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Regional Infrastructure Fund
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The Australian Government established the Regional Infrastructure Fund to invest the proceeds of a resurgent resource boom to address urgent infrastructure needs, while supporting the mining industry, boosting export capacity and developing and growing regional economies.
The Regional Infrastructure Fund is worth $6 billion over 2010–11 to 2020–21 with $5.6 billion of the fund drawing on the proceeds of the Minerals Resource Rent Tax (MRRT).
The broad objectives of the Regional Infrastructure Fund are to:
- Promote development and job creation in mining communities, and in communities which support the mining sector;
- Provide a clear benefit to Australia's economic development, and to investment in Australia's resource or export capacity; and
- Address potential capacity constraints arising from export production and resource projects.
Funding Streams
There are three program streams under the Regional Infrastructure Fund:
- Stream 1—Implementation of commitments made in 2010 for funding from the Regional Infrastructure Fund—worth $916 million
- Stream 2—Comprising two elements: Economic Infrastructure projects and Regional Infrastructure Planning projects—worth approximately $4.5 billion
- Stream 3—Part of the Regional Development Australia Fund—worth approximately $1 billion, with $573 million to be funded from the RIF.
The Regional Development Australia Fund is administered by the Department of Regional Australia, Local Government, Arts and Sport
Guidelines
The Guidelines for the Regional Infrastructure Fund will contain detailed information on how projects are sourced for funding, how funding decisions are made and the conditions for funding. The Guidelines will apply to both Stream 1 and Stream 2.
The Guidelines will be available here soon.
