here are some issues that you might want to raise in your submission:

  • Public subsidies for the Carmichael coal mine and associated infrastructure are incompatible with serious action on climate change.
  • The Adani project presents serious risks to Northern Australia, particularly the significant tourism industry reliant upon the already vulnerable Great Barrier Reef.
  • NAIF has limited funds to invest and should prioritise infrastructure which produces the best economic, social and environmental outcomes in Northern Australia. (e.g. clean energy, sustainable tourism, communications and digital connectivity and all-weather roads).
  • Australians should not bear the financial risk of underwriting a coal export rail line, which major banks have already ruled out funding for. The Australian Government is risking investing public funds in a project that will become a stranded asset as the world turns away from coal and towards renewables.
  • The lack of disclosure about investment processes, decision-making policies, and identified conflicts of interests means that the Australian public cannot be confident that NAIF’s decision-making is independent, robust and designed to benefit of Northern Australian communities. 

Our key concerns include:

  • NAIF’s Board has a lack of experience with industries such as communications and renewable energy which are critical to the development from Northern Australia. In contrast, five of the seven NAIF directors have close connections to the fossil fuel industry. 
  • Specifically, a member of the NAIF Board holds directorships and is the CEO of companies that could profit from investment decisions made by NAIF.
  • NAIF operates under a culture of secrecy, blocking numerous requests for information under the Freedom of Information Act on dubious grounds. 
  • NAIF’s chief adviser, the Export Finance and Insurance Corporation, has a track record of investing in large fossil fuel projects, backing fossil fuels over renewables at a rate of more than 100:1
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