4 years ago
NAIF SPLASHES $400 000 IN BONUSES WHILE PROJECTS STALL
Senator Murray Watt
Matt Canavan’s No Actual Infrastructure Fund has been caught out splashing hundreds of thousands of dollars in bonuses to its senior executives, while doing nothing to get projects moving.
The NAIF’s 2018-19 annual report confirms that while the NAIF board could only get about 1 per cent of its funds out the door to support projects, they approved $411,794 worth of bonuses for senior NAIF executives.
To date, the NAIF has only released $44 million of its $5 billion budget, with not one cent released to projects in Queensland. With this poor record, it defies belief that the NAIF would award bonuses to anyone involved.
The bonuses form part of the $26.6 million in administrative costs racked up by the NAIF, forming nearly 40 per cent of all the funds that have left the NAIF to date.
This revelation comes on top of Matt Canavan’s other NAIF failures, including:
The NAIF’s 2018-19 annual report confirms that while the NAIF board could only get about 1 per cent of its funds out the door to support projects, they approved $411,794 worth of bonuses for senior NAIF executives.
To date, the NAIF has only released $44 million of its $5 billion budget, with not one cent released to projects in Queensland. With this poor record, it defies belief that the NAIF would award bonuses to anyone involved.
The bonuses form part of the $26.6 million in administrative costs racked up by the NAIF, forming nearly 40 per cent of all the funds that have left the NAIF to date.
This revelation comes on top of Matt Canavan’s other NAIF failures, including:
- 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;
- announcing a fourth review of the NAIF in three years.
At a time when the NAIF is handing out bonuses to its staff, little to no development is flowing from the loan facility.
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.
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.