4 years ago
FOURTY PER CENT OF NAIF FUNDS SPENT ON ADMINISTRATIVE COSTS
Senator Murray Watt
Nearly 40 cents of every dollar that has gone out the door of Matt Canavan’s No Actual Infrastructure Fund has been spent on administrative costs.
Four years after its creation, the NAIF has only released a little over $44 million to fund projects in Northern Australia.
An analysis of the NAIF’s annual reports and Questions on Notice shows that, over the same period, more than $26.6 million has been spent on executive and staff salaries, office space, travel for board directors, advertising and more.
That is nearly forty percent of the $71 million that has gone out the door of Matt Canavan’s failed NAIF, overall.
It is an indictment on the NAIF that four years after it was announced, the amount spent on executive and staff salaries, travel, consultants and other administrative costs is approaching the amount actually released for projects in Northern Australia.
Today, Minister for Northern Australia, Matt Canavan is giving his annual update on the implementation of the Northern Australia agenda.
He needs to explain how the NAIF can justify such a high proportion of its funds being spent on administrative costs.
Other NAIF failures Minister Canavan should address:
An analysis of the NAIF’s annual reports and Questions on Notice shows that, over the same period, more than $26.6 million has been spent on executive and staff salaries, office space, travel for board directors, advertising and more.
That is nearly forty percent of the $71 million that has gone out the door of Matt Canavan’s failed NAIF, overall.
It is an indictment on the NAIF that four years after it was announced, the amount spent on executive and staff salaries, travel, consultants and other administrative costs is approaching the amount actually released for projects in Northern Australia.
Today, Minister for Northern Australia, Matt Canavan is giving his annual update on the implementation of the Northern Australia agenda.
He needs to explain how the NAIF can justify such a high proportion of its funds being spent on administrative costs.
Other NAIF failures Minister Canavan should address:
- releasing less than 1 per cent of its funds, and not one cent in Queensland, four years after its creation;
- continuing to promote a failed NAIF loan to a Western Australian mining company;
- being forced to push back the timeline on the NAIF’s largest loan to date;
- re-announcing funding in Darwin, to cover for the lack of progress with NAIF loans and
- announcing a fourth review in four years.
As Minister for Northern Australia, Matt Canavan has one job – to get the NAIF working.
Matt Canavan’s failure to do his job is holding back jobs and economic development in our north. Northern Australians deserve better.
Matt Canavan’s failure to do his job is holding back jobs and economic development in our north. Northern Australians deserve better.