A BRIGHTER FUTURE FOR REGIONAL SOUTH AUSTRALIA

The Nick Xenophon Team has welcomed the passage of the Regional Investment Corporation Bill 2017 through the Senate earlier today with government amendments secured by the NXT.

The legislation establishes the Regional Investment Corporation (RIC) which will deliver up to $2 billion in Commonwealth farm business concessional loans and administer the $2 billion National Water Infrastructure Loan Facility. 

Last year during negotiations on the legislation, former Senator Nick Xenophon secured a commitment from the Federal Government that they would amend the legislation to ensure that the advice of the Murray Darling Basin Authority is sought prior to any directions relating to a water infrastructure project are given by the Minister. That amendment passed the Senate today.

"This will provide strong guarantees that there will be no negative effects of this legislation on the Murray Darling Basin Plan," said Senator Rex Patrick, the NXT spokesperson for Environment.

"Consistent with NXT's strong position on openness and transparency, the amendment also requires the Minister to publish the advice on the internet within 30 business days of receiving it."

Rebekha Sharkie, the NXT Member for Mayo and spokesperson for Agriculture, also welcomed the legislation in her speech to the House last year.

"Having a body administering the loans creates national consistency in the scheme which is fair for all farmers. It means some farmers will no longer be denied federal assistance just because their land is on one side of the border," said Rebekha. 

"In South Australia for example, the dairy recovery loans have been under-utilised, due in part to the State Government refusing to consider water allocations and livestock as part of the land value when assessing eligibility. Only two per cent of the total value of loans approved went to farm businesses in SA."