The Regional Infrastructure Fund (RIF) is now open for applications from councils, indigenous groups, businesses, and community organizations. These groups are invited to apply if they have infrastructure projects that align with regional priorities.
Shane Jones, the Regional Development Minister, stated that the government is committed to growing the economy and promoting regional prosperity and jobs. The RIF is designed to boost regional productivity and resilience by focusing on two main investment areas.
Jones explained that the RIF aims to support projects that match the regions’ own priorities. The fund will ensure regional co-investment and, where possible, will build on existing regional development investments.
The RIF is mainly a capital fund, offering support through a combination of loans and equity investments. Grants will only be available in very limited cases.
In the 2024 Budget, Jones announced the first projects to be funded by the RIF. These include an initial $200 million for flood resilience infrastructure. Out of this amount, up to $101.1 million, along with co-investment from recipients, is allocated to 42 near-start flood resilience projects. These projects were identified by local authorities in the Before the Deluge 2.0 report and meet the RIF criteria.
More details about the RIF, including eligibility criteria and the application process, can be found on the Grow Regions website starting today.
