Regional Australia Future Fund proposed

LEADER of The Nationals David Littleproud has committed to creating a Regional Australia Future Fund, which would deliver a guaranteed annual funding stream in perpetuity for regional, rural and remote Australia.

Mr Littleproud said the fund was in recognition of the contribution regional Australians made in growing our national economy and the unique challenges faced now and into the future.

He said an elected Coalition Government would 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.

“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 would 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.

“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 Coalition have identified initial key priorities of the Regional Australia Future Fund.

These 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, and

Building and upgrading economic and community infrastructure, facilities and services.

Mr Littleproud said the funding stream would supplement – not replace – normal government funding across these critical areas where regional Australia faced unique challenges.