- The Coalition Government today introduced legislation to establish the new Regional Investment Corporation (RIC).
- 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.
- The RIC was a key election commitment, and is expected to open for business in 2018.
The Coalition Government has fast tracked the delivery of its election commitment to establish a new $4 billion Regional Investment Corporation (RIC), and today introduced legislation into Parliament to establish the new body.
Federal Member for Calare, Andrew Gee said the introduction of the Regional Investment Corporation Bill 2017 into Parliament was another significant step towards seeing the RIC open for business and delivering for regional communities from 2018.
“The Coalition Government wasted no time in delivering on this key election commitment and introduced legislation to the House of Representatives today, for the future growth and prosperity of regional and rural communities,” Mr Gee 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 Gee said the introduction of legislation follows the Deputy Prime Minister’s announcement that Orange would house the RIC, initially delivering around 25 jobs for the region and streamlining the delivering of up to $4 billion in concessional loans.
“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 Gee added.
“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.”
For more information on the RIC visit agriculture.gov.au/ric.
Until the RIC is open for business, it is intended that farm businesses will be able to continue to apply for concessional loans through the NSW Rural Assistance Authority. State and territory governments can continue to apply for water infrastructure loans through the department at agriculture.gov.au/waterloans