The Liberal Government has fast tracked the delivery of its election commitment to establish a new $4 billion Regional Investment Corporation (RIC) by introducing legislation into Parliament to establish the new body.
Federal Member for Pearce, Christian Porter, said the introduction of the Regional Investment Corporation Bill 2017 was another significant step towards seeing the RIC open for business and delivering for regional communities from 2018.
“The Liberal Government is dedicated to delivering on this key election commitment and introduced this legislation for the future growth and prosperity of regional and rural communities,” Mr Porter said.
“The Bill establishes the RIC as a corporate Commonwealth entity and ensures the RIC will have a governance structure that balances independent, commercial decision-making with appropriate responsiveness to government and the needs of industry.”
Mr Porter said the RIC will streamline the delivery of up to $4 billion in concessional loans supporting growth, investment and resilience in rural and regional communities across Australia.
“The RIC will help strengthen farm businesses by providing them with access to low-cost finance so they can build and maintain diversity in the markets they supply, and take advantage of new and emerging opportunities across Australia and overseas,” Mr Porter said.
“The RIC will also help fast-track the construction of priority dams and water infrastructure projects needed to stimulate investment, economic growth and increased agricultural productivity in rural and regional communities.”