Nationals Leader David Littleproud has announced a ground-breaking Regional Australia Future Fund, to deliver a guaranteed annual funding stream in perpetuity for regional, rural, and remote Australia.
Mr Littleproud said the Fund is in recognition of the contribution regional Australians make in growing our national economy and the unique challenges faced now and into the future.
A Coalition Government will preserve a portion of commodity windfall receipts towards the establishment of Regional Australia Future Fund to grow this Fund to $20 billion.
“This is about putting regional people first and leaving a legacy for future generations,” Mr Littleproud said.
“Once established the Fund will invest a fair share of the profits created through the hard work of regional Australians back into the regions. It means we don’t have to fight for funding shortfalls to provide infrastructure in regional areas.
“The Fund will deliver secure and sustainable long-term funding to tackle challenges that hold back regional communities and invest in building the long-term economic foundations of regional Australia.”
Deputy Nationals Leader, Senator Perin Davey, said the Fund will be legislated in perpetuity, to establish a fiscally responsible way to invest in the future generations of regional Australians.
“It will have clear investment principles and will sit under the Future Fund structure and grow through their proven investment strategy,” Senator Davey said.
“The Fund will be transparent and benchmarked with a legislated State of the Regions review by an independent committee, which will inform each four-year investment plan.”
Following extensive consultations with local communities, the Dutton Littleproud Coalition have identified initial key priorities of the Regional Australia Future Fund, which include:
• Fixing local road and transport networks to save country lives and drive economic productivity.
• Growing the regional health workforce so families can access health and aged care – local and affordable.
• Developing regional industries to drive economic growth and create secure jobs.
• Delivering flexible childcare solutions for families in regional, rural and remote areas.
• Growing tourism industry opportunities for regional communities and economies.
• Supporting regional businesses to market and export their product to new and expanded markets.
• Improving regional mobile and internet services for country communities.
• Building and upgrading economic and community infrastructure, facilities and services.
The funding stream will supplement – not replace – normal government funding across these critical areas where regional Australia faces unique challenges.
Shadow Minister for Infrastructure, Transport and Regional Development Senator Bridget McKenzie said this will be a transformative investment.
“This is an historic moment for the one third of Australians who live outside the big capital cities – a perpetual fund to future-proof regional Australia against short-termism and governments who leave regions behind,” Senator McKenzie said.
“This will give confidence to regional communities, by investing in their economic future over coming decades, not just each electoral cycle.
“Geography should not be a determinant of success. Regional Australia contributes significantly to our national story and economy. This Fund will ensure the regions can take advantage of opportunities and overcome the challenges that the coming decades bring.”
